Welcome to Tucows, Inc.’s fourth quarter fiscal 2009 conference call. Earlier this afternoon, Tucows issued a news release reporting its financial results for the fourth quarter of fiscal 2009. The news release and financial statements are available on the company’s website at tucowsinc.com under the Investors heading. Please note that today’s call is being broadcast live over the Internet and will be archived for replay both by telephone and via the Internet, beginning approximately one hour following the completion of this call. Details or how to access the replays are available in today’s news release report to the third quarter financial results as well as at Tucows website. Before we begin today, let me remind you that the matters that the company will be discussing include forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual results to differ materially. These risk factors are described in detail in the company’s documents filed with the SEC, specifically the most recent reports on Form 10-K and 10-Q. The company urges you to read its Securities filings for a full description of the risk factors applicable for its business. I would now like to turn the call over to Tucows President and Chief Executive Officer Mr. Elliot Noss. Please go ahead, sir.

Thank you, operator. Good afternoon, and thanks for joining us today. With me is Michael Cooperman, Tucows Chief Financial Officer. In keeping with the usual format for our calls, I will begin with a brief overview of our financial performance and some of the operational highlights for the fourth quarter and the fiscal year. I will then turn things over to Mike for a detailed review of our financial results. Then I will return for some concluding comments before opening the call up to questions. The fourth quarter capped off a year in which we delivered consistently solid financial performance driven by our strong competitive position and increased efficiency within the business. Revenue for the fourth quarter increased 6.1% year-over-year to $20.3 million and marked our fourth consecutive quarter of revenue in excess of $20 million. Revenue for the year was a record high and surpassed the $80 million mark for the first time at just shy of $81 million. Net income less other income was $7.7 million. Cash flow from operations was $6.5 million and cash EBITDA was $7.6 million, all of which were up significantly from 2008. We are especially pleased with these results in the context of the challenging economic environment. Looking at the individual elements of our business the OpenSRS domain service continued to perform well in the fourth quarter. Both new and renewal registrations showed growth compared to the third quarter with new registrations up more than 10%. On a year-over-year basis new registrations were up more than 18% and renewals were up just over 10%. Again, we see this growth as demonstrative of our strong competitive position. Year-over-year growth in the number of transactions elevated domains under management to almost 9.7 million, an increase of 9% compared to 2008 year-end levels. For 2009 as…

Thanks Elliott. Net revenue for the fourth quarter of fiscal 2009 was $20.3 million, an increase of 6.1% from $19.2 million in the comparable quarter last year and marked our fourth consecutive quarter of revenue in excess of $20 million. This year-over-year growth was primarily driven by increased contributions from domain services and YummyNames which were partially offset by the expected declines in email and Hover revenues that we highlighted in prior calls. Cost of revenues before network costs for the quarter increased by $1.1 million or 8.6% to $13.7 million from $12.7 million for the fourth quarter of 2008. Network costs for the quarter decreased by $130,000 or 7.9% to $1.5 million from $1.7 million for the fourth quarter of last year. This decrease resulted primarily from a lower depreciation expense of $216,000 which was partially offset by slightly higher people costs to support the increased level of business activity. Gross margin for the fourth quarter remained essentially unchanged from the same quarter of 2008 at 25% largely the result of a shift in the sales mix as well as the lower network costs I discussed a moment ago. Gross margin from our OpenSRS service which includes domain services, email services and other wholesale services was $4 million or 24% of net sales compared to $4.5 million or 27% of net sales for the fourth quarter of 2008. This decrease primarily resulted from the declining email revenue as well as the impact of the registry price increases and the success we have been seeing from our strategy to grow revenue from higher volume, lower priced customers. Gross margin from domain services was $2.6 million, down marginally from $2.7 million in the same quarter of fiscal 2008. On a percentage basis, gross margin from domain services decreased to 17.3% from…

Thanks Mike. It has been one year since we initiated the first of four modified Dutch auction tenders as part of our stated objective to return capital to shareholders. The most recent offer which was announced in December and closed January 13th was the most successful to date. That offer, as Mike talked about, provided the opportunity for shareholders to tender their shares at a price ranging from $0.61 to $0.70 per share. Our intention was to purchase up to five million shares with the option of purchasing up to an additional 1.34 million shares if the offer was over-tendered. A very strong response resulted in tenders that exceeded this total and as a result we repurchased 6.34 million shares or almost 10% of our pre-offer outstanding shares at a price of $0.70 for a total of just over $4.4 million. Total shares outstanding are now just over 60 million. All told, in the last 12 months we have purchased 12.4 million shares or more than 17% of the company for a total of less than $7.2 million. It remains our objective to continue to return capital to shareholders. In the short-term following the completion of the most recent Dutch tender, we implemented an open market share buyback program under which we have the ability to repurchase up to $10 million worth of stock via AMEX or up to 3.748 million shares or approximately 10% of our public float on the CSX. This Friday, February 19th, we will be in a position to buy on the open market. As I have discussed on our calls a number of times in the past, one of the things that the public company structure does well is provide an efficient mechanism to return capital to shareholders either through share repurchase or payment of…

(Operator Instructions) The first question comes from the line of Thanos Moschopoulos - BMO Capital Markets.

You talked about the growth prospects on a number of different fronts. Just as we kind of look towards 2010 could you just tell maybe which of your lines of businesses you are most optimistic on? Which might represent a particularly good source of upside over the next year?

What I think you will see is sort of a couple of different things. First, with both butterscotch and Hover, with content and retail, those businesses over the last few years have been a bit of a drag on growth. So simply turning those businesses into a bit of a tailwind instead of a headwind would really help the overall growth picture. We think there is good, consistent, reliable growth coming from the OpenSRS business which you will be able to see a little bit more effectively. I think with each of the businesses we are talking about with Hover, Yummy, butterscotch and especially with OpenSRS for us it is just about putting our heads down and grinding out more growth each month. So again if you made me say hey what is the one thing I would look for in outsized growth I have always felt the opportunity around personal names was under-utilized. But at the end of the day in the day to day of the business I think there is really material and important growth opportunities in each of those lines of the business and they are primarily just about selling more and to more people.

On the premium domain side you talked about how on the one hand we have increasing distribution with some of the new partners we are bringing on. On the other hand you cautioned last quarter we are going to see a drop off from some of the non-repeatable sales going away. As you blend those together would it be fair to assume we will be looking at sort of a slight decline in 2010 from that combined stream relative to 2009? Is that the right way to look at it?

I think that is a conservative view. We always prefer a conservative view. I think again there in particular some of those bulk sales may have held down the growth. It is also one of the toughest areas to predict. We are really seeing greater interest in businesses from marketers, from entrepreneurs in appropriately naming their businesses. There is a much greater willingness or a much greater recognition that the right thing to do when you are starting a business on the internet is often to spend $500-5,000 and get an excellent name instead of trying to drop a vowel or be cute with some exotic CCTLD when naming a business. That is happening on the demand side. It is tough to say how that will ramp up. I think that I am hoping for growth and would be just fine if that business was roughly flattish.

On the OpenSRS side in the past when we had ICANN price increases it seems like that really hasn’t had a noticeable impact on growth. Is that fair or do you typically tend to see a bit of an impact in the subsequent months when a price increase is kind of put forth?

I think the impact we see tends to be a little bit less than our competition to the extent there is impact because of our cost plus pricing. But there hasn’t been, this is the third price increase under the current contract if I am not mistaken and there hasn’t been a noticeable decrease to date. We are hoping for the same. We think that over time trees don’t grow to the sky and folks should be thoughtful about increasing the price but I don’t think the one we are going to see this year is going to impact our numbers.

On the OpEx side it sounds like we are looking for costs to remain stable over the next few months?

I think that is right. I think what you will continue to see is improved efficiency in the business. We really focused on driving more dollars out of relatively the same cost structure. You have heard me talk about efficiency like that for years. We think there is still plenty of that efficiency left in the business. There is lots of leverage in our business.

There are no further questions at this time.

Thanks very much operator. We look forward to seeing you all next quarter.