For the second straight reporting period the FOCUS Communications Service Provider Index (CSPI) posted a solid gain. The sector was up 5.6% over the past three months. However, the CSPI also lagged the broader indices again, as the S&P 500 gained 8.5% and the NASDAQ gained 11.0% over the corresponding time frame. The CSPI is also trading lower than it was a year ago with a 12-month loss of 4.5%. Sector multiples remained essentially constant compared to last year. The sector revenue multiple held steady at 2.8x, while the sector EBITDA multiple ticked down slightly from 8.0x a year ago to 7.9x currently.