Saturday, May 29, 2004 4:14:17 PM
A little DD paraphrased from the prospectus:
Provo Mexico sells pre-paid telephone cards and airtime provided by Telmex, which is the dominant telecommunications provider in Mexico. After forming in 1995, Provo Mexico quickly became the number one seller of Telmex airtime, and currently maintain their lead of 7% of the entire Mexican market. The pre-paid calling cards sell for 30, 50 and 100 pesos. Provo Mexico buys these cards from Telmex at a 14% discount. They pay internal sales staff 4% commission, and external distributors 9% commission, which results in Provo Mexico making between 5% to 10% for themselves for every airtime minute sold. Based on 2002 sales figures of $100M, Provo Mexico should be grossing up to $14M a year.
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