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Technology Stocks : Peapod (PPOD) -- Ignore unavailable to you. Want to Upgrade?

To: B.D. who wrote (328)	7/30/1998 4:30:00 PM
From: B.D.	Read Replies (2) \| Respond to of 1170

Here's the announcement: biz.yahoo.com As I expected, PPOD announces tiny growth (translated: no growth) in membership, but pulls a fast one by saying that it "increased by 42% to 104,000 from 73,400 a year ago." That's wrong, in a couple ways. Recall that they recalculated the membership last quarter, coming out with the 103,000 figure. Now, in the previous quarterly report submitted to the SEC, they claimed 103,800 members. Now they're claiming 104,000. So they're saying 200 more members in 90 days. Which to me means, no more members, which is exactly what I expected. I think it's a bit sleazy to say there was a 42% jump in membership, however. The reality is, they claimed 76,000 members using the "old" method, as of March 31, 1998. Probably about 76,000 members still, as of June 30, 1998. That's actually a TINY percentage increase (73,400 then, about 76,000 now -- 3.42%, NOT 42%.) I'm a bit disappointed that PPOD would pull this kind of magic trick. I remember when I first heard they were recalculating membership, we were experiencing revision-of-history right before our eyes. Sure enough, they're doing it, and I don't think anyone's going to buy it, and it makes them look bad. C'mon PPOD, just state the facts as they really are. Fudging the facts is not honorable. That all said, I think PPOD goofed. In its 14 August 1997 quarterly report covering 2Q97, it specified membership of 51,500, not 73,400. Prediction: PPOD will issue another press release. Not only were they trying to fugde the data, but I think they are trying to fudge on erroneous data. Now, as a FINAL note, maybe I'm wrong --- maybe the 73,400 figure is PPOD's "recalculated" 51,500 figure. I for one would love to know which number is the real number.