Excluding the effects of share-based compensation expenses related to the adoption of SFAS-123R, net income was $2.9 million, or $0.10 per share, for the third quarter of 2008.
Software license revenues for the third quarter of 2008 were $7.2 million, while service and maintenance revenues were $8.5 million. This compares to software license revenues of $4.3 million and service and maintenance revenues of $5.8 million for the same period of 2007, and $3.1 million and $7.9 million, respectively, in the second quarter of 2008.
Gross profit in the third quarter of 2008 was $10.6 million, or 68% of revenues, compared to $6.0 million, or 59% of revenues, in the same period of 2007, and $6.7 million, or 61% of revenues, in the second quarter of 2008.
Cash, cash equivalents and short and long-term investments in the third quarter of 2008 increased to $25.3 million from $24.9 million at the end of the second quarter of 2008. Net cash provided by operating activities was $0.6 million during the third quarter of 2008.
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