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Technology Stocks : DRIV (DIGITAL RIVER). Get in on internet IPO.
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To: Thomas DeMille who started this subject1/30/2002 2:25:21 PM
From: david james   of 3198
 
Prudential Securities still likes Digital River in morning stock report 1/30/02

01/30/02 09:49 AM
Source: Prudential Securities

Visit the CNET Brokerage Center for daily reports from the top Wall Street analysts.

Digital River, Inc.

(DRIV-$21.33) Mark J. Rowen

DRIV: FOURTH QUARTER RESULTS IN LINE WITH EXPECTATIONS; OUTLOOK REMAINS POSITIVE; REITERATE

BUY RATING

DRIV

RATING BUY

TARGET $25.00

FY EPS Current Prior

12/00 -1.06

12/01 -0.09 -0.09

12/02 0.42

P/E

12/01

12/02 50.8X

* Digital River posted 4Q? results in-line
with our expectations. Proforma EPS came
in at $0.04 (vs. our $0.04 estimate and the
$0.03 consensus estimate), while revenue
came in at $17.7 million (slightly below our
$18.0 million estimate).

* For the first time since becoming a public
company, DRIV achieved company-wide
profitability, excluding goodwill
amortization.

* Software segment revenue rose 85%
year-over-year, boosted by strong
virus-protection product sales and product
launches. We believe these results confirm
that DRIV continues to benefit from the
online migration of software sales, even in
the midst of weak economic conditions.

* The E-Business segment was weaker
than expected, and we are concerned that
segment growth has stalled for three
quarters.

* Gross margins improved 220 bps sequentially to an impressive 81.3%, exhibiting the powerful leverage
in DRIV's
model.
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