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Re: SSKILLZ1 post# 8494

Thursday, 03/26/2015 2:25:09 AM

Thursday, March 26, 2015 2:25:09 AM

Post# of 116583
SSKILLZ1,

I have been holding TPNL for the past few years waiting for this story to come to life. Margins are drastically improving due to the companies in-house integration of pretty much everything from call center, sales, card processing, etc...

Many other companies in the industry outsource some of these functions which erodes margins. On top of this their internal sales team is adding to the new higher margins - the company use to use brokers to obtain some of their corporate card deals (this eroded margins as they had to pay a cut to the third party for getting the deals).

I will give you that the way many of the card programs work is that revenue is realized at the end of the project (they may have had many card programs end in Q4 - some expenses may have been realized earlier on while the main source revenue appears at completion). However, these card programs that only last a certain period of time are making up a much smaller part of their revenue these days. The main growth appears in the plasma industry. They were even in Europe sponsoring the PPTA - (A North America and Europe Plasma Protein Association - see the right hand side - 3Pea Gold Sponsor - if you read the 10k filing 3Pea now has a satellite office in the EU)
http://www.pptaglobal.org/meetings-events/plasma-protein-forum/overview

Anyways, i'm in this for the long term, I see them getting taken over a year or two down the road for a hefty premium. (check out the 3Pea IH page and come ask questions there if you have any - just revamped the page)

E.
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