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Non-Tech : APCO Automobile Protection Company
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To: Magnatizer who wrote (3178)2/20/1999 6:55:00 PM
From: Cary C  Read Replies (2) of 3351
 
Hi David been away for awhile. I think there are several possibilities for APCO's recent price performance. Most obvious being the current un easiness of the general market. Here are some other thoughts,

1. January sells for APCO were off a little but can easily be made up with strong Feb and Mar numbers.

2. Recent deal ISTN signed with Chase Manhatten for a vehicle service contract program

3. During conference call Mr. Dorfman stated that they had a renewed commitment from Banc One. This leads me to believe that revenue from Banc One is not going to be nearly as strong by the end of the first quarter (at least not as strong as I had thought). I was under the impression that Banc One was ramping up during the fourth quarter last year. The potential is still huge but maybe some folks are taking a wait and see attitude.

4. People getting in for an anticipated earnings or news release pop in the stock price. When it didn't happen, some did and are getting out.

5. The industry I work in is consistently changing to a better price less service industry. This might possibly effect future revenues.

On the bright side, as Phil knows Sonic is doing great and I believe they are going to continue to expand. I think they have a very solid relationship with APCO and that it will continue.

The Maheim relationship is progressing nicely as witnessed by the recent announcement with Thrifty. The Thrifty relationship was a direct result of APCO's dealings with Manheim.

The Thrifty deal has a lot of potential.

Finally, even though Banc One appears to be behind schedule, they are still growing their core business by 25%+. Any additional benefits from Banc One, Allstate, Manheim or Thrifty should just increase this number. As I have said in the past, a long term chart depicting a long term investment pretty much explains APCO.

Cary
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