Noncontrolling Interest

6 Months Ended

May 31, 2011

Noncontrolling Interest

Noncontrolling Interest

13. NONCONTROLLING INTEREST

We are a party to a joint venture in South Africa, TS Innovations Limited ("Innovations"), with a local South Africa corporation, to assist with our sales efforts as well as to provide consulting services and training to our customers in the Sub-Saharan Africa region. As of May 31, 2011 and November 30, 2010, Innovations had total assets of $6.9 million and $5.7 million, respectively. For the six months ended May 31, 2011 and 2010, Innovations had total revenues of $4.6 million and $5.8 million, respectively. As of May 31, 2011, we owned a 74.9% interest in the joint venture. Because of our majority interest in Innovations, our Condensed Consolidated Financial Statements include the balance sheets, results of operations and cash flows of Innovations, net of intercompany charges. We accordingly eliminated 25.1% of the financial results that pertain to the noncontrolling interest of Innovations; the eliminated amounts were reported in separate lines in our Condensed Consolidated Statements of Operations and Balance Sheets.

The following table provides a reconciliation of the beginning and the ending carrying amounts of equity attributable to noncontrolling interest (in thousands):

Balance as of November 30, 2010	$	1,163
Net income		106
Cumulative translation adjustment		37
Balance as of May 31, 2011	$	1,306