Pro forma eps numbers have been provided in every 10Q. It is nothing new. THey did show a 34% tax rate but if i remember right they still will not have to pay taxes for some time going forward.
It has been a known event all along that marketing commissions will eventually be reflected in future q's statement of operations starting Jun 2006.
Rev growth was 9 to 10% but that doesnt reflect the new operations.
If the new "online mall" results in any increase in revs and profits then the 1st q should have the largest revs and Profits ever. If you go back and look at pps history here the largest revs and profits ever should result in a much higher pps plus there is no reason to believe that continued improvements will not happen in the other operations. I'll take another 9 to 10% increase in old ops plus add in new ops.
There is also only 195K left in debt and after that is paid off cash flow should increase even with no further improvements.
Add in continued shareholder equity increases q over q over that have been experienced over the last year and it looks undervalued to me.
What may result in even more improvement is a potential huge decrease in quarterly payments as "deferred commissons" are paid off and "Current commissions" become the quarterly expenditure.
I still see value here. Posting a .02+ eps q last q should not have resulted in the pps being cut in half.
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