A few weeks ago I reported on our financial results through the end of August. A look at our results through the end of September shows a continued slowdown in several important revenue areas, reflecting both the general slowdown in the economy and, perhaps, the psychological downturn caused by Wall Street's turbulence.

Overall, our total revenues for the nine months ending September 30th are now 10.1% behind budget, a bit worse than we saw last month. All of the trends which we saw for the first eight months of the year remain in force. As before, the Legal Notice and Book businesses both remain above budget (+8.5% and +6.0%, respectively), while other revenue areas struggle.

Display/B2B advertising weakened a little bit during the month to -21.8% vs. budget, with the commercial real estate sector continuing its slide.

Classified advertising is now -31.2% below budget, as law firms hold back on hiring.

Law firm advertising overall is down 11.6% against budget, mostly coming in the legal newspaper group as firms continue to pull back on running professional announcements.

Seminars/Tradeshows are now down 21.4% against budget, despite continued strong performance in our legal conferences and Insight's conferences in Canada. This revenue line is primarily impacted by our decision in the spring to shut down the SRI conference group.

In total, our Ebitda for the nine months ended September 30th fell 17.3% below budget, but still only 2% behind last year. Obviously not the result we wanted, but better than other media companies are seeing in a challenging economy. Our focus over the last five years on building our subscription businesses and product sales generally has provided the protection we hoped it would from a severe decline in advertising. We intend to continue to develop those kinds of businesses, focusing on our high quality content and ability to market and distribute products within the markets we serve.

We're still working on our 2009 budgets, so too soon for me to report on our goals for next year. I've been very impressed with the detailed knowledge and creativity I have seen in the budget discussions--lots of new ideas both for growing new revenues and finding innovative ways to reduce our costs. We'll continue to invest in new technology and new product development--we can't afford to stop moving forward even if the economy decides to take a breather. When the current economic downturn ends, we want to make sure that Incisive is positioned for growth.

Thanks for staying focused. Keep sending in your ideas.