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Microcap & Penny Stocks : INSP Investors Research

INSP 127.35

-2.3%

3:59 PM EST

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To: mikiespeedracer who wrote (487)	2/28/2002 2:57:41 PM
From: Puck	Read Replies (1) of 787

Today's decline in Infospace's stock price appears to be market reaction to an amendment to Infospace's 3Q 2001 10-Q earnings report filed after the market closed yesterday. The amendment restated barter income for the three and nine month earnings reports for the period ending September 30 2000. Since the three and nine month earnings report for the period ending Sept. 30 2001 were presented in comparison with the year earlier results, I can sort of see why the earnings restatement for 2000 was useful to present in an amendment to an earnings report occuring in 2001. What appears to have happened is that some barter income recorded for the first nine months of 2000 was recategorized as regular income because there was no change in reported revenues. As far as I figure, because this change occured so long ago--two years--and was relatively small that it should be insignificant today in and of itself. However, these days any restatement of earnings, however insignificant, causes an immediate market reaction however short lived it may be. From the 10-Q/A filing: EXPLANATORY NOTE This Quarterly Report on Form 10-Q/A (Amendment No. 1) includes corrections to certain barter revenue numbers under "Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations." The barter revenues for the three and nine month periods ended September 30, 2000 were erroneously reported as $12.2 million and $25.4 million, respectively. The correct revenue amounts attributable to barter transactions for the three and nine month periods ended September 30, 2000 were $3.4 million and $5.7 million, respectively. To the extent this amended filing is inconsistent with our original Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2001, the original filing is hereby superseded and amended. The amended filing has not been updated to reflect events subsequent to the periods covered or the date of the original filing.

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