10-K online at sec.yahoo.com (no tables loaded as of 6pm CST). Based on the text, didn't see much I wasn't expecting -- most everything except the numbers had been previously reported. Revenues up a lot, but the text only compares 98 (with DNET consolidated) vs 97 (without DNET). I'm a bit confused because they reported consolidated revenue for FY98 of $1,881,000 of which $1,341,000 from DNET. But DNET for FY98 (ended June 30 vs Sep 30 for VDAT) reported $4,004,000 in revenue in its own 10K. I guess we're only seeing some of that, perhaps due to the consolidation rules relative to the acquisition timing, to DNET's change its fiscal year (made to align with VDAT), or some such nonsense (at one time I understood consolidation a lot better than now - when you don't use it you lose it). Bottom line is until we see the tables it's hard to tell how revenues are trending in the two component businesses.
Needless to say, no profits in VDAT. DNET, based on quarterly reports, is of course a different story. Hard to imagine there's an Internet stock that actually makes money and is trading at 2x earnings. |
