Unfortunately the FOCUS Telecom Business Services Index (TBSI) was not able to avoid the carnage in the overall market and was down 11.4% in our winter reporting period. Even so, the sector still managed to outperform the 14.0% drop in the S&P 500 and the 17.5% decline in the NASDAQ over the corresponding time period. This period’s drop also pushed the sector into the red for the full year period, albeit with a relatively small loss of just under 3%. Sector multiples are also down year-over-year. The sector revenue multiple dipped from 0.5x a year ago to 0.4x currently, while the sector EBITDA multiple fell from 9.6x to 8.9x.