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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

-16.0%

Aug 1 5:00 PM EST

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To: KirbyJF1 who wrote (1435)	5/25/2012 11:56:31 AM
From: mcspazm	1 Recommendation Read Replies (2) of 1876

RE: Advent I've pondered the Advent slide several times. It confuses me more than enlightens me. For examples, 1) the number of cards issued. Is that the total issued or the cards issued in that time period? 2) I had always assumed (apparently wrongly) that all the refunds were issued on Advent cards. The slide makes it appear that most of the refund products are NOT on the Get It card. What's more the cards seem to be a shrinking percentage. 3) Expenses seemed to have really jumped. While revenues are primarily in the first quarter, the expenses seem to recur (though not necessarily at the same level). Frankly, I haven't been able to divine how much of Advents costs are fixed and how much is variable. Do you have a reasonable estimate of either? I'm just not sold yet on Advent - at least for NOVC. Not even the sainted Lance Anderson bats 100%. I hope I am wrong. It would be perfectly fine with me if they sold it and focused their money and managerial talent on another venture. There are many other potential businesses out there.

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