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To: Brooks Jackson who wrote (3630)	4/28/1998 6:20:00 PM
From: TLindt	Respond to of 8545

Well Brooks what I saw in that simple table Q to Q, Year to Year. Was this...in 1997 they broke even on processing on 30 Mill, give or take a couple hundred thou. In 1998 the Revenue Grew nearly 40% in this processing segment to 42 Million. And the expenses associated in dealing with processing only increased at about 13%. Which netted them 8 Million in the segment this Quarter. From here on out especially with genesis I expect further revenues to cost less to produce, expanding their margins. ie put 35% on the 42 Million......and 13% on the 34 Million You have a gross processing of 57 Million, with cost of processing at about 39 Million....soon they will be making Mucho Buckos each Quarter on E-Commerce processing.

To: Brooks Jackson who wrote (3630)	4/28/1998 7:30:00 PM
From: Paul Franceus	Respond to of 8545

Brooks- I agree with you. This is a good report. We would have liked to see them beat estimates, but compared to last year: Processing revenues up 39.1% Cost of processing up 12.7% This is a formula for big profits and proof that they are getting more efficient. And that is without Genesis for the most part. Now that it is coming online - a quarter early! We'll only see this ratio improve. We might not see a big jump in price, short term, but the long term viability and profitability of this company is becoming evident. Paul