Emtec Inc. reported consolidated earnings results for the third quarter and nine months ended May 31, 2012. For the quarter ended May 31, 2012, consulting and outsourcing revenue increased to $26.8 million from $20.2 million in the quarter ended May 31, 2011, an increase of $6.6 million or 32.5%. Overall revenue increased from $44.9 million for the three months ended May 31, 2011 to $50.7 million for the three months ended May 31, 2012. Adjusted EBITDA, which is defined by management as net income before interest, taxes, depreciation, amortization, retention bonuses, stock-based compensation, executive recruiting fees, severance, earnout liability adjustments and stock warrant expense, was approximately $1.5 million for the quarter ended May 31, 2012 versus an Adjusted EBITDA loss of approximately $36,000 for the quarter ended May 31, 2011. Operating loss was $422,000, Loss before income tax benefit was $1,207,000 against $1,169,000 and $1,344,000 respectively a year ago. Net loss was $926,000 against $812,000 a year ago. For the nine months ended May 31, 2012, consulting and outsourcing revenue increased to $77.6 million from $54.5 million in nine months ended May 31, 2011, an increase of $23.1 million or 42.4%. Overall revenue increased from $167.9 million for the nine months ended May 31, 2011 to $170.5 million for the nine months ended May 31, 2012. Procurement services revenues declined by $20.5 million from $113.4 million for the nine months ended May 31, 2011 to $92.9 million for the nine months ended May 31, 2012. The decline in procurement revenue was due to purchasing decision delays by education clients through April 2012 and a delay in software sales to certain of the company's Canadian clients due to a new release of software in 2012. Adjusted EBITDA increased by approximately $1.8 million or 80.2% to $4.1 million for the nine months ended May 31, 2012 versus $2.3 million the nine months ended May 31, 2011. Year-to-date capital expenditures continue to track at lower levels than in the prior year, with the company only spending about $700,000 over the first nine months of fiscal 2012 versus approximately $2.3 million 2011. Operating loss was $2,064,000, Loss before income tax benefit was $4,402,000 against $347,000 and $868,000 respectively a year ago. Net loss was $3,210,000 against $513,000 a year ago.