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Beautiful picture of steady revenue growth and financial numbers

A beautiful picture of steady revenue growth from $65.9 million in 2003 to $123 million in 2007 and $128.1 million in the trailing twelve months [TTM] can be painted here. Earnings during this period have also steadily improved from $.21/share in 2003 to $.66/share in 2007 and $.70/share in the TTM.

The company also pays a dividend (!) and has been steadily increasing that payment from $.15/share in 2003 to $.40/share in 2007 and $.43/share in the TTM.

Outstanding shares have increased under 25% from 34 million in 2003 to 41 million in the TTM. During this time, revenue has grown almost 100%, and earnings are up more than 200%. This is an exceptable dilution in light of these fabulous results. Free cash flow is positive and growing from $16 million in 205 to $23 million in 2007 and $27 million in the TTM.

The balance sheet is gorgeous with $49.0 million in cash, which by itself could pay off both the $15.6 million in current liabilities and the $2.6 million in long-term liabilities combined, more than 2x over! Calculating the current ratio, we find that Meridian has a total of $97 million in current assets, which compared to the $15.6 million in current liabilities yields a current ratio of 6.22.

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