Considering the Lonexi and City of Henderson contracts were announced so late in Q1, I'd guess that most of those revs should hit Q2 as opposed to Q1. As late as Q2 09 they were giving better transparency into their pipeline, then they changed how they were reporting their backlog. I've requested that they go back to that method, but still waiting. But assuming they tend to take deposits on the high side (70-80 percent) there should be at least 600k that gets booked to this quarter from the backlog. Maybe as much as a million?
I think it's early enough in the quarter that both of the recent announcements ($2M, $900k) should be completed and full revenue booked in Q2 (especially considering the two Gander Mtn openings in June.
With the recent ITEC completed and their extra fully-trained sales force deployed, I expect more contracts forthcoming, though probably not in time to affect Q2 revs significantly.
I'd be disappointed with anything less than 3.5 million revs for Q2. Margins have continued to be pressured, so rather than looking for net margin in the mid to upper 20's as I've previously expected, I'm using the average of the previous 4 quarters - 16%.
As a stretch goal, I'm looking for 4.2 in revs with almost 700k in net income.
-Pat
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