CheckFree Holdings Corp. (CKFR), the next Dell, Intel? Message Board

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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel?

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To: StocksMan who wrote (20161)	12/5/2003 11:00:24 AM
From: Charlie Smith	Read Replies (1) of 20297

...the amended alliance agreement with Bank of America Original BAC agreement did not comprehend rapid rate of customer and transaction growth, potential Fleet acquisition, etc., so it was changed. CKFR will also need to invest more going forward to keep up with the growth. Bottom line: scale economies are there, but CKFR not necessarily reaping the long term financial benefit; either in terms of margin or return on capital. Much will go to the customer. Also, unexpected emphasis in prepared remarks on investment software business. Almost as if to say, yea, electronic commerce will not be what we expected margin-wise, but look at what else we're doing... Or, another take on this emphasis would be: much work to be done in this (non-core) segment, therefore it may be divested soon. I've followed the company for 10 years; this was an unusual call for CKFR...still trying to figure it out.

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