SFNB, Security First Net. Bank Message Board

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Technology Stocks : SFNB, Security First Net. Bank

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To: Oeconomicus who wrote (269)	11/6/1997 5:17:00 PM
From: Oeconomicus	Read Replies (1) of 507

Following up, looked back at the financials and found some interesting things. Loss for the quarter was $5.8mm ($5.5 from continuing ops), down from $6.5mm last quarter. Revenues (excluding the bank) were flat at about $2.9mm. Interesting thing, though, is that since book equity was essentially unchanged, the equity portion of the bank's $14mm must have been approx $5.8mm. That leaves $9.2mm for revenue, so most/nearly all of that must have been deferred and will hit the revenue line later (next 12 mos since the only liabs are current). BTW, the SBD purchase is mostly allocated to intangibles and 90% of those will be written off in 6 months, so pay attention to cash vs book earnings. Bob

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