TO ALL: Hope these last three posting real help you get a true look
at the company future.
10/01 DJ =Affinity Tech -4-: Company Spending On R&D >AFFI <
Joseph A. Boyle, Affinity Technology's chief financial officer, acknowledged
that the negative report by DLJ's Brown is driving down the company's stock
price. He said there is nothing fundamentally different at the company to cause
the shares to fall.
However, Boyle declined to speculate on Brown's assertion that the company's
results for the third quarter and full-year 1996 will be lower than expected.
''I'll know better where we are after we get everything closed out and know
exactly what the numbers are,'' Boyle said.
Meanwhile, John B. Moore, an analyst with Morgan Keegan & Co., also is
expecting a wider loss for Affinity Technology in the third quarter and 1996.
Moore said he now expects the firm to post a third-quarter loss of 18 cents a
share, compared with the 8 cents he originally projected, and a full-year loss
of 45 cents, compared with the 19 cents he had anticipated.
Affinity Technology's wider-than-expected losses, according to Moore, are the
result of increased spending on research and development so the firm can expand
its product line. The company hopes to use its decision support system for
other applications, such as auto loans, new checking accounts and mortgage
loans, he said.
Moore, who today increased his rating of Affinity Technology to aggressive buy
from accumulate after the stock opened at 9, said the firm has ''the kinds of
products banks are looking for to provide more products cheaper and with fewer
employees.''
Brenda |
