Major CMS vendors are declaring revenue growth and modest profits. That's good for the industry as a whole, but rising sales in many cases reflects cumulative income from newly-acquired products. Interwoven eked out a rare profit as did Stellent, who continues to hire more staff. Vignette generated earnings too -- as long as you don't apply generally-accepted accounting practices. We think all these vendors could come under increased pressure in 2005 to realize greater economies from their acquisitions, which means possible staff or service reductions. Customers should stay on top of product road-maps and measure how well their vendor(s) hit release milestones...