Good morning!

The posted transaction details on the Monotype site make it appear as if FontShop wasn't making much money, and was likely operating at a loss. If Monotype projects a net adjusted EBITDA (that's "Earnings Before Interest, Taxes, Depreciation, and Amortization") of $1.5 million, it would stand to reason that FontShop, on its own, was left with far less than that, considering that it had to assume the burden of its entire administrative and marketing costs, which will now be spread across a much larger company.

That said, $13 million isn't much to show for 25 years and 2500 fonts. I have a feeling their most successful offerings, such as Meta and Scala, have aged into the Long Tail. (I bet we'll soon see them appearing on all kinds of devices.) It does give one a better sense, though, about the value in the H&FJ case.

On another matter: Congratulations to David Berlow on his receiving the TDC Medal tonight! Sorry I couldn't be there.

I meant to say a net adjusted EBITDA of $1.5 million from the projected annualized FontShop earning.