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Hello Matt

I've been reading about QSII ever since I read about it in Stocks 2003 and TMF Stock Advisor. Have also read your recent three articles. I have purchased shares and am still trying to find out more about the company.

Two questions:

1. You state

Based on info from QSII, there are no more than 5 current serious competitors in the large-practice market, and QSII is firmly confident that they're the present leader.

What I've tried unsuccessfully to determine is who are these 5 serious competitors? They are not specifically identified in the 10K (or at least I can't find them) and research sites such as Quicken give all sorts of software companies as competitors.

In addition, when QSII referes to these main competitors, they use the terminology "legacy system players." Can you explain what this phrase means?

2. In your last article "The Value of Growth" I'm not finding the same numbers. When you refer to calendar year 2002, are you using the 10K numbers from March 31, 2002 year end? For example, you refer to revenue of $51.7 mil and an increase year over year of 19.8%. I'm not very experienced at reading financials, but I think the 2002 10K Income Statements gives Revenue as $44.4 Mil which is a 16.4% increase over $39.9 Mil in Fiscal Year 2001. I'm not disputing your numbers, I just don't know where or maybe how to find them.


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