EBITDA for the most recently reporting period was also about $1.59 million, down 13 percent when the change is measured in Danish Kroner. Revenue reached $88.1 million, an increase of 3 percent. North American revenue was about $11.8 million, up 6 percent, while EBIDTA dropped to roughly $483,000, off 56 percent. North American earnings were cut by the cost of new employees, increased marketing costs and an increase in provision for bad debt. Overall, the company say maintenance revenue drop to about $15.7 million, off 13 percent. Columbus IT blamed the launch of a global subscription campaign by Microsoft in 2010 and also a new three-year subscription program launched the same year. One of the telling phrases in the financial reporting was that the drop in overall EDITDA “is not in line with the management’s expectations.” That is not a phrase you want to use often when reporting to investors.