The Company integrates critical energy information with technology and applications to meet the needs of a range of users across the energy industry. These tools enable the customers to integrate the Company’s information and their proprietary information within their workflows and business processes.

The Company offers its customers access to its expertise in subsurface analysis, engineering, economics, fiscal, and regulatory matters and asset optimization through several services, including regulatory compliance services, oil and gas asset optimization and management services, and new venture assessment services.

Through its research offerings, the Company provides customers with insight and analysis into challenges facing the energy industry, including economic, geopolitical, financial, technological, regulatory, environmental, and managerial matters. The Company’s research helps customers anticipate trends in the industry in order to make informed strategic, investment, and market decisions.

The Company also develops and organizes executive research summits where high level industry, financial, and governmental decision makers interact with its senior research experts and discuss energy industry trends and market dynamics. These events provide a significant opportunity for the Company’s experts and customers to exchange knowledge and ideas.

The Company assists customers in assessing their strategic options by providing the critical information and analytical insights required for sound decision making. The Company’s services focus on a range of key issues, such as global oil and gas planning, exploration and production issues, alternative business line assessments, scenario planning and facilitation, market analysis, and corporate facilitation.

Cost of revenue was $55.9 million for the three months ended February 28, 2005, compared to $42.4 million for the three months ended February 29, 2004, an increase of $13.5 million, or 32%.

Depreciation and amortization expenses were $3.0 million for the three months ended February 28, 2005, compared to $2.3 million for the three months ended February 29, 2004, an increase of $0.7 million, or 30%.

Operating income was $18.0 million for the three months ended February 28, 2005, compared to $19.1 million for the three months ended February 29, 2004, a decrease of $1.1 million, or 6%.

Interest income was $0.7 million for the three months ended February 28, 2005, compared to $0.1 million for the three months ended February 29, 2004, an increase of $0.6 million.