"I expect our acquisition activity to be more modest than it has in the past," he said. Thomson, he continued, will still consider acquisition candidates, but its efforts will be "Highly focused on key growth segments, where we can drive organic growth and where the business can be integrated quickly."

The company continued to be hampered by its financial services business, although that segment's performance has been improving. Thomson's Tax and Accounting Business had 10-percent revenue growth for the third quarter ended September 30, continuing a pattern in which the organization's performance outstrips the company as a whole.

Thomson said the unit's organic revenue increase year-over-year was 6 percent with strong growth in subscription revenues and strong performance in all government segments except government. Tax and accounting revenue EBITDA rose by 14 percent to 24.4 percent while operating profit was up 21 percent.

Company-wide, underlying profit rose to $548 million, up 3 percent from $534 million a year earlier. Third-quarter revenue was $3.07 billion, up from $3.05 billion, a one-percent increase after currency, 2 percent before.

Smith characterized the financial services business as improving quickly. For the recently ended quarter, "The financial services business achieved positive net sales for the first time in over two years," he said, although sales in that arena were negative for the last year.

Thomson also continued the effort to pare cost. Last week, the company said it will take a $350 million charge, primarily in the current quarter with some to be taken next year. Smith said the company will spell out the charges next year, but noted it should result in a $300-million-a-year run rate by 2015.

"The lion's share will be spent to accelerate the transformation of our financial business," Smith said.

Bob Scott

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Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind