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Technology Stocks : America On-Line: will it survive ...?
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To: Keith J who wrote (7827)2/13/1998 2:25:00 PM
From: Kerry Phineas   of 13594
 
KJ, I've heard enough about their accounting that I don't pay much attention to their financials. There are so many ways to DAC subscriber acquisition expenses (the one I actually know something about) that just looking at their numbers without all the details is pretty meaningless. I'm pretty sure that their cost of acquiring a subscriber (via their normal means) are considerably higher than what is reflected in their financials; growing the subscriber base can hide this fact temporarily, but it eventually comes back to get you when growth slows or they have some kind of recapitalization problem. That is a corrolary to the problems Oxford has had.
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