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Technology Stocks : CheckFree (CKFR)
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To: TLindt who wrote (8159)10/21/1998 9:18:00 AM
From: Brooks Jackson  Read Replies (6) of 8545
 
Highlights from conference call:

Pete has clearly lost patience with banks. Says billers are moving faster and consumers won't wait. So he says CKFR will have lots of announcements in near future. My guess is he is talking about deals with Intuit and others to provide website billing and payment.

CKFR also will provide banks with ability to receive and pay bills from ANY source including Microsoft.

Transpoint (the old MSFDC) is fading as a competitive threat. Pete said their headhunters are trying to raid CKFR for a new head of sales and "perhaps" a new head of the organization. Microsoft and Citi remain big competitors individually, however.

Citibank has announced that it will begin a national advertising campaign to promote its web banking. Other banks are aware of this. But Pete said Citi will have to work with CKFR to make its operation work. I didn't quite understand why. He said Citi was quoted in the New York Times recently as being dissatisfied with some aspect of its current operation. Anybody have a handle on that? (Forgive me if that's been posted -- I've been on the road for the last 2 weeks and haven't caught up with the nearly 400 posts you guys have made since I last checked in)

Internationally -- Pete said CKFR will "definitely" move to link up with an Australian bank and is talking about a deal in Canada. (Besides the New Zealand deal.)

CKFR bought back nearly 8% of its stock! (And still has $27m cash in the bank, with $10m more due from Columbus building sale and a positive cash flow)

My overall impression -- Pete is very nimble, and it is a positive thing that he's moving to make CKFR succeed even if the banks prove to be too cautious and slow. However, this new direction seems to me to be much more of a gamble than the original strategy. I still think the original bank-centered strategy will work, however. Pete is just attempting to provide some insurance, if he can.
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