Briefly: Tucows just posted their second quarter results. While net revenues and deferred revenues were up modestly, they posted a loss on forex losses (read: weak US dollar) and because the second quarter from last year included one-time items like their divestment from Afilias and a patent assignment.

Overall I’m ok with the results, I expect others to be underwhelmed. I still think Tucows is a value stock, Yummynames continues to be an important driver of net income and I think patient investors will get a lot of bang for their buck over the long haul.

Ideally I’d eventually like to see them shift from share buybacks to dividends, but maybe after more of the float has been repurchased out of the weaker hands.