SFNB, Security First Net. Bank Message Board

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Technology Stocks : SFNB, Security First Net. Bank

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To: SunAge who wrote (211)	8/9/1997 1:54:00 PM
From: Box-By-The-Riviera™	of 507

In response to your glorious praise regarding the general future of online banking...... yeah it's here, and it's here to stay.....so what? Can an investment in a small 100% internet banking solutions company grow? if so, how so? The paper profits you have received thus far are pure vapor profits....based on a turn in expections and glorified by yourself (a pitchman's dream come true, for now) ...but hardly a turn for the better in the income statement, balance sheet, statement of cash flows, installed products versus "mere" agreements.....etc etc etc whether SFNB is a company that can make a profit selling its software solution as competition grows is another story all together.... you do not address fundamental issues....such as cash flow.... one time software sales....vs...revenue streams from per tranaction royalities.... how to estimate future cash flows therefrom....making annoucements about signing up 35 basically "unnamed banks"....but not being able to state when, if ever, the revenue streams will begin to flow in SFNB's direction...... at best all this in a backdrop where the installs have been going ever so poorly and ever so behind schedule......while meanwhile they drain their operating capital...hence... a recent shot in the arm from the announced banking consortium.....but not a fix to cure their continued addiction to operating capital.....for which they have not yet proven a consistent...let alone growing...source generated from internal...not external....operations.... it's all well and fine to be in love with new technology and even the whole idea from whence it has sprung.... but being in love with an idea does not make the case financially..... and thus far you have addressed only the deepness of your emotional feelings, but have done nothing to support your idealism with even basic financial analysis of SFNB's company model....let alone the model of this industry as a whole..... in the case of SFNB....that discussion has already taken place here....some many months ago.... you might find some of the information you need..... bottom line.... building online banking AINT nearly as simple as you make it to be.... Joel

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