For those who might be interested, here is some current research information on AFFI. Sergio Heiber asked me to do some research for him on Friday and here are the results: This is the first of four posts on AFFI research. I will follow up tommorw with Morgan Keegan and ask about the conference in New Orleans. I will post the information I receive tommorow night
Morgan Keegan - Analysts - Chris Kelly and John Moore
Memphis Tn.
Phone: 800-366-7426
Both Mr. Kelly and Moore were at the conference in New Orleans
this week and will not be back in the office until Monday.
I had the marketing desk fax me two research reports dated Nov
5, 1997, and Nov 19, 1997. I re-typed them and they are e-
mailed at 2 of 3 and 3 of 3.
I called the AFFI office and talked with Joe Boyle, the CFO. Got
this information:
They have THREE new contracts: City Bank, Versatility, and
Dime. They cannot reveal the amounts of the contracts because
their clients will not allow them to. The Dime contract has
been installed and starting to produce revenue.
Other customers are: People's Bank of Ca. and Marine Federal
Credit Union.
Mr. Doyle told me that they have totally revamped their products
and have two new on-line loan processing products. One is e-xpert
lender which is used by City Bank to process automobile loans in
approximately 10 minutes and the other is AOM which is also an
automated loan processing system.
Okay, here are specific answers to the questions (Mr. Doyle)
1) The amount of the contracts for DIME, CityBank and
Versatility:
Cannot reveal the amounts per contract(s)
2) Insider selling: Mr. Mel Ray was the insider who ownd 2.3
million shares and sold all of them. Mr. Ray is retired.
3) Are other analysts going to follow the company:
Could not answer this question. We may be able to get this
information from Mr. Kelly or Mr. Moore at Morgan Keegan
(800-366-7426) - but not till Monday. We can also ask them
if they feel AFFI will be upgraded next year based on these
new contracts (also see Morgan Keegan reports below)
4) Their current major customers are Citibank, Dime, and
Versatility (all new, with Dime installed), and Peoples Bank
of CA and Marine Federal Credit Union.
Yes, they are talking to other major lending institutions but
could not reveal any names.
5) The meeting in New Orleans was "very positive", but no
details until next week.
6) Are they expecting more royalty fees
These are actually recurring rentals which will be replaced
by "transaction fees" and will be a integral portion of their
revenue stream as these contracts get on-line. (the Dime
contract is already on-line and going very well)
7) Other pertinent information:
The loan processing products were totally revamped in
1996 and 1997 and "they are a different company" -
stronger and better.
Got no information whatsover from Robinson, Lerer, and Montgomery.
Everyone was at the New Orleans conference, and the secretary I was
talking to was new. They finally just told me that they could not
get back to us until next week. She told me that they would call me
next week, but getting information today was impossible. This was
after about 10 calls back and forth. She had talked with Mr. Doyle
at AFFI and said he would talk to us next week also as there was
no one available because of the conference. However, after I
called Mr. Doyle and waited on the line until he could take my
call, he was very nice - and understood why I needed the
information.
PR Firm: Robinson, Lerer, and Montgomery:
Page Muh 803-758-2511
Additional info:
Mr. Boyle would like for us to fax a copy of the report to him
at 803-758-2528. His e-mail address is jboyle999@aol.com
AFFI DOES have a web site but the secretary did not know what
the URL was. I'll look it up tonight. Oops, found it and it is part of
this report.
Research Reports and URL information to follow |
