After losing more than 25% in our fall report, the FOCUS Communications Service Provider Index (CSPI) turned things around and managed to deliver a three-month gain of 10.0%. This was better than the three-month gain for the S&P 500 of 7.1% and far superior to the 1.0% loss in the NASDAQ. Even so, the CSPI’s year-over-year performance remains dismal with a drop of 34.3%. This underperformed both the 19.4% loss in the S&P 500 as well as the 33.1% drop in the NASDAQ over the 12-month period. Sub sector multiples also dropped considerably compared to this time last year, falling from 2.7x revenue and 7.6x EBITDA a year ago to 2.2x revenue and 6.2x EBITDA currently.