American Software, Inc. (AMSWA)

I have followed this company for years and bought AMSWA this week, A shareholder fiendly company which has consistently paid its 5.9% dividend.                        
The balance sheet of this company is solid, Net working capital. plus long term investments are $2,25 share, No debt The Company has posted profits for 35 quarters in a row, Adjusted net earnings year to date ( Six Months)as of October 31, 2009, which excludes stock-based compensation expenses, acquisition-related amortization of intangibles, stock-based compensation related to the Logility tender offer and expenses related to the Logility tender offer, were $3.6 million or $0.14 per fully diluted share, compared to $1.5 million or $0.06 per fully diluted share for the same period last year So if you take out the net cash it trades at current “real” P/E pf 13. However, next year's estimate of $.36 will result in P/E of 10, great price for a company expecting a 29% increase in profits,                        
                         
However, these fundamentals don't tell the real story, Logility is the great supply chain management product, The fact that AMSWA bought the rest of Logilily this quarter created a mild depression in earnings, but Logility is a great investment, Integration will save SG&A and should be easy as they know this company, AMSWA   is already cutting SGA but it is increasing marketing expenses in the interst of international expansion and is closing deals in India and China, which is no surprise as this product keeps winning awards in its niche and has been for years.                        
                        
I think that this Company is about to be transformed from a slow steady cash dispenser to a fast- growing international success story. Most importantly, I have always been impressed by the straight talking management team which runs a conservative, shareholder-friendly business poised for solid growth without much risk, Buy Some !!