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To: Andre Williamson who wrote (3)	9/14/2004 11:32:52 PM
From: rougevolume	Read Replies (1) \| Respond to of 18

*Bad debt expense writeoffs grew from 2002 to 2003--no longer require credit checks What's wrong with bad debt expense? When a company grows, bad debt expense goes up. IBM's bad debt expense is in the hundreds of millions of dollars. Should you never give anyone credit? Based on that analysis no one would ever buy Citicorp, chase Manhattan, or any other fortune 500 company for that matter. You sound like you should work for the USPS. UPS and FedEx both give credit. USPS doesn't. Whose the one crying before congress for more money? USPS. Big deal if they don't pay, shut their phone off. Whoa, and their "Gain on debt reduction in bankruptcy" for the quarter was $850k What are they supposed to do? Not report the one time gain? Who said anything about buying the stock based one the one time gain? **Here is the full auditor pronouncement from the last audited statement eLEC has filed: I THOUGHT YOU SAID THEY WEREN'T AUDITED! I think the bankruptcy of Enron and WorldCom is proof that you can't go just by audited statements to decide when to make an investment. (If you don't work for the USPS, Enron would have loved to use you as an accountant!) As far as reading the current numbers, it appears to me that ELEC is creating significant cash flow that they are putting into marketing to grow. If they weren't spending the money on marketing, they wouldn't be growing! This company is about growth and will continue to grow!