United Communications Partners Inc (UCPA)

[michaelmcl]

Based on what I've read I'm in agreement with naturalborninvestor. For the sake of an analogy think of Local Planet International as a franchisor while the individual agencies are franchisees, a simple example would be Dunkin Donuts.

Dunkin Donuts as a company may report billions upon billions in "revenue" that their franchisees generate, however very little of this actually trickles up to the franchisor as revenue and net income.

I understand this isn't exactly a franchisor structure, but based on the reporting the situations seem very similar.

It'll be interesting to review Q1 financials to see if they have any "fees due to affiliate".