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Technology Stocks : Hoover's Inc (HOOV)
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To: A.L. Reagan who wrote (788)7/27/2001 1:45:42 PM
From: A.L. Reagan  Read Replies (1) of 848
 
I guess based on today's "action", such as it is, people read far enough in the press release to see where it said that Hoover's doesn't expect to achieve profitability until the March, 2002 quarter "at the earliest."

That after having written off about 95% of the original Powerize goodwill.

Positive EBITDA is not "profitability" and while it is a step in the right direction, to pass this quarter off as "profitable" assumes a level of investor ignorance that maybe isn't there.

I listened to two CC's yesterday; Hoover's and Qualcomm, and was struck by how much more forthcoming Qualcomm was during the Q&A period on similar questions, such as the particulars of investment write-downs. Hoover's wouldn't even answer the most basic questions needed in order to model the balance sheet and P&L into a cash flow, nor would they disclose items necessary to recompute their claim of EBITDA profitability.

The brightest spot of the Hoover's call was pinning down Jeff Tarr that any future acquisitions would have to be accretive to earnings. I intend to hold him to that. And it better be accretive to eps from day one.

Otherwise they should continue to repurchase shares in an orderly fashion, grow the business internally, and God willing get acquired so that shareholders holding more than 1,000 shares have an exit point.
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