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Technology Stocks : Visual Data (VDAT)
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To: James Hutton who wrote (333)5/18/1999 7:36:00 PM
From: Fundamentls   of 405
 
Not to quibble over numbers too small to worry about, but my math works out differently - you need some of the numbers in the text to work it out.

For DNET you should take out the IBS subsidiary that was sold in December. If you do a year-on-year comparison without that, sales increased about 20% (I eyeballed this one). I didn't do the math for the 12/98 quarter but you'd have to take out the partial quarter revenues for IBS (which I think were in DNET's 10Q) and also take out the gain on sale (51% of which flowed through to VDAT after minority interest, unlike operating revenues where 100 flows through).

VDAT ex-DNET had revenues of $149k vs $449k last year same quarter or $199 if you leave out a one-time marketing fee they got last year. It's down due to the accounting changes announced last quarter. However it's about double the $77K posted in the quarter ended 12/98.

I'm sure the accounting magic was in the back of their mind when they bought DNET, although they still got a great deal. Put in a million, got half of it back when they sold IBS, and they get an Internet company that has actually made money in 4 out of the past 5 quarters.

Based on the timing of new product introductions and partnerships, we should expect big revenue growth to occur in the current quarter. So we're really in for 3 more months of speculation before we know how well the bird really hunts. Sure is a pretty bird though if you bought in large quantity in low single digits, like I did.

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