On the surface, the news at Accpac International in its filing for an initial public offering, doesn't look terribly good. The company had tens of millions of losses in fiscal 2001 and 2002 and a drop in revenue between the two years. And the $379,000 in net income for the half ended September 30 is not large.

But there are good signs -- we’re not saying this is the hottest thing to come down the pike—just that there are signs of improving health. For Accpac, the profit is good news. Other good news is the rise in deferred revenue from $14.6 million on March 31, 2001 to $19.6 million last September, probably reflecting an increase in revenue from maintenance.

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