I also listened to the CC (over lunch), and you reported it pretty much correctly. I didn't note any over or under optimism. I think your statement regarding future revenues was correct. There was what has become the standard issue of currency problems, which cost the company approximately $250,000 in Q1. Also, in Q1 1997 there was some extra revenues from some project that had actually terminated in 1996. There was no mention, at least while I was listening, of the new CFO. US revenues were up 2%, again, because Japanese revenues in Q1 97, which are counted as US revenues, were unusually high in Q1 97. (it's hard to get a warm fuzzy when this year's flat revenues are justified because last year's were just too doggone high).
Participants seemed very happy with cost controls and margins.
I am cautiously optimistic, and if I might buy some shares here if I could only lower my already hefty margin account. I don't think the stock is going anywhere fast though.
I think 20x .50 or $10 is a reasonable value for the stock, FWIW.
Jon |
