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Technology Stocks : EarthLink Network ELNK Wraps Your Fish

ELNK 5.630

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Mar 8 3:00 PM EDT

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To: Richard Makowiec who wrote (167)	10/10/1997 1:14:00 AM
From: Garry Betty	of 220

Dear Richard, Thanks for the encouragement and salutations. When I joined EarthLink in Jan of 1996, I felt very certain I knew the answer to every potential problem EarthLink might face over the coming years. After all I had peripherally been associated with the announcement of the IBM PC and it's explosive growth in the 1981-83 and then later with Hayes Microcomputer products as it grew from $12-160M over a six year period. What a ride this past two years has been. EarthLink has been a real challenge both personally and professionally. Think about growing from $3M in annual revenues in 1985 to over $30M in 1986 and street expectations are that we will generate well over $75M in 1987. Growth of over 370K customers in less than two years. The reality is the Internet business is exciting and tough. Playing a flat rate game with people with deep pockets takes guts and determination. I am confident that with continued increases in volume that EarthLink will make a profit for our shareholders in the future. AOL has begun to demonstrate that money can be made on a flat rate model. Mindspring went EBITA positive last quarter and their stock has gone bonkers. Digex was bought at a small profit to it's investors. The access space is performing better. Take heart if you have invested in this space that no other aspect of the cyber economy happens without an reliable, quality ISP. You can look at ISP's in terms of value per POP, value per customer, multiple of forward looking revenues or any other measure of valuation that might apply. Most importantly Yahoo, Amazon.com, CNET or any of the other high flying "content" plays need an access supplier to use their service. Access providers will survive, whether they be a "facilities based ISP" or someone like EarthLink who leases POP's outside of Southern California there is a good future in access. cgb

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