TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Constellation Software Inc. (TSX:CSU) ("Constellation" or the "Company") today announced its financial results for the three and nine months ended September 30, 2012 and declared a $1.00 per share dividend payable on January 4, 2013 to all common shareholders of record at the close of business on December 17, 2012. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2012 and the accompanying notes, and with our Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our Management's Discussion and Analysis for the year ended December 31, 2011, which can be found on SEDAR at www.sedar.com and on the Company's website www.csisoftware.com. Additional information about the Company is also available on SEDAR at www.sedar.com.

Q3 2012 Highlights:

• Revenue grew 12% to $226 million compared to $202 million in Q3 2011. Organic revenue growth was negative 2% in Q3 2012 compared to 11% in Q3 2011.
• Adjusted EBITDA grew 9% to $49 million compared to $44 million in Q3 2011.
• Adjusted net income increased $2 million or 6% to $42 million ($1.99 on a diluted per share basis) from $40 million ($1.87 on a diluted per share basis) in Q3 2011.
• Seven acquisitions were completed in the quarter for aggregate cash consideration of $24 million (which includes acquired cash and acquired bank indebtedness) plus cash holdbacks of $9 million and the estimated value of contingent consideration of $6 million.
• Cash flows from operating activities declined to $46 million ($2.15 on a diluted per share basis) compared to $54 million ($2.53 on a diluted per share basis) in Q3 2011.
• Subsequent to September 30, 2012, the Company completed three acquisitions for aggregate cash consideration of $4 million plus holdbacks of $0.4 million.

Third quarter 2012 revenue was $226 million, an increase of 12%, or $24 million, compared to $202 million for the comparable period in 2011. For the first nine months of 2012, total revenue was $630 million, an increase of 10% or $55 million, compared to $575 million for the comparable period in 2011.

Net income for the third quarter 2012 was $21 million compared to the prior year's third quarter net income of $19 million. On a diluted per share basis, this represents net income per share of $0.99 for the third quarter of 2012. This compares favourably to $0.91 for the same period in 2011. Net income for the first nine months of 2012 was $53 million compared to last year's net income of $138 million. On a diluted per share basis, this represents net income per share of $2.48 for the first nine months of 2012. This compares unfavourably to $6.50 for the same period in 2011, which included a significant deferred income tax recovery that was recognized in the prior period. Excluding the income tax recovery, net income remained unchanged at $20 million in the quarter ended September 30, 2012 compared to the quarter ended September 30, 2011 and increased by 10% to $48 million from $44 million in the nine months ended September 30, 2012.

Adjusted EBITDA for the third quarter 2012 was $49 million, a 9% increase compared to the prior year's third quarter Adjusted EBITDA of $44 million. Third quarter 2012 Adjusted EBITDA per share on a diluted basis increased 9% to $2.30, compared to $2.10 for the same period last year. Adjusted EBITDA for the nine month period ended September 30, 2012 was $132 million, a 9% increase over Adjusted EBITDA of $121 million for the same period in the prior year. Adjusted EBITDA per share on a diluted basis for the nine month period ended September 30, 2012 increased 9% to $6.21, compared to $5.72 for the same period in prior year.

Adjusted net income for the third quarter of 2012 was $42 million, compared to the prior year's third quarter Adjusted net income of $40 million, a 6% increase. Third quarter 2012 Adjusted net income per share on a diluted basis increased 6% to $1.99 compared to $1.87 for the prior year's third quarter. Adjusted net income for the nine month period ended September 30, 2012 was $110 million, an increase of 10% over Adjusted net income of $100 million for the same period in the prior year. Adjusted net income per share on a diluted basis for the nine month period ended September 30, 2012 increased 10% to $5.19, compared to $4.73 for the same period in 2011.

Net indebtedness (bank indebtedness less cash) of $3 million, increased by $36 million for the nine months ended September 30, 2012 primarily due to acquisitions. For the nine month period ended September 30, 2012, twenty-two acquisitions were completed and combined with post-acquisition settlement payments resulted in cash outflows of $77 million. In the prior year, sixteen acquisitions were completed for net cash consideration, when combined with post-acquisition settlement payments, of $36 million.

The following table displays our revenue by reportable segment and the percentage change for the three and nine months ended September 30, 2012 compared to the same period in 2011:

	Three months ended		Period-Over-Period					Nine months ended		Period-Over-Period
	September 30,		Change					September 30,		Change
	2012	2011	$		%			2012	2011	$		%
	($000, except percentages)							($000, except percentages)
Public Sector
Licenses	12,656	10,927	1,729		16	%		33,310	32,237	1,073		3	%
Professional services	39,689	36,706	2,983		8	%		107,480	109,200	(1,720	)	-2	%
Hardware and other	22,407	29,035	(6,628	)	-23	%		63,452	74,311	(10,859	)	-15	%
Maintenance and other recurring	85,831	73,174	12,657		17	%		242,295	211,284	31,011		15	%
	160,583	149,842	10,741		7	%		446,537	427,032	19,505		5	%
Private Sector
Licenses	6,134	4,713	1,421		30	%		16,414	13,927	2,487		18	%
Professional services	10,805	9,018	1,787		20	%		31,076	25,929	5,147		20	%
Hardware and other	3,302	3,019	283		9	%		9,963	8,847	1,116		13	%
Maintenance and other recurring	45,156	35,661	9,495		27	%		126,237	99,249	26,988		27	%
	65,397	52,411	12,986		25	%		183,690	147,952	35,738		24	%

Public Sector

For the quarter ended September 30, 2012, total revenue in the public sector reportable segment increased by 7%, or $11 million to $161 million, compared to $150 million for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, total revenue increased by 5%, or $20 million to $447 million, compared to $427 million for the comparable period in 2011. Revenue growth from acquired businesses contributed approximately $17 million to our Q3 2012 revenue and $33 million to our nine months ended September 30, 2012 revenue compared to the same periods in 2011. We completed 21 acquisitions in this segment since the beginning of 2011, 10 of which were acquired in fiscal year 2011. Organic revenue decreased by 4% in Q3 2012 and decreased by 3% in the nine months ended September 30, 2012 compared to the same periods in 2011. Excluding Public Transit Solutions ("PTS"), where revenue was expected to decrease, organic revenue remained unchanged in Q3 2012 and decreased by 1% in the nine months ended September 30, 2012 respectively, compared to the same periods in 2011.

Constellation acquired the Public Transit Solutions business ("PTS") from Continental Automotive AG ("Continental") on November 2, 2009. Given the substantial amount of non-recurring revenue historically earned by PTS, gross revenue from PTS has fluctuated significantly in the past and will continue to do so in the future.

Private Sector

For the quarter ended September 30, 2012, total revenue in the private sector reportable segment increased 25%, or $13 million to $65 million, compared to $52 million for the quarter ended September 30, 2011. For the nine months ended September 30, 2012 total revenue increased by 24%, or $36 million to $184 million, compared to $148 million for the comparable period in 2011. Revenue growth from acquired businesses contributed approximately $10 million to our Q3 2012 revenue and $28 million to our nine months ended September 30, 2012 revenue compared to the same periods in 2011. We completed 23 acquisitions in this segment since the beginning of 2011, 12 of which were acquired in fiscal year 2011. Revenue increased organically by 5% in both Q3 2012 and in the nine months ended September 30, 2012 compared to the same periods in 2011.

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Friday, November 2, 2012 to answer questions regarding the results. The teleconference numbers are 416-340-8527 or 877-440-9795. The call will also be webcast live and archived on Constellation's website at www.csisoftware.com.

A replay of the conference call will be available as of 11:30 a.m. ET the same day until 11:59 p.m. ET on November 17, 2012. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 2722800.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

The term "Adjusted EBITDA" refers to net income before adjusting for finance income, finance costs, income taxes, equity in net loss of equity investees, impairment of non-financial assets, depreciation, amortization, and foreign exchange loss (gain). The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and amortization and the other items listed above. "Adjusted EBITDA margin" refers to the percentage that Adjusted EBITDA for any period represents as a portion of total revenue for that period.

"Adjusted net income" means net income adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred by the Company from time to time. "Adjusted net income margin" refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

Adjusted EBITDA and Adjusted net income are not recognized measures under IFRS and, accordingly, shareholders are cautioned that Adjusted EBITDA and Adjusted net income should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating Adjusted EBITDA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITDA and Adjusted net income may not be comparable to similar measures presented by other issuers. See "Results of Operations - Adjusted EBITDA" and "- Adjusted net income" for a reconciliation of Adjusted EBITDA and Adjusted net income to net income.

The following table reconciles Adjusted EBITDA to net income:

	Three months ended							Nine months ended
(Unaudited)	September 30,							September 30,
	2012			2011				2012				2011
	($000, except percentages)							($000, except percentages)
Total revenue	$	225,980		$	202,253			$	630,227		$	574,984
Net income		21,065			19,305				52,581			137,779
Adjusted for:
Income tax expense (recovery)		4,833			5,758				11,810			(80,288	)
Foreign exchange (gain) loss		(321	)		(905	)			(330	)		3,028
Equity in net (income) loss of equity investees		(216	)		0				875			0
Finance income		(2,066	)		(2,795	)			(3,529	)		(6,167	)
Finance costs		1,131			1,462				2,923			4,589
Impairment of non-financial assets		0			518				0			518
Amortization of intangible assets		22,099			19,135				61,643			55,733
Depreciation		2,112			1,957				5,633			6,039
Adjusted EBITDA		48,637			44,435				131,606			121,231
Adjusted EBITDA margin		22	%		22	%			21	%		21	%
The following table reconciles Adjusted net income to net income:

	Three months ended							Nine months ended
(Unaudited)	September 30,							September 30,
	2012				2011			2012				2011
	($000, except percentages)							($000, except percentages)
Total revenue	$	225,980		$	202,253			$	630,227		$	574,984
Net income		21,065			19,305				52,581			137,779
Adjusted for:
Amortization of intangible assets		22,099			19,135				61,643			55,733
Impairment of non-financial assets		0			518				0			518
Deferred income tax (recovery) expense		(1,085	)		759				(4,277	)		(93,764	)
Adjusted net income		42,079			39,717				109,947			100,266
Adjusted net income margin		19	%		20	%			17	%		17	%

The following tables provide supplemental statement of operations and cash flow information for PTS:

Supplemental financial information

		For the three months ended September 30, 2012									For the nine months ended September 30, 2012
		Constellation									Constellation
		Software Inc.									Software Inc.
(Unaudited)		(excluding PTS)			PTS			Consolidated			(excluding PTS)			PTS			Consolidated
Revenue		$	193,251		$	32,729		$	225,980		$	535,099		$	95,128		$	630,227
Adjusted EBITDA			42,795			5,842			48,637			113,633			17,973			131,606
	EBITDA as % Total Revenue		22	%		18	%		22	%		21	%		19	%		21	%
Net Income		$	16,509		$	4,556		$	21,065		$	37,894		$	14,687		$	52,581
Cash flows from operating activities:
	Net income	$	16,509		$	4,556		$	21,065		$	37,894		$	14,687		$	52,581
	Adjustments to reconcile net income to net cash flows from operations, including taxes paid:
			18,854			1,122			19,976			57,772			2,942			60,714
	Change in non-cash operating working capital
			2,951			1,541			4,492			(9,317	)		(20,030	)		(29,347	)
	Cash flows from operating activities	$	38,314		$	7,219		$	45,533		$	86,349		$	(2,401	)	$	83,948

The following table reconciles Adjusted EBITDA to net income for PTS:
Adjusted EBITDA to net income reconciliation

	For the three months ended September 30, 2012									For the nine months ended September 30, 2012
		Constellation									Constellation
		Software Inc.									Software Inc.
(Unaudited)		(excluding PTS)			PTS		Consolidated			(excluding PTS)				PTS		Consolidated
Total revenue	$	193,251		$	32,729		$	225,980		$	535,099		$	95,128		$	630,227
Net income		16,509			4,556			21,065			37,894			14,687			52,581
Adjusted for:
Income tax expense		3,989			844			4,833			9,635			2,175			11,810
Other expenses (income)		(1,739	)		267			(1,472	)		(678	)		617			(61	)
Amortization of intangible assets		22,099			-			22,099			61,643			-			61,643
Depreciation		1,937			175			2,112			5,139			494			5,633
Adjusted EBITDA		42,795			5,842			48,637			113,633			17,973			131,606
Adjusted EBITDA margin		22	%		18	%		22	%		21	%		19	%		21	%

About Constellation Software Inc.

Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. The Company acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.

SOURCE: CONSTELLATION SOFTWARE INC.

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of U.S. dollars)
(Unaudited)
		September 30,			December 31,
			2012		2011
Assets
Current assets:
	Cash	$	35,742	$	33,492
	Equity securities available-for-sale		26,145		21,222
	Accounts receivable		120,163		96,259
	Work in progress		35,301		26,244
	Inventories		19,888		13,539
	Other assets		33,586		29,772
			270,825		220,528
Non-current assets:
	Property and equipment		17,532		14,591
	Deferred income taxes		105,271		99,659
	Other assets		36,712		28,005
	Intangible assets		330,032		267,792
			489,547		410,047
Total assets		$	760,372	$	630,575
Liabilities and Shareholders' Equity
Current liabilities:
	Bank indebtedness	$	39,226	$	-
	Accounts payable and accrued liabilities		123,516		114,952
	Dividends payable		20,970		-
	Deferred revenue		224,618		181,450
	Provisions		3,947		3,555
	Acquired contract liabilities		2,412		4,750
	Acquisition holdback payments		19,928		11,378
	Income taxes payable		3,535		4,751
			438,152		320,836
Non-current liabilities:
	Deferred income taxes		20,550		11,259
	Acquired contract liabilities		24,858		28,051
	Acquisition holdback payments		4,729		2,474
	Other liabilities		16,172		11,675
			66,309		53,459
Total liabilities			504,461		374,295
Shareholders' equity:
	Capital stock		99,283		99,283
	Accumulated other comprehensive income		17,587		6,961
	Retained earnings		139,041		150,036
			255,911		256,280
Total liabilities and shareholders' equity		$	760,372	$	630,575

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
		Three months ended September 30,						Nine months ended September 30,
			2012			2011			2012			2011
						(Recast)						(Recast)
Revenue		$	225,980		$	202,253		$	630,227		$	574,984
Expenses
	Staff		120,197			103,085			339,517			299,691
	Hardware		14,554			18,723			37,486			47,607
	Third party license, maintenance and professional services		15,134			13,320			44,095			37,932
	Occupancy		5,450			4,948			15,114			14,251
	Travel		8,595			7,221			24,607			20,679
	Telecommunications		2,792			2,554			7,842			7,435
	Supplies		3,512			3,451			10,810			11,747
	Professional fees		3,979			2,068			8,046			6,788
	Other		3,130			2,448			11,104			7,623
	Depreciation		2,112			1,957			5,633			6,039
	Amortization of intangible assets		22,099			19,135			61,643			55,733
			201,554			178,910			565,897			515,525
Impairment of non-financial assets			-			518			-			518
Foreign exchange (gain) loss			(321	)		(905	)		(330	)		3,028
Equity in net (income) loss of equity investees			(216	)		-			875			-
Finance income			(2,066	)		(2,795	)		(3,529	)		(6,167	)
Finance costs			1,131			1,462			2,923			4,589
			(1,472	)		(1,720	)		(61	)		1,968
Profit before income tax			25,898			25,063			64,391			57,491
Current income tax expense			5,918			4,999			16,087			13,476
Deferred income tax (recovery) expense			(1,085	)		759			(4,277	)		(93,764	)
Income tax expense (recovery)			4,833			5,758			11,810			(80,288	)
Net income			21,065			19,305			52,581			137,779
Net change in fair value
	on available-for-sale financial assets during the period		8,907			913			13,821			4,478
Net unrealized foreign exchange gain (loss)
	on available-for-sale financial assets during the period		72			(308	)		45			(90	)
Amounts reclassified to profit during the period
	related to realized gains on available-for-sale financial assets		(1,900	)		(2,770	)		(2,963	)		(5,882	)
Foreign currency translation differences from foreign operations			1,875			(2,015	)		1,073			(1,212	)
Current income tax recovery			34			75			26			75
Deferred income tax recovery (expense)			(1,063	)		430			(1,376	)		408
Other comprehensive income (loss) for the period, net of income tax			7,925			(3,675	)		10,626			(2,223	)
Total comprehensive income for the period		$	28,990		$	15,630		$	63,207		$	135,556
Earnings per share
	Basic and diluted	$	0.99		$	0.91		$	2.48		$	6.50

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)
Nine months ended September 30, 2012
(Unaudited)
			Capital	Accumulated other						Total accumulated other				Retained			Total
			stock	comprehensive						comprehensive				earnings
				income/(loss)						income/(loss)
				Cumulative			Amounts
				translation			related to
				account			gains/losses
							on available-
								for-sale
								financial
								assets
Balance at January 1, 2012		$	99,283	$	182		$	6,779		$	6,961		$	150,036		$	256,280
Total comprehensive income for the period
Net income														52,581			52,581
Other comprehensive income (loss)
Net change in fair value
	on available-for-sale financial assets during the period							13,821			13,821			-			13,821
Net unrealized foreign exchange adjustment
	gain (loss) on available-for-sale financial assets during the period							45			45			-			45
Amounts reclassified to profit during the period
	related to realized gains on available-for-sale investments							(2,963	)		(2,963	)		-			(2,963	)
Foreign currency translation differences from foreign operations					1,073			-			1,073			-			1,073
Current tax expense					26			-			26			-			26
Deferred tax expense					-			(1,376	)		(1,376	)		-			(1,376	)
Total other comprehensive income for the period					1,099			9,527			10,626			-			10,626
Total comprehensive income for the period					1,099			9,527			10,626			52,581			63,207
Transactions with owners, recorded directly in equity
Dividends to owners of the Company														(63,576	)		(63,576	)
Balance at September 30, 2012		$	99,283	$	1,281		$	16,306		$	17,587		$	139,041		$	255,911

Nine months ended September 30, 2011
(Unaudited)
			Capital	Accumulated other							Total accumulated other				Retained			Total
			stock	comprehensive							comprehensive				earnings
				income/(loss)							income/(loss)				(Recast -
															Note 2)
				Cumulative				Amounts
				translation				related to
				account				gains/losses
								on available-
									for-sale
									financial
									assets
Balance at January 1, 2011		$	99,283	$	432			$	7,143		$	7,575		$	36,193		$	143,051
Total comprehensive income for the period
Net income															137,779			137,779
Other comprehensive income (loss)
Net change in fair value
	on available-for-sale financial assets during the period								4,478			4,478			-			4,478
Net unrealized foreign exchange adjustment
	gain (loss) on available-for-sale financial assets during the period								(90	)		(90	)		-			(90	)
Amounts reclassified to profit during the period
	related to realized gains on available-for-sale investments								(5,882	)		(5,882	)		-			(5,882	)
Foreign currency translation differences from foreign operations					(1,212	)			-			(1,212	)		-			(1,212	)
Current tax expense					75				-			75			-			75
Deferred tax expense					124				284			408			-			408
Total other comprehensive income (loss) for the period					(1,013	)			(1,210	)		(2,223	)		-			(2,223	)
Total comprehensive income (loss) for the period					(1,013	)			(1,210	)		(2,223	)		137,779			135,556
Transactions with owners, recorded directly in equity
Dividends to owners of the Company															(42,384	)		(42,384	)
Balance at September 30, 2011		$	99,283	$	(581	)		$	5,933		$	5,352		$	131,588		$	236,223

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited)
			Three months ended September 30,						Nine months ended September 30,
				2012			2011			2012			2011
							(Recast)						(Recast)
Cash flows from operating activities:
	Net income		$	21,065		$	19,305		$	52,581		$	137,779
	Adjustments for:
		Depreciation		2,112			1,957			5,633			6,039
		Amortization of intangible assets		22,099			19,135			61,643			55,733
		Impairment of non-financial assets		-			518			-			518
		Equity in net (income) loss of equity investees		(216	)		-			875			-
		Finance income		(2,066	)		(2,795	)		(3,529	)		(6,167	)
		Finance costs		1,131			1,462			2,923			4,589
		Income tax expense (recovery)		4,833			5,758			11,810			(80,288	)
		Foreign exchange (gain) loss		(321	)		(905	)		(330	)		3,028
	Change in non-cash operating working capital			4,492			12,511			(29,347	)		(30,437	)
	Income taxes paid			(7,596	)		(3,295	)		(18,311	)		(10,023	)
	Net cash flows from operating activities			45,533			53,651			83,948			80,771
Cash flows from financing activities:
	Interest paid			(634	)		(1,526	)		(1,471	)		(3,989	)
	Increase (decrease) in other non current liabilities			(192	)		(1,800	)		(70	)		(1,959	)
	Increase (decrease) in bank indebtedness, net			6,710			(67,746	)		36,052			(12,031	)
	Credit facility transaction costs			(191	)		-			(2,077	)		-
	Dividends paid			(21,192	)		-			(42,384	)		(42,384	)
	Net cash flows used in financing activities			(15,499	)		(71,072	)		(9,950	)		(60,363	)
Cash flows from investing activities:
	Acquisition of businesses, net of cash acquired			(14,507	)		(1,510	)		(65,144	)		(33,054	)
	Post-acquisition settlement payments, net of receipts			(7,038	)		(1,503	)		(11,671	)		(2,602	)
	Purchases of equity securities available-for-sale			(131	)		-			(211	)		(5,944	)
	Proceeds from sale of equity securities available-for-sale			7,293			7,011			9,156			13,499
	Proceeds from sale of intangible assets			-						101			-
	Decrease in restricted cash			-			107			-			557
	Interest received			164			164			243			318
	Property and equipment purchased			(2,132	)		(1,640	)		(4,673	)		(5,704	)
	Cash flows provided from (used in) investing activities			(16,351	)		2,629			(72,199	)		(32,930	)
Effect of foreign currency translation adjustment on cash and cash equivalents				388			2,751			451			(218	)
Increase (decrease) in cash and cash equivalents				14,071			(12,041	)		2,250			(12,740	)
Cash, beginning of period				21,671			30,212			33,492			30,911
Cash, end of period			$	35,742		$	18,171		$	35,742		$	18,171