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Technology Stocks : JW Genesis (JWG) - online trading in the future? -- Ignore unavailable to you. Want to Upgrade?

To: megazoo who wrote (23)	5/23/1999 11:37:00 AM
From: William F. Wager, Jr.	Read Replies (2) \| Respond to of 78

Q1 results may be questionable----------> The co. press release reads, in part,: "Net income for the Company's quarter ended March 31, 1999 increased by 197% to $3,778,000 compared to $1,270,000 for the 1998 period. Revenues reached $43.4 million for the first quarter of 1999, a 79% increase over 1998's first quarter revenues of $24.3 million On a per share basis, the Company reported first quarter 1999 basic per share earnings of $0.64, an increase of 89% over 1998 basic earnings per share of $0.34. On a diluted basis, the Company reported first quarter per share earnings of $0.60, an increase of 102% over 1998 diluted per share earnings of $0.30. For the first quarter of 1999 the number of basic and diluted weighted average shares outstanding increased by 58% and 47%, respectively, primarily as a result of shares issued in connection with the Company's June, 1998 acquisition of its investment banking unit and option exercises." But then it goes on: "The first quarter included (i) a substantial gain on our investment in Knight/Trimark Group, Inc., ("NITE") (ii) the divestiture of our institutional research, sales and trading business and, (iii) the start-up and acquisition costs related to GSG Securities. Excluding these events, revenues and net income would have been $29.4 million and $1.6 million, an increase of 19% and 28%, respectively. A strong showing for our JWGenesis and CSG retail securities units." Which is set forth in footnote (a): (a) Excluding the GSG Securities, Inc. acquisition, the divestiture of the Company's institutional research, sales and trading units, and the effect of NITE, revenues and net income would have been $29,408,000 and $1,630,000, respectively. So without (a), Net income was $1,630,000 vs. $3,778,000 with (a) and Revenue without (a) was $29,408,000 vs. $43,400,000 with (a). Doesn't this show that the basic business is not as robust as it ap- pears at first glance. Maybe I am off base. Please set me straight if I have missed something here. --Bill

To: megazoo who wrote (23)	5/23/1999 3:40:00 PM
From: DavidCG	Respond to of 78

"i am almost sold on jwg, except for the fact that the question remains: what is this company going to do with the internet. i know i know, right now everyone is joining the momo bandwagon," I think a lot of new people have this take: "Why should I buy JWG before they announce any launch into internet trading?" My point is that you don't have to buy this NOW if you don't want to. If you want to just keep this stock on your radar screen until JWG posts something publicly, that's A-OK by me. I am speculating, based on their past news releases of "updating technology", giving their current investors 'internet access to their accounts'...that they might be, could be, should be, moving in that direction. I expect to hear full details in June about details of what they'll use their cash for after their completed sale on 5/31/99 But do you really want to battle a bunch of daytraders, buying this stock at a $10 premium when the news finally comes out? I sure don't. Good Trading! -DavidCG