CSI Update: Telecommunications Inc. May 1st 2014

TSYS announced Q1 2014 earnings after the close on May 1. Revenues were $85.1 million down 10% from $94.8 million last year and up 8% from last quarter. GAAP net loss was $.01 the same last year. Non-GAAP net income was $.04, also the same as last year. Overall a decent quarter. Our valuation rose to $5.99 from $5.32 last quarter. TSYS is trading at about 42% of our valuation. Based on the valuation, this could be a buy, but we are up 85% and will just continue to HOLD here.

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CSI Update: United Online May 1st 2014

UNTD announced Q1 2014 earnings after the close on April 30th. Revenues were $55.4 million down 3% from $57.2 million last year. GAAP net loss was $.75 a share, compared to income of $.03 per share last year. OIBDA (operating income before depreciation and amortization-the term United uses, which is essentially EBITDA) was $3.2 million compared to $5.2 million last year. Overall an OK quarter. Our valuation rose to $32.35 from $27.86 last quarter. UNTD is trading at about 40% of our valuation and cash is 40% of the market cap ($4.79 a share versus $4.29 a share last quarter. Although it looks like the stock will fall this morning (it was up $.78 yesterday), we think this is a buying opportunity.