Internet Capital - Erwarte Kursverdreifachung in

denn obwohl die Shortseller über ihren Hauskanal unheimliche Mengen werfen, gelingt es ihnen kaum den Kurs zu stabilisieren.  

denn Umsatz kommt heute fast ausschließlich von Island, über das die Shortseller vor allem ihre Transaktionen abwickeln.

Sie haben keine Chance, denn noch sehr viel mehr als Yahoo oder Valueclick profitiert Linkshare, da hier die Ähnlichkeiten der Geschäftsfelder größer sind, ohne dass Linkshare direkt gegen Google aufgestellt ist.

Google (nasdaq: GOOG - news - people ) reported strong fourth-quarter results after the closing bell today. The Internet-search company posted earnings per share of 78 cents, versus 19 cents in the year-ago period. Analysts polled by Thomson First Call had estimated earnings of 77 cents per share. Revenue for the quarter was $1.03 billion, a record amount for the company, and more than twice that of the year-ago period. In a press release, Google cited increased online-advertising revenue as the main growth driver. Google-owned sites generated $530 million, or 51% of total revenues. This represents an increase of 118% over the fourth quarter of 2003, according to Google. S&P Equity Research reiterated a "buy" rating and $230 target price on Google, saying the company continues to benefit from favorable traffic and sponsored-search pricing trends. The research firm said Yahoo! (nasdaq: YHOO - news - people ) and ValueClick (nasdaq: VCLK - news - people ) may benefit from Google's earnings news.





 

nicht lange Wort manchen, nur so viel: Internet Capital hält an Marketron 38%.

Marketron Outlines Product Roadmap for 2005
Wednesday February 2, 3:14 pm ET
TV Sales to Gain New Flight Plan and Inventory Management Modules; TV Traffic to Add Media Ocean Integration and 100 New Features; Marketron Radio Slated for Two Major Updates


BURLINGAME, Calif., Feb. 2 /PRNewswire/ -- Marketron International today outlined its product roadmap for 2005. Each of the company's three main product lines, TV Sales, TV Traffic and Radio Traffic will gain substantial enhancements. Marketron will also continue client-driven development of its Corporate Analysis product that enables corporate managers to tap into sales and inventory information for individual stations or the entire group.
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"Marketron invests heavily in research, development and client services," said Mike Jackson, CEO of Marketron International. "More than 150 Marketron employees are dedicated to delivering continual innovation and outstanding support. Our multi-million dollar investment in the Marketron hosting platform enables us to serve more than 40 groups and 5,000 individuals each day. Marketron's longstanding leadership in the TV and Radio industries is built on our strong commitment to providing ever-improving technology that helps our clients succeed."

Marketron TV Sales-Two New Modules in 2005

Marketron TV Sales is the number one, best-selling sales, research and proposal software for television stations. It is used by more television sales executives than any other solution and exchanges data with all leading TV Traffic systems. Marketron TV Sales added a new Ranker in 2004, making it the first to give Account Executives numerical program rankings. It offers two new strategies for developing sales stories: the beat report and the parity report. Marketron also added the ability to view and automatically post Nielsen's Meter and Local People Meter (LPM) data.

Marketron TV Sales will gain two rebuilt modules in 2005. Both will feature new interfaces designed to streamline workflow and give users unprecedented flexibility. Flight Plan will speed and simplify the development of avails and proposals and add a variety of new flighting options. Inventory Management, which combines a station's rate card with estimates, will receive significant functional enhancements to enable sales managers to better optimize their inventory.

Marketron TV Traffic-Adding Media Ocean Integration and 100 New Features in 2005

Built for multi-station and multi-market operating environments, the Marketron TV Traffic solution reduces redundant data entry, optimizes inventory and increases revenues. It stores all station advertising revenue and inventory data in a single system and creates electronic workflow between departments. In 2004, Marketron TV Traffic added support for IBM's DB2 Universal Database, the leading database for large enterprises, making it the first and only traffic solution to enable large broadcast groups to operate from a single database.

Marketron has been working closely with its more than 100-station strong TV Traffic client base to develop new enhancements and functionality. Marketron's TV Traffic automation interface, currently in controlled release, is poised to provide real-time integration with the leading automation systems. In 2005, Marketron will complete integration with Media Ocean. This will enable two-way communication between stations and agencies to minimize makegoods, discrepancies and redundant data entry. Several newly designed Marketron TV Traffic modules are also due in 2005, including Sales Order, Order Manager and Copy.

Marketron Radio-Major Updates Due in Q1 and Q3

The Marketron Radio solution provides integrated sales, traffic and billing applications to the largest broadcast groups and independent stations alike. The system features the industry's best reporting, easiest log editing, most advanced Accounts Receivable and most effective inventory optimization tools.

Marketron has planned two major upgrades for its Radio Traffic solution in 2005. The first, Marketron Radio version 5.7, is currently in controlled release. It offers enhanced credit restrictions, priority acceptance levels on avails, Windows-authenticated user sign-on and station-specific advertiser/competitive separation periods. Later in the year, Marketron Radio will gain a new automation module that enhances two-way communication between a station's traffic and automation systems.

About Marketron International

Marketron International is a leading provider of broadcast management solutions for the Radio and TV industries. Marketron's fully integrated suite of sales, traffic, finance and business intelligence solutions automates workflow from proposal to billing, enabling groups to optimize inventory and increase revenues. Today, 80% of the top broadcast groups in North America license Marketron solutions. Marketron International is headquartered in Burlingame, Calif., with five offices across North America. The company is privately held and its investors include Darwin Group, Internet Capital Group, Pisces Group and Rosewood Capital.
 

www.sec.gov

here is great manipulation for the second day.

Internet Capital Group, Inc.

Pre-Market | After Hours Market Feb. 2, 2005 Market Close: $ 7.27


After Hours Trade Reporting Wednesday February 2


After HoursLast: $7.29 After HoursBest Bid: $7.20
After HoursHigh: $7.29
After HoursVolume: 507,408 After HoursBest Ask: $7.27
After HoursLow: $7.19


After HoursTime (ET) After HoursPrice After HoursShare Volume
16.09 $ 7.29 100
16.09 $ 7.28 100
16.02 $ 7.21 100
16.02 $ 7.21 200
16.01 $ 7.25 1000
16.01 $ 7.27 100
16.00 $ 7.27 499608
16.00 $ 7.27 100
16.00 $ 7.27 100
16.00 $ 7.27 300
16.00 $ 7.27 100
16.00 $ 7.27 100
16.00 $ 7.27 300
16.00 $ 7.27 100
16.00 $ 7.26 1000
16.00 $ 7.27 100
16.00 $ 7.26 1000
16.00 $ 7.26 1000
16.00 $ 7.19 900
16.00 $ 7.20 100
16.00 $ 7.19 1000


Zumindest nach deutschem Recht wäre das eine nicht erlaubte Kursmanipulation. Da verkauft ein Shortseller an seinen Kumpel, und der kauft dann am Ende des Tages alles zurück. Ich habe das eben gerade einmal an die SEC gemailt. Die wird mir nur den Eingang bestätigen, vermutlich bald - die sind da viel schneller als das BAFIN. Auf der anderen Seite ist klar, wer an den Kursen drehen muss, hat etwas zu verbergen. Wer noch nicht drin ist, kann davon allerdings davon profitieren. Denn künstlich nach unten geschleusste Kurse sind Kaufkurse.

Wenn Ihr schon gekauft habt, könnt Ihr auch einmal den vorstehenden englischen Textteil an die obenstehende Internet-Adresse, die SEC, mailen.





 

Wasser auf die Mühlen von Linkshare

dem Weltmarktführer im Affiliate Markeing und wertvollsten Internet Capital-Beteiligung, dürfte die nachstehende Entwicklung sein:

Manufacturers Go Online to Boost Business
After a strong 2004, manufacturers are looking to cyberspace to expand growth even further.

By: Allen Roberts
Jan. 31, 2005--After wrapping up a healthy year, America's manufacturing sector is looking toward the Internet to keep the party going in '05.

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According to December's numbers, released last week by the U.S. Census Bureau, new orders, shipments and unfilled orders all finished up, closing out a solid year of growth.

"Last year was a positive year," Chris Savage, branch chief for the manufacturers' shipments, inventories and orders division of the bureau, said. "All signs point to a good year next year, also."

According to the report, shipments of durable goods increased $4.2 billion for December, up 2.1% from November. This increase capped a banner year of 10.5% growth and made 2004 the best year since the new standards established in lieu of NAFTA were implemented in 1992.

To keep the fete running strong, marketing executives from 80 different U.S. manufacturing firms said they plan on revamping or establishing e-business and online marketing ventures in the upcoming year, according to a study released by the New Jersey Chamber of Commerce and SVM E-Business Solutions.

The study sighted that half of those surveyed will be engaging in search engine marketing; slightly less said they would also be conducting e-mail marketing campaigns (45%) and 62% plan to recreate their websites in '05.

"After sitting on the e-business sidelines the past few years, manufacturers have decided to take a proactive stance toward the Internet," Bob DeStefano, president of SVM said. "Because of these aggressive marketing tactics, these companies are setting themselves up for great success in the future."

DeStefano also points out that once e-marketing systems are set up, they're virtually self-sustaining and should propel growth even further in years to come.

"Users can easily track the leads they get form these systems and they are extremely cost effective, compare to conventional marketing mediums."

 

vorhergehenden Netzwerk von der Internet Capital-Beteiligung Linkshare:

B2B LinkShare is a network designed exclusively for business-to-business merchants and affiliates to help them capitalize on the explosive growth of B2B internet commerce.
With B2B LinkShare, you'll gain:

Entry to the only network targeted exclusively to B2B merchants and affiliates
LinkShare's patented, innovative technology for tracking purchases and other customer activity
A broad range of expert advice and services
LinkShare launched the first affiliate marketing network for B2C companies three years ago. Now LinkShare is leveraging that expertise to build B2B LinkShare, so B2B companies like yours can use affiliate marketing to stay ahead!

Join the leader in affiliate marketing.

Become a B2B Affiliate

Become a B2B Merchant

Click here to have a sales professional contact you.



 

Hals. Sie haben in der letzten Zeit alles oder nichts gespiel, um den Kurs nach unten zu schaukeln, um ihre gigantischen Leerverkäufe eindecken zu können. Gestern habe ich ja weiter oben gezeigt, dass sie es in den USA damit versuchen, dass sie sich gegenseitig zu niedrigen Kursen Aktien hin- und herverkaufen, wenn das der Markt gerade erlaubt. In Deutschland wäre das nach Wertpapierhandelsgesetz eine unerlaubte Kursmanipulation und strafbar. Im US-Wertpapierrecht kenne ich mich da nicht so genau aus, aber es könnnte eine Grauzone sein. Wer zu solchen vielleicht strafbaren Handlungen greift, dem muss das Wasser sicher bis zum Hals stehen.

Als begleitende Maßnahmen versucht man es auch mit der Verbreitung von Lügen. Wie Ihr nachstehend seht, ist das größte Argernis für Shortseller Linkshare. Momentan lässt man da von einigen eventuell gekauften Basher folgende Geschichte verbreiten, dass man, um den Umsatz von Linkshare zu ermitteln, den Umsatz aller Beteiligungen durch die Anzahl der Beteiligungen teilen müsse. Das ist Unfug, da man von Linkshare trotz der Eigenschaft als Private Held die Umsätze gut abschätzen kann, u.U. weil sie am Fast50-Wettbewerb zweimal teilnahmen und ihn haushoch gewannen - Maßstab sind dort Umsatzsteigerungen. Auf diese im Auftrag der Shortsellergemeinde kolportierten Lügen antwortet im folgenden der nachstehende Ami:


 

hier ist er:

Linkshare's revenues....
by: myfriendlyadvice
Long-Term Sentiment: Strong Buy  02/03/05 10:52 am
Msg: 228842 of 228844

It doesn't take much snooping to come up with a reasonable number for Linkshares revenues over the years.

2002 revenue was around 50 million and the CEO stated they had "very" strong years in 2003 and 2004.

http://www.linkshare.com/press/news_google.html

So what does "very" strong mean???

Got me, I just give them a similar growth rate to their competitors (30%) and run the numbers.

That puts revenues in 85 million range for 2004 and over 100 million for 2005.

http://www.jamesmartell.com/linkshare.html

Since VCLK is trading for 8X sales and Fastclick will trade for 8 to 10X sales how would you value Linkshare????




 

aber er hätte sich vielleicht schon einmal früher bei seiner SEC über die Manipulationen der Shortseller beschweren sollen - wenn er schon drin war. Ansonsten hätte er schweigen und kaufen sollen. Vielleicht habe sind einige von Euch am Kursanstieg schuld, weil sie auch der SEC gemailt haben. Die fragt dann bei denen nach, die die eventuell manipuliert haben. Und wenn niemand bei Internet Capital den Kurs manipuliert, kann er wegen der extrem guten fundamentalen Lage nur eine Richtung haben - nämlich nach oben. Das hatten wir heute.

No big trade at end of Day! EOM
by: loughski
Long-Term Sentiment: Strong Buy  02/03/05 04:18 pm
Msg: 228855 of 228861



 

Internet Capital-Beteiligung, Linkshare. Allerdings nur sehr bedingt, denn DoubleClick ist sehr viel schlechter aufgestellt als Linkshare, weil es neben dem hochprofitablen Click for Performance auch zum E-Mail-Markting und ähnliche anbietet, dass heute auch schon halbwegs intelligente Oberstufenschüler anbieten.

DoubleClick steigert Umsatz und Gewinn im vierten Quartal

Der US-Online-Marketingkonzern DoubleClick Inc. hat im vierten Quartal 2004 mehr umgesetzt und verdient als noch im Vorjahreszeitraum. Zudem konnte das Unternehmen die Analystenschätzungen übertreffen.

Der Umsatz stieg den Angaben zufolge auf 83,46 Mio. Dollar von 72,937 Mio. Dollar im vierten Quartal 2003. Beim Überschuss erzielte DoubleClick eine Steigerung auf 10,572 Mio. Dollar von 3,841 Mio. Dollar. Der Gewinn je Aktie kletterte entsprechend auf 8 Cents von 3 Cent im vierten Quartal 2003.

Im Vorfeld hatten Analysten mit einem Gewinn von 6 Cents je Aktie und einem Umsatz von 81,11 Mio. Dollar gerechnet. Für das laufende erste Quartal rechnen sie mit einem EPS von 3 Cents und Erlösen in Höhe von 74,65 Mio. Dollar.

Das Unternehmen selbst geht für das erste Quartal 2005 von einem Umsatz von 70-75 Mio. Dollar und einem Gewinn von 1-3 Cents je Aktie aus. Die Aktie schloss am Donnerstag bei 8,02 Dollar (-2,55 Prozent).


 

Einfach einmal reinklicken und durchklicken, es lohnt sich:

http://www.internetcapital.com/investors/...tions/pdf/emerald2005.pdf  

DoubleClick Inc.'s stock slumped 7 percent Friday as investors were disappointed with the company's outlook, despite a near tripling of its quarterly earnings on stronger-than-expected demand for its online ad placement and tracking services.
The New York-based company's stock (DCLK: news, chart, profile) fell 57 cents to close at $7.52 following the scorecard for the fourth quarter and its look-ahead handed to investors after Thursday's closing bell.

Analyst Troy Mastin at William Blair & Co. downgraded the shares to "market perform" on the lackluster outlook, saying he doesn't expect the company's fundamentals will drive any meaningful rise in its stock.

"Management provided an anemic outlook for the first quarter of 2005 and did not provide guidance for the full year or an update on its review of strategic options," Mastin commented.

The company, which late last year said it was exploring a potential sale of part or all of its business, "may be successful in selling the pieces of DoubleClick off for more than the current share price, but a significant premium from current levels seems unlikely,"
 

als DoubleClick, die teilweise Formen des Online-Marketings betreiben, die nur durchschnittlich wachsen, während Linkshare der Weltmarktführer in folgendem Bereich ist: The approach is another way for the company to say "Avon calling" to customers, says Pattiann McAdams, executive director of e-commerce for Avon. "Affiliate marketing is our fastest-growing (customer) acquisition, and I'm optimistic that it still has a lot of growth potential," she said. "It's a way for us to get our brand out there and actually get cost-effective (customer) acquisition."




Investor's Business Daily
Internet & Technology
Sellers Stock Up On Affiliate Web Sites To Boost Marketing
By PETE BARLAS

January 14, 2005



Avon Products (AVP) is famous for using saleswomen to bring its cosmetics into the homes of consumers.

But these days Avon has another way to get inside homes: affiliated Web sites. For the last seven years, Avon has relied on thousands of partner Web sites to promote its online store. Avon pays these affiliates each time a consumer passes from their site and makes a purchase on Avon's Web site.

The approach is another way for the company to say "Avon calling" to customers, says Pattiann McAdams, executive director of e-commerce for Avon.

"Affiliate marketing is our fastest-growing (customer) acquisition, and I'm optimistic that it still has a lot of growth potential," she said. "It's a way for us to get our brand out there and actually get cost-effective (customer) acquisition."

Avon is one of many companies using affiliate marketing programs to push products and reach new customers online. EBay (EBAY) and Apple Computer (AAPL) also are big users of the technique.

And affiliate marketing will continue to grow as more companies decide they want to advertise online, says Stephen Messer, chief executive of LinkShare, a leading online marketing company. LinkShare manages affiliate marketing programs for Avon and others.

"Today, we manage over 11 million relationships between our merchants and Web sites that are in the network," he said. "It makes it easier for their customers to find their products."

Avon's affiliates include such sites as iVillage.com, a Web portal for women, and Ebates Shopping, a rewards site.

EBay is also enthusiastic about its affiliate program. In an earnings conference call last year, eBay executives said affiliate marketing was one of the strongest drivers of consumer traffic to the company's online auction service. But they declined to provide details.

Apple has used affiliate marketing to drum up customers for its iTunes online music service. After launching in April 2003, iTunes served up its 200 millionth song download in December. Apple also declined to discuss its affiliate marketing.

Success in affiliate marketing largely depends on finding the right mix of partner sites. In the music category, recording artist Web sites that attract fans are a good bet to generate music sales, says Messer.

"The key Web sites for iTunes are those sites that have fans, because that's where the buyers would be," he said.

Amazon.com, (AMZN) the world's largest online retailer, eschews TV ads in favor of online advertising — including affiliate marketing.

Amazon wants to reach consumers who are already online, says Frank Sadowski, vice of consumer electronics for Amazon.

"Affiliate marketing is very effective," he said. "Just being pervasive on the Internet and having Amazon.com come up on thousands of sites is very significant."

Like other online retailers, Amazon won't say exactly how many sites are in its affiliate marketing program. It also won't name any of the sites or say how much it spends on affiliate marketing.

"It's a significant portion for us," said Sadowski.

Companies want to protect their marketing secrets. A partner site that attracts customers and boosts sales is like gold, says Jeff Pullen, executive vice president of operations for ValueClick. (VCLK) ValueClick owns Commission Junction, which provides affiliate marketing and other services for 1,500 customers.

"Once you get a productive publisher, you don't want to lose him," said Pullen, who was chief executive of Commission Junction before ValueClick bought the company in December 2003. "If they are sending you new customers and they are helping you generate revenue, the last thing you want to do is post on your Web site which one of your sales people are the best."

In most affiliate marketing programs, advertisers pay their affiliate partners a percentage each time a consumer passes through to buy a product or service.

For example, if a consumer comes through an affiliate site and buys a $100 pair of shoes on a retailer's site, the affiliate partner gets about 10% of the sale.

ValueClick's Commission Junction gets about 30% of that fee, or $3.

The company's revenue from affiliate marketing program rose 37% in the third quarter vs. the year-ago period, Pullen says.

"What that tells us is that we are attracting new customers and existing customers are having success with the program," he said.

Affiliate marketing programs work differently than paid search programs, which require advertisers to pay a search company each time a consumer clicks on their ad listed in search results.

In affiliate marketing, a consumer must not only go to a site but also make a purchase. No cash changes hands unless a consumer completes a transaction, says Pullen.

"If the customer doesn't buy something — or fill out an application or become a registered user or whatever it is the advertiser is looking for — the affiliate doesn't get anything," he said. "Affiliate marketing is not a traffic aggregation strategy."

But is affiliate marketing better than the paid search approach?

Advertisers seem to like both.

A survey of 150 retailers by Shop.org and Forrester Research found that 59% used paid search in 2003. Nearly 50%, meanwhile, said they used affiliate marketing programs.

Retailers rated paid search as 96% effective in 2003. Affiliate marketing programs received a 94% effectiveness rating, the survey found.

Each approach has its advantages, analysts say. With paid search programs, advertisers can bid on key words or phrases in search results. A consumer typing in that phrase could likely end up on that advertiser's Web site.

In contrast, advertisers in affiliate marketing programs must hope that a consumer who clicks through to their site will be looking for something to buy, says Steven Kaufman, vice president and media director of Digitas, (DTAS) a marketing services company.

"It's a different world," he said. "You don't have a lot of control with affiliate marketing, and in a lot of cases, you get what you pay for."

In other words, affiliate sites don't always bring in good sales leads.

That's why advertisers say it's important to ditch ineffective affiliates.

Last year Avon reduced the number of Web sites in its affiliate marketing program to 2,500 from 10,000 in 2003. Avon cut the sites that didn't generate sales, says McAdams.

"We decided it was cleanup time," she said.

Now the company sees affiliate marketing as more effective than the paid search approach.

With affiliate marketing, customers are coming directly to Avon rather than searching among several rival products, says McAdams.

Other advertisers like both approaches.

Wine.com, an online retailer of wine and related products, spent about $1 million on Internet marketing services over the Christmas shopping season vs. $200,000 during year-ago period.

So far, results from affiliate marketing and paid search have been pretty even, says George Garrick, chief executive of Wine.com. And both were far more effective than plain-old Internet advertising, he says.

"What doesn't seem to work well is regular banner ads," Garrick said

Aber Linkshare ist noch gar nicht an der Börse - und in den jetzigen Kursen sind Wert von Linksahre unterstellt, die weit unter den von Doubleclick liegen, selbt wenn man gleiche Chancen der Operationsgebiete unterstellt, die bei Linksahre wesentlich besser ist.




 

- geradezu ideal.

To provide you with greater insight about our investment approach, we ask our portfolio managers to share their thoughts on small-cap value investing, the economy and the markets.
If you would like to read earlier Manager Commentaries, please visit our Commentary Archive.
February 1, 2005
Jonathan Cohen and Dana Serman on
Royce Technology Value Fund





Royce Technology Value Fund's Jonathan Cohen, Portfolio Manager, and Dana Serman, Senior Research Analyst, are featured in this week's interview. We last spoke to the duo on November 1, 2004. Although the Fund got a lot of attention for its lofty 90.7% total return for the 2003 calendar year, 2004 proved more difficult with the Fund declining 9.64%. Despite this volatility — inherent to the tech sector as a whole — we are very proud of the Fund's longer-term record. We think the Fund's three-year results are truly impressive, as shown below. The Fund outpaced the Russell 2000 Index, the Technology Sector of the Russell 2500 Technology Index and the larger-cap Nasdaq Composite Index over its three-year life, although it lagged all these in 2004.

Royce Technology Value Fund (Ticker Symbol: Investment Class RYTVX) seeks long-term growth of capital by investing primarily in a diversified portfolio of mid-, small- and micro-cap technology companies, both domestic and foreign, using a value approach. Please read the prospectus carefully before investing or sending money. Click here for returns as of the most recent month end, and a look at performance for all The Royce Funds.

RYTVX: Performance Comparison
Average Annual Total ReturnsThrough 12/31/04
1 YR% 3 YR%/Since RYSEX Incep.%(12/31/01)
     RYTVX    -9.64%    14.28%§
Technology Sector ofRussell 2500 Index -1.96   -1.78  
Russell 2000 Index 18.33   11.48  
Nasdaq Composite Index 8.59   3.71  


IMPORTANT PERFORMANCE INFORMATIONAll performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained by clicking here. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. Royce Technology Value Fund invests primarily in securities of mid-small and micro-cap technology companies which may involve considerably more risk than investments in securities of larger-cap companies from a more diversified group of industries (see "Primary Risks for Fund Investors" in the prospectus). The Technology Sector of the Russell 2500 Index includes companies that serve the electronics and computer industries or that manufacture products based on the latest applied science within the Russell 2500 universe. Distributor: Royce Fund Services, Inc.


The Interview

Jonathan and Dana, the Fund's performance got a big boost in the fourth quarter, gaining 17.39%. Why was the fourth quarter so strong?

Coming into the fourth quarter, 2004 had been a particularly tough year for technology investments as a group. It seemed especially difficult for the types of companies owned by Royce Technology Value Fund. However, the macro picture finally improved somewhat in the fourth quarter, as we had hoped it would, and our performance reversed course. The presidential election concluded without incident, oil prices stabilized, and the interest rate picture became clearer. However, markets retreated somewhat in January.

How do tech stock valuations look at this time?

Valuations of smaller technology companies are certainly more reasonable now than they were at the beginning of 2004. We are also in a much healthier environment than in 2001 and 2002, when we faced both a recession and a severe lack of capital spending on technology. Barring any unforeseen disasters on the macroeconomic front, we have every reason to expect that 2005 should be a decent year for technology investors. For much of '04, the market was discounting a lot of negative factors, especially the threat of higher interest rates. But the Federal Reserve's measured approach to tightening short-term rates since June seems to have quelled inflation fears.
Royce Technology Value Fund:Top-Ten Holdings as of Quarter-End,12/31/2004


The SCO Group (SCO) 4.3%
ValueClick (VCLK) 3.9  
CyberSource Corporation (CYBS) 3.8  
S1 Corporation (SONE) 3.2  
Arris Group (ARRS) 3.0  
Internet Capital Group (ICGE) 2.9  
Eclipsys Corporation (ECLP) 2.7  
InfoUSA (IUSA) 2.7  
Jacada (JCDA) 2.7  
Scientific-Atlanta (SFA) 2.6  
Top 10 as % of Total 31.8  
Click here for a complete list of Fund holdings as of 12/31/04.
                    §


Royce Technology Value Fund's performance record among its technology peers is impressive for the three-year period ended 12/31/04. What are your thoughts?

We're certainly pleased with the Fund's longer-term track record, although we are a bit disappointed that we lagged behind the indices last year. We think the three-year record shows that our strategy is working, and that it can pay to invest in good technology companies, with sustainable business models, that are inexpensively priced. Our research-driven, fundamental, bottom-up approach allows us to identify good companies that we hope will be rewarded over time. Macroeconomic issues or short-term performance concerns will not alter our discipline. Balance sheet quality, earning quality, and valuation are very important to us. We're not swayed by momentum — as are many traditional technology investors. We believe that given an even longer track record, perhaps over 5-10 years, that our strategy may prove even more beneficial, especially among our peer tech funds.

In the recent Morningstar Analyst Report they refer to the Fund as a "promising iconoclast". Does this description fit?

We certainly appreciate Morningstar's kind words. And the Fund really does stand apart from its peers in its approach. We do manage the fund in a way that is not traditional for technology managers. We've talked about it before, but just the pairing of the concepts of "technology" and "value" takes some understanding, as it flies in the face of what has historically characterized tech investing. Our starting point is the balance sheet, and this is not how most of our peers operate.

Looking at the Fund's top holdings at year end, what were the notable changes in the fourth quarter?

The stocks of both ValueClick and Internet Capital Group had notable runs in the fourth quarter of 2004. ValueClick's stock price doubled from its low in August, and this helped it move into the Fund's number two position at year end. ValueClick [Nasdaq: VCLK and 3.9% of Fund assets at 12/31/04] provides software to advertising agencies that helps manage their financial, workflow and offline media buying and planning processes. The Pennsylvania-based Internet Capital Group [Nasdaq: ICGE and 2.9% of assets at 12/31/04] also experienced a doubling of its stock price in the fourth quarter. Through a network of partner companies, the company provides business-to-business (B2B) e-commerce software services that facilitate increased efficiency and cost reduction. On the other hand, you will see that since November Autobytel [Nasdaq: ABTLE and 2.24% of assets at 12/31/04], the Internet car sales site, lost its place in the Fund's top ten. This was also the case with Mobius Management Systems [Nasdaq: MOBI and 2.26% of assets at 12/31/04], a provider of content management software.

Finally, any tough lessons learned in 2004?

Perhaps the biggest lesson for us last year was improving our ability to manage risk on the downside. Throughout the year, we tactically reweighted some of the Fund's holdings in order to reduce the risk of any one holding. We learned that although we can be right on target about a company's fundamentals, its stock price can still move against us. We learned to be even more sensitive to valuation and to the shifting macro-environment. But the outperformance of the fourth quarter also reminded us that when markets are favorable, the companies we prefer can do very well.

Thanks, Jonathan and Dana.


Der offenene Technoolgie-Fund hat 2,9% Internet Capital. Das sind die Werte zum 31.12.2004, die bei anderen Fonds noch nicht vorliegen. Damit ist erstmals bei Publikumfonds nach einer langen Durststrecke wieder ein Fuß in der Tür.

The SCO Group (SCO) 4.3%
ValueClick (VCLK) 3.9  
CyberSource Corporation (CYBS) 3.8  
S1 Corporation (SONE) 3.2  
Arris Group (ARRS) 3.0  
Internet Capital Group (ICGE) 2.9  
Eclipsys Corporation (ECLP) 2.7  
InfoUSA (IUSA) 2.7  
Jacada (JCDA) 2.7  
Scientific-Atlanta (SFA) 2.6  
Top 10 as % of Total 31.8  

Click here for a complete list of Fund holdings as of 12/31/04.


The Royce Funds: January 31, 2005 Performance Summary
average annual total return as of 12/31/2004
Open-End Funds Jan % 1 YR.% 3 YR.% 5 YR.% 10 YR.% Since Incep. Incep. Date
100 Fund -3.50 27.24 25.50 6/30/2003
 Discovery     -1.25     13.35§ 22.83 10/3/2003
Dividend Value -1.95 13.00 5/3/2004
Financial Services -2.12 15.08 15.03 12/31/2003
Low-Priced Stock -4.44 13.64 11.07 16.26 17.63 16.16 12/15/1993
 Micro-Cap     -2.74     15.78     15.22     17.07     15.27     15.9612/31/1991          §
Opportunity     -4.81     17.51     19.02     18.84§ 19.27 11/19/1996
Pennsylvania Mutual -2.56 20.23 15.26 16.49 14.77 13.23 11/1/1972†
   Premier     -2.51     22.82     16.27     15.08     14.75     14.2112/31/1991          §
    Select     -3.46    16.70*     14.22     16.36§ 20.39 11/18/1998
Special Equity -1.94 13.91 18.80 20.59 12.13 5/1/1998
Technology Value -8.02 -9.64 14.28 14.26 12/31/2001
Total Return -1.79 17.52 14.55 15.56 15.75 14.67 12/15/1993
TrustShares     -4.38    17.95*     10.45     12.65§ 19.19 12/27/1995
     Value     -3.46     30.94     15.62§ 18.78 6/14/2001
Value Plus -4.39 28.19 25.27 27.78 6/14/2001
Closed-End Funds Jan.% 1 YR.% 3 YR.% 5 YR.% 10 YR.% Since Incep. Incep. Date
Focus Trust -3.18 29.21 20.39 18.35 14.22 11/1/1996
Micro-Cap Trust -2.02 18.69 16.75 16.84 15.67 14.61 12/14/1993
Value Trust -3.48 21.42 12.99 14.15 14.84 12.85 11/26/1986
Market Indicies Jan.% 1 YR.% 3 YR.% 5 YR.% 10 YR.% Since Incep. Incep. Date
Russell 2000 -4.17 18.33 11.48 6.61 11.54 13.49 1/1/1979
S&P 500 (w/ divs) -2.44 10.88 3.59 -2.29 12.07 4.47 1/1/1926

†C.M. Royce assumed management of the Fund in 1972, although the Fund's inception dates back to 1962.
*Royce TrustShares Fund and Royce Select Fund 1-Year returns reflect applicable 2% redemption fee.

Click here for a more detailed look at performance for all of The Royce Funds through the most recent month end.
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Please Note

The thoughts concerning recent market movements and future prospects for small-company stocks are solely those of JHC Capital Management, LLC, the sub-investment advisor of Royce Technology Value Fund, and, of course, there can be no assurance with regard to future market movements. Small- and micro-cap stocks may involve considerably more risk than larger-cap stocks. Past performance is no guarantee of future results.

Distributor: Royce Fund Services, Inc.

©2005 Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019. All rights reserved. Distributor of The Royce Fund: Royce Fund Services, Inc. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.
 

beflügelt haben

Langsam wird klar, warum der CEO von CommerceQuest, wo Internet Capital mit 87% den höchsten Anteil von allen Beteiligungen hat, ein Erreichen der Gewinnzone nach einer über dreijährigen Durststrecke ankündigen konnte: "Turning to a services architecture, Weston says, will let store-level systems call upon application services that will react to a store's changing needs. If a store system consistently reports a low fresh-flower inventory, systems will be in place to automatically increase the rate at which flowers are delivered. "What the SOA will allow us to do is to aggregate systems, integrate systems, and define them such that we can plan, analyze, and execute at a neighborhood-store level," Weston says. It's requiring a multimillion-dollar investment in technologies, including CommerceQuest Inc.'s business-process-manageme nt software for integration, new Unix servers, and consulting services. "Customers are at the core of it all," Weston says."


The Customer Comes First -- Services-oriented architectures let companies roll out products faster and quickly adapt applications to changing customer demands

Watch This Company Build A Report Print E-Mail
February 7, 2005 12:11pm
Information Week


Services-oriented architectures help simplify IT by making it possible to create libraries of services that can be called upon to deliver features and perform tasks. That means less custom-software development, near real-time delivery and updating of applications, software component reuse, and the ability to cater apps to business processes rather than the other way around.

But what's sometimes lost in the discussion is the impact on the customer experience, perhaps the single-most-powerful byproduct of a services-oriented architecture. By being able to roll out products and services faster, and quickly adapt apps to evolving customer demands, such architectures push companies toward being truly customer-centric organizations.

Approaches vary; there's no standards body verifying or validating services architectures, and there are no compliance tests. It's a matter of transforming the business so that technology supports business processes. Many companies may already have the technology in-house to make this happen, while others may need to invest in tools that offer Web-services APIs or let them make their data ready for XML.

First Command Financial Planning Inc., which provides banking, investment, and insurance services to the families of more than 300,000 armed-services personnel, sees the link between a services architecture and happy customers. First Command last year began developing a services architecture that would ensure, among other things, that it was able to present customers with all their financial information, plus tools that provide consistent views of that data.

Armed with a budget of $1.6 million, CIO John Quinones and his staff built an integration-service layer, based on Sonic Software Corp.'s enterprise-service bus, that translates customer data into the formats required by various applications. Business rules direct that data.

Quinones then identified an existing tool to serve as a guinea pig for the new framework: an online calculator in a customer-facing application called My Financial Journey. Using XML, Quinones' staff established the calculator as a common service to be delivered via the services architecture to multiple applications rather than embedding the calculator in each app. The tool is in final quality-assurance testing. "Customers are expecting more for less," Quinones says. "The only way to do that is to become more efficient, and to do that, you have to have flexibility."

Since tackling the calculator, First Command has begun taking advantage of its expanding services-oriented architecture in a variety of ways. It has deployed a portal that acts as a front-end interface for delivering services to employees, agents, and clients. Quinones and his staff are putting the finishing touches on a service that will let customers see their entire financial picture, regardless of where their assets are held, provided they're willing to provide First Command with the log-ins and passwords needed to pull data from other sites. That product goes live later this month.

Eventually, Quinones foresees an environment in which all of his applications tap services rather than rely on custom-coded features and functions. "With our existing legacy applications, we've found that if we make any changes in any one of them, we've had to change the way many of the applications interface with each other," he says.

Financial services has been ahead of other industries in using services architectures, but it's certainly not the only one to recognize their value. Other industries that use portals to let customers and partners conduct transactions and access information-such as travel, retail, government, and, more recently, health care-also are looking increasingly at the service approach as a business philosophy. "What we're seeing in those verticals is a great amount of interest in using Web services and SOA to help them create the user experience," Yankee Group analyst Dana Gardner says. "This is where I see a great deal of traction for SOA over the next 12 to 18 months."

Winn-Dixie Stores Inc., a $10 billion-a-year grocery chain with nearly 1,000 stores in the Southeast, is moving toward a services architecture so it can be more responsive to the local demands of its customers, chief technology officer Charlie Weston says. The company had grown dependent on a network of regional warehouses and an aging supply-chain system that was geared toward efficient purchasing, yet provided little integration with other systems. But new CEO Peter Lynch wants the company to focus on what the customer wants rather than what the company is best at buying, meaning that its systems have to get a lot more flexible.

Turning to a services architecture, Weston says, will let store-level systems call upon application services that will react to a store's changing needs. If a store system consistently reports a low fresh-flower inventory, systems will be in place to automatically increase the rate at which flowers are delivered. "What the SOA will allow us to do is to aggregate systems, integrate systems, and define them such that we can plan, analyze, and execute at a neighborhood-store level," Weston says. It's requiring a multimillion-dollar investment in technologies, including CommerceQuest Inc.'s business-process-manageme nt software for integration, new Unix servers, and consulting services. "Customers are at the core of it all," Weston says.

But TSYS Prepaid Inc., a division of Total System Services Inc. that provides prepaid debit-card services for businesses and banks, didn't have to make any substantial investments to adopt a services architecture. Instead, it changed its application development strategy, CTO Carl Ansley says.

Five years ago, the company rolled out one mammoth online Java application that its clients used to approve and issue cards. It released updates of the entire application quarterly to introduce new features, and that worked fine for a couple of years. But then, using Systinet Corp.'s Java server, it broke the application into multiple apps that would talk to each other through a services architecture. It set up a Web-services gateway and connected the smaller apps via a service bus built in-house, and was off and running, with the ability to add or tweak services on the fly.

Now card issuers can pick and choose which features they want to tap and whether they want to integrate those services with their own customer-service systems, use TSYS-supplied Web interfaces, or have TSYS act as an outsourced customer-service unit.

TSYS can now meet its clients' needs faster than ever, while clients can issue cards quicker and have more flexibility in how they manage support for cardholders, Ansley says. "One thing we've learned about SOAs is that it's not just a technical thing," he says. "It's a way of looking at your business in terms of how you're looking at your client."


 

dem neuen B2B-Wachstumsstar, der in 2004 seinen Umsatz um 238% steigern konnte. Das was Ariba, Commerce One und andere einst versprachen, hält heute Emptoris, das die oben erwähnten Firmen gekillt oder in andere Bereiche abgedrängt hat. Wie in vielen anderen Internet-Bereichen gilt auch hier: Die Überlebenden machen die dicken Geschäfte.

Die sieben Prozent Anteil von Internet Capital ist zwar nicht das ganz große Los, aber besser als nichts. Ein wenig traurig stimmt einem allerdings, wenn man sich erinnert, das Internet Capital hier einst 62% hielt. Aber die enorme Expansion von Emptoris erforderte viel Geld und niemand wusste, ob diese Expansion gelingen würde - was heute klar zu sein scheint. Internet Capital war das zu riskant und es war so bei den Finanzierungsrunden der letzten Jahre nicht dabei, sodass der Anteil kleiner wurde.

Emptoris Announces Record Growth for 2004
Watch This Company Build A Report Print E-Mail
January 31, 2005 9:41am
PR Newswire


BURLINGTON, Mass., Jan. 31 /PRNewswire/ -- Emptoris, the leading provider of Enterprise Supply Management solutions for Global 5000 companies, today announced record results for 2004. The company reported that it increased revenues by 238% and new sales bookings by 175% over 2003. This resulted from signing a record number of new customers throughout the year. In 2004, Emptoris increased its customer base by 73% with strong traction in the consumer package goods, manufacturing, financial services and pharmaceutical industries. Emptoris also expanded its geographic reach by significantly increasing its customer base in Europe and successfully penetrating the Pacific Rim.

During the past year, Emptoris continued to expand its product offerings by acquiring supplier assessment firm, Valuedge, further deepening the company's supply chain expertise. It also enhanced the existing product offerings by releasing Emptoris 5, the industry's most comprehensive web-based application suite that integrates spend analysis, supplier negotiation, optimization-based bid analysis, contract compliance and supplier performance management capabilities.

"Emptoris continues to gain traction by providing superior, high value solutions to organizations looking to build competitive advantage in their supply chain while improving the bottom line," said Avner Schneur, CEO of Emptoris. "With our leading platform and specialized industry expertise, companies choose us to help them drive millions of dollars in bottom-line savings, execute savings initiatives faster, enhance their suppliers' performance, and improve their procurement team's productivity. Our unyielding dedication to our customers has been the key reason for our success, and we continue to be optimistic about our growth in the year ahead."

Additional Milestones:
* Enabled customers to analyze collectively over $1.1 trillion in spend,
source over $30 billion in 50 different countries, and identify over $4
billion in savings.
* As a key technology partner, aided customers in winning top industry
accolades, including:
* Motorola, which received the 2004 INFORMS Franz Edelman Award;
* H.J. Heinz and GlaxoSmithKline, which were honored with the
Chartered Institute of Purchasing and Supply (CIPS) Supply
Management Awards;
* Owens Corning and Motorola, which were recognized by AberdeenGroup
as best practice leaders in spend analysis and e-sourcing.
* Recognized as one of the 2004 Supply & Demand Chain Executive 100,
further validating Emptoris' strong position in the market.
* Raised an additional round of financing, led by new investor ABS
Capital Partners, a leading private equity firm focused on established
growth companies, with existing investors Menlo Ventures and
HarbourVest also participating.
* Added software industry veteran Dean Goodermote of ABS Capital as
Emptoris' newest board member.
* Appointed former Senior Vice President, Material Management and Chief
Procurement Officer for Bayer Corporation, Robert Rudzki, to its
advisory board.
* Promoted Joe Jouhal, Ariba's former Vice President and General Manager
for Europe, to Senior Vice President of Sales and Marketing.
* Appointed Eric Allen as Vice President and General Manager of Europe
and Amol Joshi as Vice President of Sales for North America.

About Emptoris
Emptoris is a leading provider of powerful enterprise supply management solutions for Global 5000 companies. By implementing Emptoris 5(TM), a suite of Web-based solutions, enterprises can quickly identify and prioritize procurement savings opportunities, negotiate significant cost savings with vendors, and track contract compliance and supplier performance. Emptoris customers include American Express, Boeing, Fleet Financial Corporation, GlaxoSmithKline, Motorola, Toro, Owens Corning and Samsung America. Emptoris, a privately held company, is headquartered in Burlington, Massachusetts. For additional information, please visit http://www.emptoris.com.

Contacts:
Paul Green Stephanie Lee
Emptoris Lois Paul & Partners
(781) 993-9212 ext. 117 (781) 782-5710
pgreen@emptoris.com stephanie_lee@lpp.com

SOURCE Emptoris

Copyright © 2005 PR Newswire



dem neuen B2B-Wachstumsstar, der in 2004 seinen Umsatz um 238% steigern konnte. Das was Ariba, Commerce One und andere einst versprachen, hält heute Emptoris, das die oben erwähnten Firmen gekillt oder in andere Bereiche abgedrängt hat. Wie in vielen anderen Internet-Bereichen gilt auch hier: Die Überlebenden machen die dicken Geschäfte.

Die sieben Prozent Anteil von Internet Capital ist zwar nicht das ganz große Los, aber besser als nichts. Ein wenig traurig stimmt einem allerdings, wenn man sich erinnert, das Internet Capital hier einst 62% hielt. Aber die enorme Expansion von Emptoris erforderte viel Geld und niemand wusste, ob diese Expansion gelingen würde - was heute klar zu sein scheint. Internet Capital war das zu riskant und es war so bei den Finanzierungsrunden der letzten Jahre nicht dabei, sodass der Anteil kleiner wurde.

Emptoris Announces Record Growth for 2004
Watch This Company Build A Report Print E-Mail
January 31, 2005 9:41am
PR Newswire


BURLINGTON, Mass., Jan. 31 /PRNewswire/ -- Emptoris, the leading provider of Enterprise Supply Management solutions for Global 5000 companies, today announced record results for 2004. The company reported that it increased revenues by 238% and new sales bookings by 175% over 2003. This resulted from signing a record number of new customers throughout the year. In 2004, Emptoris increased its customer base by 73% with strong traction in the consumer package goods, manufacturing, financial services and pharmaceutical industries. Emptoris also expanded its geographic reach by significantly increasing its customer base in Europe and successfully penetrating the Pacific Rim.

During the past year, Emptoris continued to expand its product offerings by acquiring supplier assessment firm, Valuedge, further deepening the company's supply chain expertise. It also enhanced the existing product offerings by releasing Emptoris 5, the industry's most comprehensive web-based application suite that integrates spend analysis, supplier negotiation, optimization-based bid analysis, contract compliance and supplier performance management capabilities.

"Emptoris continues to gain traction by providing superior, high value solutions to organizations looking to build competitive advantage in their supply chain while improving the bottom line," said Avner Schneur, CEO of Emptoris. "With our leading platform and specialized industry expertise, companies choose us to help them drive millions of dollars in bottom-line savings, execute savings initiatives faster, enhance their suppliers' performance, and improve their procurement team's productivity. Our unyielding dedication to our customers has been the key reason for our success, and we continue to be optimistic about our growth in the year ahead."

Additional Milestones:
* Enabled customers to analyze collectively over $1.1 trillion in spend,
source over $30 billion in 50 different countries, and identify over $4
billion in savings.
* As a key technology partner, aided customers in winning top industry
accolades, including:
* Motorola, which received the 2004 INFORMS Franz Edelman Award;
* H.J. Heinz and GlaxoSmithKline, which were honored with the
Chartered Institute of Purchasing and Supply (CIPS) Supply
Management Awards;
* Owens Corning and Motorola, which were recognized by AberdeenGroup
as best practice leaders in spend analysis and e-sourcing.
* Recognized as one of the 2004 Supply & Demand Chain Executive 100,
further validating Emptoris' strong position in the market.
* Raised an additional round of financing, led by new investor ABS
Capital Partners, a leading private equity firm focused on established
growth companies, with existing investors Menlo Ventures and
HarbourVest also participating.
* Added software industry veteran Dean Goodermote of ABS Capital as
Emptoris' newest board member.
* Appointed former Senior Vice President, Material Management and Chief
Procurement Officer for Bayer Corporation, Robert Rudzki, to its
advisory board.
* Promoted Joe Jouhal, Ariba's former Vice President and General Manager
for Europe, to Senior Vice President of Sales and Marketing.
* Appointed Eric Allen as Vice President and General Manager of Europe
and Amol Joshi as Vice President of Sales for North America.

About Emptoris
Emptoris is a leading provider of powerful enterprise supply management solutions for Global 5000 companies. By implementing Emptoris 5(TM), a suite of Web-based solutions, enterprises can quickly identify and prioritize procurement savings opportunities, negotiate significant cost savings with vendors, and track contract compliance and supplier performance. Emptoris customers include American Express, Boeing, Fleet Financial Corporation, GlaxoSmithKline, Motorola, Toro, Owens Corning and Samsung America. Emptoris, a privately held company, is headquartered in Burlington, Massachusetts. For additional information, please visit http://www.emptoris.com.

Contacts:
Paul Green Stephanie Lee
Emptoris Lois Paul & Partners
(781) 993-9212 ext. 117 (781) 782-5710
pgreen@emptoris.com stephanie_lee@lpp.com

SOURCE Emptoris

Copyright © 2005 PR Newswire


 

Gold fällt, Öl fällt, Euro fällt ...
Kann doch nebst allem Fundamentalen nur gut sein -:
für ein Investment in ICGE in Euro.
Scheint mir gerade wieder besonders günstig.
Nur meine Meinung.
Verhalte mich also entsprechend.
FF  

der Internet Capital-Beteiligung, bestätigen Dich Fanfan. Selbst im saisonmäßig schwächeren vierten Quartal ein Ergebnis das die kühnsten Erwartungen übertrifft. Wie von mir angekündigt, werden die Shortseller bald gegrillt. Der Anstieg von 14 Dollar, als ich diesen Wert hier massiv empfohlen haben, auf zuletzt 18 Dollar, war nur ein müder Anfang. Das sind mindestens 30 Dollar drin

.Blackboard Inc. Reports Fourth Quarter and Year End 2004 Results
Tuesday February 8, 4:03 pm ET
Fourth Quarter Revenues Increase 25%; EPS of $0.17


WASHINGTON, Feb. 8 /PRNewswire-FirstCall/ -- Blackboard Inc. (Nasdaq: BBBB - News) today announced financial results for the fourth quarter ended December 31, 2004 and guidance for the full year 2005.
Total revenue for the quarter ended December 31, 2004 was $30.1 million, an increase of 25% over the fourth quarter of 2003. Product revenues for the quarter were $27.2 million, an increase of 23% over the fourth quarter of 2003, while professional services revenues for the quarter were $2.8 million, an increase of 53% over the fourth quarter of 2003. Operating income was $4.4 million for the fourth quarter of 2004 compared to operating income of $1.5 million for the fourth quarter of 2003. Net income was $4.7 million for the fourth quarter of 2004 compared to net income of $1.4 million for the fourth quarter of 2003. Cash net income for the fourth quarter of 2004, which excludes the amortization of acquisition-related intangible assets, net of taxes, was $5.6 million. Earnings per diluted share was $0.17, while cash earnings per diluted share was $0.20 in the fourth quarter of 2004.

"Blackboard had a strong finish to a solid 2004," said Michael Chasen, Chief Executive Officer for Blackboard. "As a subscription oriented business in a growing market, we have decided to accelerate even further our investments in our sales force, product innovation and globalization efforts in 2005. These investments will position both Blackboard and our clients for continued success in the years to come."

Total revenue for the year ended December 31, 2004 was $111.4 million, an increase of 20% over 2003. Operating income was $10.0 million in 2004 compared to an operating loss of $341,000 in 2003. Net income was $10.0 million in 2004 compared to net loss of $1.4 million in 2003. Cash net income in 2004, which excludes the amortization of acquisition-related intangible assets, net of taxes, was $13.5 million. Earnings per diluted share (after dividend accretion on convertible preferred stock) was $0.21, while cash earnings per diluted share was $0.53 for the full year 2004.

Blackboard provides cash net income and cash net income per share in this press release as additional information regarding Blackboard's operating results. These measures are not in accordance with, nor are they an alternative for, Generally Accepted Accounting Principles (GAAP) and may be different from cash net income and other non-GAAP measures used by other companies. Blackboard believes that this presentation of cash net income and cash net income per share provides useful information to investors regarding additional financial and business trends relating to Blackboard's financial condition and results of operations.

Highlights from the Fourth Quarter 2004

* Blackboard's new and expanded client relationships in the quarter
included:

-- U.S. Higher Education Market: Amherst College, Baltimore City
Community College, Bowdoin College, Eastern Washington University,
Miami University, MiraCosta College, Southern Illinois University at
Edwardsville and University of Tennessee at Martin.

-- International Markets: Kyoto Institute of Technology, La Sapienza
University of Rome, Liverpool John Moores University, Universita
Commerciale Luigi Bocconi, Universitat Bonn, University of East
Anglia and University of Huddersfield.

-- K-12 Market: Deer Valley Unified School District, Fresno County
Office of Education, Greater Victoria School Board (Canada), North
Kansas City School District, Questar III BOCES and Toledo Public
Schools.

* Blackboard appointed Tim Hill as senior vice president of marketing. In
his role, Mr. Hill oversees product and solutions marketing, corporate
brand strategy, marketing communications, market analysis and evaluation
and conferences and events and brings more than 20 years of experience
in sales and marketing strategy development to the company.


Outlook for the First Quarter and Full Year 2005

The following statements regarding future financial performance are based on current expectations. These statements are forward looking. Actual results may differ materially, especially in the current uncertain economic environment. These statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of this release.

The Company expects that its effective tax rate will continue to be in the range of 4 to 7 percent through the end of 2005. Additionally, the Company's guidance does not incorporate the impact of expensing stock based compensation under FAS 123(R), which the Company will adopt beginning July 1, 2005.

For the first quarter of 2005, we expect:

* Revenue to be $30.0 to $30.5 million;
* Net income to be $3.8 to $4.1 million, resulting in EPS of $0.14 to
$0.15 per share. This is based on an estimated 28.1 million diluted
shares and a 5% effective tax rate for the quarter; and
* Cash net income to be $3.9 to $4.2 million after adding back the tax
adjusted amortization of intangibles of approximately $75,000, which
results in cash EPS of $0.14 to $0.15 per share. Again, this is based
on an estimated 28.1 million diluted shares and an estimated 5%
effective tax rate for the quarter.

For the full year 2005, we expect:

* Revenue to be $132.0 to $134.0 million;
* Net income to be $20.5 to $21.5 million, resulting in EPS of $0.72 to
$0.75 per share, which is based on an estimated 28.7 million diluted
shares and a 5% effective tax rate for the full year; and
* Cash net income to be $20.8 to $21.8 million after adding back the tax
adjusted amortization of intangibles of approximately $0.3 million,
which results in cash EPS of $0.73 to $0.76 per share based on an
estimated 28.7 million diluted shares and a 5% effective tax rate for
the full year.


Conference Call

Blackboard will broadcast its fourth quarter conference call live over the Internet today beginning at 4:30 p.m. Eastern. Interested parties can access the webcast through the Investor Relations section of the Company's Web site at http://investor.blackboar d.com . Please access the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary software.

A replay of the call will be available via telephone from approximately 6:30 p.m. Eastern (3:30 p.m. Pacific) on February 8, 2005 until 8:00 p.m. Eastern (5:00 p.m. Pacific) on February 15, 2005. To listen to the replay, participants in the U.S. and Canada should dial 888-286-8010, and international participants should dial 617-801-6888. The conference ID for the replay is 29504941.

About Blackboard Inc.

Blackboard is a leading provider of enterprise software and services to the education industry. The Company's product line consists of five software applications bundled in two suites, the Blackboard Academic Suite(TM) and the Blackboard Commerce Suite(TM). Blackboard's clients include colleges, universities, schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices and staff in North America, Europe and Asia.

Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "b





 

bei der Internet Capital-Beteiligung Blackboard, wenn Ihr das Ergebnis für 2004 und die Vorhersage für 2005 einmal mit meinen frühereren Prognosen vergleicht.

Total revenue for the year ended December 31, 2004 was $111.4 million, an increase of 20% over 2003. Operating income was $10.0 million in 2004 compared to an operating loss of $341,000 in 2003. Net income was $10.0 million in 2004 compared to net loss of $1.4 million in 2003.

Umsätze und Gewinn für 2004 habe ich also fast punktgenau getroffen.

For the full year 2005, we expect:

* Revenue to be $132.0 to $134.0 million;
* Net income to be $20.5 to $21.5 million, resulting in EPS of $0.72 to
$0.75 per share, which is based on an estimated 28.7 million diluted
shares and a 5% effective tax rate for the full year;

Auch hinsichtlich der Vorhersage stimmten fast alle Zahlen, denn ich hatte einen Umsatz von 135 Millionen und einen Gewinn von 20 bis 25 Millionen prognostiziert. Und auch bei der Steigerungerungsrate von 100% in 2005 beim Gewinn (von 10 Millionen auf 22 Millionen) lag ich fast genau richtig. Lediglich beim Gewinn pro Aktie lag ich etwas zu hoch, da ich statt von 28,7 Millionen Aktien von 25 Millionen Aktien ausgegangen bin - diese kleine Verwässerung hatte ich nicht auf der Rechnung.

Es stellt sich nun die Frage, welches KGV angemessen ist, um aus den 0,75 Gewinn pro share in 2005 einen angemessen Kurs zu ermitteln.Würde man sich an die Regel halten, dass die Division von Gewinnwachstum dividiert durch KGV eins ergeben solle, käme man auf ein KGV von 100, was zu tolerieren wäre. So weit will ich nicht gehen, sondern auch fragen, ob sich diese Gewinnsteigerungen in Zukunft fortsetzen lassen. Ich meine, teilweise ja. Selbst wenn die Erlöse in 2005 nur um 15% bis 20% steigen, stiegen die Erlöse um 25 Millionen auf 160 Millionen. Und nun kommt der besondere Vorzug des Geschäftsmodells von Blackboard: Circa 90% der Erlöse sind Lizenzerlose, die aus jährlich zu erneuernden Lizenzen bestehen (Ereneuerungsquote auch weit über 90%), so dass die Grenzkosten fast Null sind. Die 25 Millionen Erlössteigerungen dürften fast ausschließlich Gewinn sein. Die 21 Millionen geschätzter Gewinn von 2005 dürften sich also auch in 2006 noch einmal verdoppeln und auch in 2007 dürfte die Gewinnsteigerungsrate noch über 50% liegen. Ein KGV auf der Basis der 2005er Gewinn von unter 50 wäre unter diesen Bedingungen eigenlich ein Witz, denn auf der Basis der 2007er Gewinn lägen wir schon weit unter 20. Hinzu kommt die ernorme Ertrags- und Umsatzstabilität durch das Geschäftsmodell: jährliche Lizenzzahlungen, keine einmaligen Softwareverkäufe.

Aus einem KGV von 50 und einem Gewinn pro share von 0,75 ergibt sich ein Fair Value für den Kurs von 37,5 - also eine Kursverdoppelung gegenüber dem momentanen Niveau.





 

von Internet Capital-Beteiligungen sind nicht außer Reichweite. Die beiden ersten Beteiligungen, die an die Börse gegangen sind, Blackboard und Aribinet liegen immerhin im Bereich der Halbe-Milliarde-Dollar-Ka pitalisierung. Mit ca. 12% bzw. 3% waren hier die Beteiligungen von Internet Capital aber gering. Richtig zur Sache geht es aber sicher dann, wenn die zehn Kernbeteiligungen, wo man im Schnitt knapp 50% hält, mit Börsengangen aufwarten. Bei Linkshare ist eine Marktkapitalisierung von einer Milliarde sicher keine Utopie - hier hält Internet Capital 40%. Angekündigt für 2005 war ein IPO bei Freeborders, die zwei Standbeine und zwei Standort haben: PLM-/PDM-Software/Dienstl eistungen (USA) und IT-Outsourcing (China). Insbesondere der letztere Bereich expandiert bei Freeborders gigantisch - und der Markt ist ebenfalls gigantisch, wie das Nachstehende zeigt:

Anti-Outsourcing Legislation Unlikely as Global Outsourcing of IT Jobs Gains Momentum

December 2, 2004



LONDON, December 2 /PRNewswire/ -- Global outsourcing of IT jobs from high-cost regions of the world to lower cost regions is, today, an inexorable phenomenon and attempts in certain developed countries to arrest this trend through legislation are bound to fail, states new analysis from Frost & Sullivan.

Using a combination of qualitative information based on primary research in 14 countries together with quantitative data obtained from end-user surveys among IT decision-makers in France, Germany, Hong Kong, Japan, the United States and the United Kingdom, Frost & Sullivan analysts tracked global offshore outsourcing and off-shoring of IT jobs for the period 2002-2004.

According to the study, IT job exports are forecast to increase by a compound annual growth rate (CAGR) of 5.9 per cent between 2002 and the end of 2004. In 2004, a total of 826,540 IT jobs are expected to be exported by France, Germany, Hong Kong, Japan, the United Kingdom and the United States to lower cost countries, amounting to a combined value of US$51.6 billion.

The United States and Japan are slated to emerge as the top two exporters of IT jobs in 2004. Germany is poised to lead the developed European nations by having exported a total of US$48.22 billion worth of IT jobs since the IT off-shoring and outsourcing trend began. Germany is trailed by the United Kingdom and France.

Promoting sustained growth of IT job outsourcing has been the fact that many companies in low cost regions have higher CMM certification levels than their customers. Government sponsored programmes and tax incentives designed to support the IT industry in lower cost regions have also encouraged outsourcing trends. Providing further impetus to outsourcing has been the return of many IT professionals to their home countries in the late 1990s, who have been carrying out similar work, albeit at lower wages.

Exporting IT jobs to lower cost countries is now regarded as critical to survival in industries where other competitors are doing so. At the same time, hiring outsourcers abroad is being seen as affording a company the flexibility to adjust its personnel strength to business requirements at a lower cost and with a higher level of expertise.

"Multinational corporations can and will use offshore subsidiaries to circumvent the law in other parts of the world when profitability is at stake, provided executives cannot be held legally liable in the home country," comments Frost & Sullivan (http://www.frost.com) Industry Analyst Jarad Carleton.

Besides, when a company is based in a country without restrictions regarding the exportation of IT jobs and subsequently sells its products and services in a country that has restrictions, the company not limited by such legislation will possess a distinct market advantage.

"In effect, therefore, the nation that places restrictions on the export of IT jobs will hobble its own businesses and could be inadvertently legislating the destruction of millions of additional jobs in the future as a result," cautions Mr. Carleton. "This is crucial to understanding why the exportation of IT jobs to lower cost countries cannot be arbitrarily halted by legislation in one or two developed countries."

Moreover, to be effective, any legislative action to protect IT jobs in developed regions of the world will have to be part of a global alliance of developed governments - an unlikely scenario. Ultimately, developed countries will have focus on education and innovation to protect their IT workforce.

Of the low cost countries examined by Frost & Sullivan including India, China, Brazil, Mexico, Malaysia, Poland, Romania and Russia, India emerged as the single largest recipient of IT job imports, followed by China. The gap between India and China (which currently receives less than half the number of jobs than India) is expected to narrow over the course of the decade due to various IT-friendly initiatives undertaken by the Chinese Government.

Customer support, technical support, software development and testing, network administration, hardware development and testing, quality assurance and help desk ranked prominently among the outsourced IT positions over 2002 to 2004.

Interestingly, while German business exhibited greater need to export software development and testing positions rather than technical support, British businesses exported software development and testing positions abroad more than any other IT position.

Satisfaction levels in the global sourcing of IT labour were surprisingly high notwithstanding challenges posed by cultural, linguistic and time zone differences. The primary issues restraining satisfaction levels from increasing appeared to be language problems as noted by France and Japan, and cultural differences and misunderstandings as identified by German companies.

If you are interested in a summary of this research service providing an introduction to Frost & Sullivan's analysis of Global Offshore Outsourcing and Off-shoring of IT Jobs, please send an email to Kristina Menzefricke, Corporate Communications at kristina.menzefricke@fros t.com with the following information: full name, company name, title, contact telephone number, email. Upon receipt of the above information, the summary will be emailed to you.



Anti-Outsourcing Legislation Unlikely as Global Outsourcing of IT Jobs Gains Momentum

December 2, 2004



LONDON, December 2 /PRNewswire/ -- Global outsourcing of IT jobs from high-cost regions of the world to lower cost regions is, today, an inexorable phenomenon and attempts in certain developed countries to arrest this trend through legislation are bound to fail, states new analysis from Frost & Sullivan.

Using a combination of qualitative information based on primary research in 14 countries together with quantitative data obtained from end-user surveys among IT decision-makers in France, Germany, Hong Kong, Japan, the United States and the United Kingdom, Frost & Sullivan analysts tracked global offshore outsourcing and off-shoring of IT jobs for the period 2002-2004.

According to the study, IT job exports are forecast to increase by a compound annual growth rate (CAGR) of 5.9 per cent between 2002 and the end of 2004. In 2004, a total of 826,540 IT jobs are expected to be exported by France, Germany, Hong Kong, Japan, the United Kingdom and the United States to lower cost countries, amounting to a combined value of US$51.6 billion.

The United States and Japan are slated to emerge as the top two exporters of IT jobs in 2004. Germany is poised to lead the developed European nations by having exported a total of US$48.22 billion worth of IT jobs since the IT off-shoring and outsourcing trend began. Germany is trailed by the United Kingdom and France.

Promoting sustained growth of IT job outsourcing has been the fact that many companies in low cost regions have higher CMM certification levels than their customers. Government sponsored programmes and tax incentives designed to support the IT industry in lower cost regions have also encouraged outsourcing trends.






 
snag  




09.02.05, 17:08 Uhr (7 Klick(s)) Beitrag anzeigen

Hier ist die IPO-Meldung, auf die ich mich in

in vorstehendem Posting bezogen habe. Es gab hier sogar eine Meldung in deutscher Sprache. Wieviel Prozent der Aktien in den IPO sollen, also die 200 Millionen ausmachen, kann man allerdings nicht erkennen. Wir wissen allerdings, dass zumindest zum damaligen Zeitpunkt auch Freeborders in den schwarzen Zahlen war. Allerdings haben die anschließend enorm expandiert, das Wachstums dürfte also großer sein, als es im Text angegeben wird. Und es gibt auch eine Äusserung des CEO, das man diese Phase starken Wachstums erst hinter sich bringen wolle, ehe man sich mit dem IPO beschäftigen kann.

27.05.04, 15:58

Chinesischer Software-Entwickler vor IPO

------------------------- ------------------------- -------------------------
(©BörseGo - http://www.boerse-go.de)

Das chinesische Software-Outsourcing-Unte rnehmen Freeborders hat seinen Willen bekundet, im nächsten Jahr den Börsengang zu wagen. Wie CEO John Cestar heute mitteilte, hoffe man, am Markt in Hongkong bis zu 200 Millionen Dollar einnehmen zu können. Der Börsengang werde vor allem von den bisherigen Anteilseignern gewünscht. Cestar glaubt, dass das erste Software-Unternehmen, das an die Börse komme, "jede Menge Geld machen" könne.

Für die nächsten 5 Jahre erwartet das Unternehmen ein Umsatzwachstum von jährlich 30 bis 50 Prozent. Im abgelaufenen Geschäftsjahr habe man außerdem die Gewinnzone erreicht. Der entscheidende Vorteil des Software-Outsourcing nach China sei der Kostenfaktor. Hier läge der Jahresdurchschnittslohn eines Entwicklers bei 6500 Dollar. In Indien komme dieser schon auf 10.000 Dollar, in den USA auf 100.000 Dollar.





 

denn 10% des Aktienbestandes sind leer verkauft, die Zahlen waren exzellent: KGV ist momentan 24, bei einer Gewinnsteigerungsrate von 100%. Die Division ergibt 4, eins ist der Normalwert. Shortseller verkaufen also weiter, um das Kursniveau zu halten - die Chance sollte man nutzen und ihnen die Papiere abkauften. Das ist sogar etwas für Zocker, denn da ist kurz- und langfristig viel drin.

Spätestens bis da sollte man meines Erachtens drin sein, vielleicht ist es aber auch schon zu spät, während ich hier poste:

Blackboard Scheduled to Present at Upcoming Investor Conferences
Wednesday February 9, 11:52 am ET


WASHINGTON, Feb. 9 /PRNewswire-FirstCall/ -- Blackboard Inc. (Nasdaq: BBBB - News) today announced that Michael Chasen, President and CEO, and Peter Repetti, CFO, will present at two upcoming investor conferences.
* On February 9, 2005 at 10:20 AM (PST) Blackboard will present at the
Thomas Weisel Partners Technology Conference 2005 at the Fairmont Hotel
in San Francisco, CA.

* On February 10, 2005 at 9:50 AM (PST) Blackboard will present at the
Merrill Lynch Computer Services and Software CEO Conference at the
Fairmont Miramar Hotel in Santa Monica, CA.


The audio Web cast for each presentation and the accompanying slides will be available live at the Blackboard Investor Relations Web site, http://investor.blackboar d.com .

About Blackboard Inc.

Blackboard is a leading provider of enterprise software applications and related services to the education industry. The Company's product line consists of five software applications bundled in two suites, the Blackboard Academic Suite(TM) and the Blackboard Commerce Suite(TM). Blackboard's clients include colleges, universities, schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices and staff in North America, Europe and Asia.





 

steckt in den folgenden Zeilen aus dem Quartalsberichtder Internet Capital-Beteiligung Blackboard:

"Total revenue for the quarter ended December 31, 2004 was $30.1 million, an increase of 25% over the fourth quarter of 2003. Product revenues for the quarter were $27.2 million, an increase of 23% over the fourth quarter of 2003."

Von den 30,1 Millionen Dollar Quartalserlöse waren 27,2 Millionen, also 90%, Lizenzerlöse für Software - ein geradezu sensationell hoher Wert. Vertrieb, Support, Schulung und ähnliche Dinge hat man verlagert: Microsoft, der größte Lernmittelanbieter Pearson (beide übrigens auch Eigner) usw. Das hat zur Konsequenz, dass eine Erhöhung des Umsatzes also zu einem sehr hohen Prozentsatz zu Gewinnsteigerungen führt, denn die Kosten für das Duplizieren von Programmen gehen gegen Null. Und es kommt noch doller: Man hat einen kontinuierlichen Erlösfluss, da man die Software nicht verkauft, sondern für jeweils ein Jahr lizenziert (Erneuerungsrate auch über 90%).  

ist eine weitere wertvolle Beteiligung von Internet Capital. Dort halten sie inzwischen 54%. Auch diese 54% dürften für sich allein schon fast so viel wert sein wie die momentane Marktkapitalisierung von Internet Capital in Höhe von ca. 300 Millionen.

Srei arm, GoIndustry JV to offer auction services

TIMES NEWS NETWORK[ WEDNESDAY, FEBRUARY 02, 2005 02:54:58 AM]
Sign into earnIndiatimes points
NEW DELHI: Indian Infrastructure Equipment, the infrastructure equipment bank owned by Srei International Finance, has entered into a 50:50 joint venture with GoIndustry Henry Butcher for bringing in infrastructure and industrial auction, disposal and valuation services to India.

In the next 3-4 years, the JV plans to invest between $4-5 million to set up the IT infrastructure for its operations in India. The company plans to end the first full year of its operations with a revenue of $25-30 million.

The joint venture will operate under the name Henry Butcher International Valuers & Auctioneers Pvt Ltd. It plans to offer auctions, asset disposal and valuation services to companies and financial institutions in India desirous of disposing of used assets.

They will also give opportunity to Indian customers to buy used equipment at their disposals worldwide. They claim to the first to provide such a service in India. The company sees big opportunity in construction equipment, textile machinery and machine tools in India.

“We provide a platform to corporates, financial institutions, banks and government to dispose of old and used machinery at the best possible price,” said John Albrook, CEO of GoIndustry Henry Butcher Group.

He claimed that the venture will prove to be the most rapid and cost effective manner to transform the assets in cash.  


 

Indien ist nur ein weiteres Mosaiksteichen, viele weiße Flecken auf der Welt gibt es für die GoIndustry, wo Internet Capital 54% hält nicht mehr.

http://www.goindustry.de/de/about/offices.asp  

wird GoIndustry, warum auch immer. Ganz unschuldig ist allerdings GoIndustry auch nicht. Seit dort Internet Capital das Sagen hat (Aufstockung des Anteils auf 54%), wird in Sachen Information total gemauert, wie bei anderen Beteiligungen von Internet Capital auch.

Das Joint Venture in Indien aus dem vorgeherigen Posting könnt Ihr zum Beispiel nicht auf der Interseite von GoIndustry entdecken - und schon gar nicht auf der Seite von Internet Capital. Obwohl, wenn Ihr das mal durchlest, so unbedeutend das auch nicht wieder ist.

Kapieren tue ich eine solche Informationspolitik eigentlich auch nicht - oder doch. Und da sie eine PR-Firma unter Vertrag haben, kann es an der Unfähigkeit in diesem Bereich auch nicht liegen.

Deshalb ist meine altbekannte These´: "Da versuchen sich noch einige vollzusaugen, ehe es abgeht". Dass die aus dem Umfeld von Internet Capital kommen, ist auch klar - denn wer kann schon solche Meldungen wie das über das Joint Venture in Indien verhindern. Wenn ich das nicht zufällig über ein Suchprogramm in einer indischen Zeitung endeckt hätte, wüssten wir jetzt noch nichts.