Phoenix Technologies (PTEC), reported exceptional earnings results today, demonstrating that the company’s financial turnaround is essentially complete. Management can now focus on growing the company both via new internal initiatives, and acquisitions.

Yesterday, Phoenix Technologies (PTEC) reported Q1 results which significantly exceeded expectations and provided solid evidence that the company’s turnaround is in on track. With revenue increasing by 17% over the prior quarter and the company’s loss reduced, it seems clear that a bottom has already been reached in the business and results will only continue to improve as the year progresses.

If you’ve been following Phoenix Technologies (PTEC), one of our top software turnaround picks, we’re sure you noticed that yesterday Ramius Capital offered to purchase PTEC for $5.25 per share, a 15% premium to our purchase price for the shares back in November 2006.