Question-and-Answer Session
Operator
Thank you Mr. Gorber. (Operator Instructions). Our first question from Jason Kupferberg from UBS. Please go ahead.
Jason Kupferberg - UBS
Couple of questions for you, first I wanted to make sure I understand the dynamics that you guys are seeing in the project based part of the business in SI&C. Mike I think you mentioned that it may be true that the March quarter may prove to have been the bottom there. I guess the revenues in SI&C were down quarter-over-quarter in June versus March. So, just wanted to make sure, I am understanding what you guys are actually seeing in that market place, if you really are seeing some firming up and some stabilization and may be that some what reflective of intra quarter trends that you saw during June, any additional color that would be great?
Michael Roach
Okay. What I had said in the last quarter results that the projects were slow and starting up right from the get go with the business on the business side of the clients. When I see and I look at some of the major clients that we have, we saw some indications where they're gradually moving these projects now from the business side over to the systems analyst side that will eventually show up on our revenue line. We're seeing that in Canada and that's kind of where we were most impacted. As far as the SI&C I think it's pretty flat, isn't it?
David Anderson
Yes, 44% to 43%
Michael Roach
Yeah, so it's pretty, it's pretty flat, Jason, that's why I kind of called it a bottom, what I believe is the bottom. Now I should caution you and remind you that we are in our summer quarters. So normally our summer quarter is impacted by vacations in terms of our clients and our people. So when you look quarter, a quarter we normally see an impact of anywhere between $25 million and $30 million due to the vacation period. But notwithstanding that, we are seeing signs that clients are coming back and investing. Of course in Canada, the banking financial sector has not been hit as hard as in the U.S. and as you know the valuations have nicely returned there and there are opportunities to do project work in the financial institutions as well as in some of our other clients.
So, I don't think a quarter makes a trend, but I got the sense in looking at the numbers and talking to the account managers that we may have bottomed in the March quarter.
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