MIVA

Anounced preliminary Q1 results on 4/21. Not bad. Sales are expected to be over $44 million with positive EBITDA ($.5 million), and a GAAP loss of $.12–slightly higher than expected due to higher foreign taxes. Stock jumped to $4.40–up 16% from our $3.80 buy price. Cash grew to $39.7 million–over a buck a share. Looking good. Will update our $9.10 valuation when full numbers get published. Hold–or buy a little at this price if you did not get in.

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