RD,
I bought 2,000 shares today at 4.23. I am thinking, maybe a three to five year hold. They lost Zurich, but the business seems to be settling down. Here are the highlights:
* Revenue for the quarter ended March 31, 2003 was $65.7 million, a
sequential decline of 9% compared with the quarter ended December 31,
2002.
* The Company reported a net loss of $29.3 million, or ($0.42) per share,
including a ($0.13) restructuring charge related to a number of cost-
cutting initiatives and a ($0.17) asset impairment charge related to
the Company's Edify business unit. The first quarter loss compares to
net income of $1.2 million, or $0.02 per share, for the quarter ended
December 31, 2002.
* Revenue of $59.2 million from the Company's financial institutions
segment was in line with the Company's previous guidance. Net loss per
share of ($0.14) compares with the Company's previous guidance of a per
share loss from the financial institutions segment of ($0.11) to
($0.13).
* Gross margin was 50% versus 58% for the quarter ended December 31,
2002.
I like this line the best...
>>>>We now have established a
baseline for our core banking and insurance business and believe that
Enterprise will fuel our growth moving forward. Our balance sheet continues
to lead the industry, with $130 million in cash and short term investments,
and no debt."
I guess I should have waited until tomorrow, luckily I only bought half of what I wanted.
Regards,
Rob |
