UNTD announced Q1, 2015 (March 31, 2015) earnings after the close on May 5, 2015. Revenues were $49.9 million, down from $55.4 million last year, and down from $54.4 million last quarter.  They lost $.9 million versus a $10.4 million loss last year. Gross margin held steady at 65%. Our valuation was $31.02 down from $34.65 last quarter. Cash per share was $5.45 (compared to $5.53 last quarter). Guidance for next quarter is $48.5-$51.5 million in revenue and bottom line of between a $0 million and $2.0 million.

OIBTDA (which they use instead of EBITDA) was $5.9 million compared to $3.2 million last year. Shares closed at $15.88 on 5/5/2015. UNTD continues to generate cash and trades at substantial discount to our valuation, but, his is now a HOLD as we are not seeing the turnaround in revenues we were hoping for.