State of the Art: The Irvine accounting...

State of the Art: The Irvine accounting software developer reported a first-quarter profit of $1.2 million, or 13 cents a share, unchanged from the same period last year. Revenue, however, rose 23% to $5.8 million from $4.7 million. The company also announced that its board has approved a program authorizing repurchase of the company’s outstanding common stock from time to time on the open market or through privately negotiated transactions. Management said it thinks its stock is undervalued at current market prices.