Business Information Division ResultsThe Business Information Division produces print and electronic legal publications, business journals, court and commercial media and other highly focused information products and services, operates Web sites and produces events for targeted professional audiences in about 20 geographic markets across the United States. Business Information Division revenues for the second quarter of 2012 were $19.5 million, a 2.6% decrease from $20.0 million in the second quarter of 2011. The decline in revenue reflected slightly slower display and advertising revenue, partially offset by modestly higher public notice revenue. This is the third consecutive quarter of sequential public notice revenue growth. The company attributes that to modest improvement in the public notice geographies served. Total operating expenses within the Business Information Division were $17.0 million during the second quarter of 2012, down 5.9% from last year. The reduction in expenses reflected the reorganization and centralization efforts implemented by senior management last year. For the second quarter of 2012, direct operating expenses decreased 6.5% to $7.3 million while selling, general and administrative expenses for the division declined by 3.6% to $8.6 million. Balance Sheet and Liquidity As of June 30, 2012, the company held $1.2 million of cash and cash equivalents, compared to $0.8 million at the end of 2011. During the second quarter of 2012, the company generated $15.8 million of cash from operating activities and $14.5 million of free cash flow, which is defined as net cash provided by operating activities minus capital expenditures. Deferred acquisition payments, primarily as a result of the ACT acquisition, were $14.4 million in the second quarter. Quarterly capital expenditures were $1.2 million. Days sales outstanding were 100.7 for the second quarter of 2012, which was up slightly from 99.1 days at the end of 2011, but down from 106.4 days at the end of the first quarter of 2012.