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To: J. Arzente who wrote (2748)	10/26/1999 12:51:00 PM
From: Big Al	Read Replies (1) \| Respond to of 3198

OT: J, EGRP is $198 per customer aquisition cost, your number is old. ETrade Update - This Wednesday, ETrade reported strong fiscal fourth quarter earnings amidst weak industry conditions. Revenues for the quarter, including the acquisition of TIR, were $173.2 million. We believe revenues were slightly lower than our pre-acquisition estimate of $155.17 million. FY99 revenues were $621.4 million. EPS for the quarter came in at $(0.11) including acquisition related expenses. This exceeds our estimate of $(0.12) per share and consensus estimate of $(0.13) per share. ETrade acquired 310,000 net new accounts this quarter at a cost of $198 each, below our estimate of $226 and below last quarter?s acquisition cost of $248. We believe these results demonstrate ETrade?s leadership as a top branded online broker. EGRP?s stock rose 7/32 to close at 25 5/8 on the day of the announcement. Although the quarter marked a seasonal/cyclical low in trading activity, EGRP continues to improve and build upon its leading position in the eFinance/eBrokerage space. By adding more than 1 billion accounts over the past year, we believe the company is well positioned to monetize those accounts, not only in brokerage but also banking and other eFinancial services products.