without the tax writeoff, ITGR would have done only 2/3's the profit of the 4thQ of 1997, not twice, and profit margins were down. Now granted, revenue IS picking up, as the 4thQ is usually the weak one. This year, however, revenues surpassed the 3rdQ even though there was a $400k inventory clearance in the 3rdQ this year.
Another concern, Coleman has already forecast delays during the 1stQ because of Word's relocation. Imo, it may not mean more than a cent per share, if that, but it's something we don't need during this time of transition.
IMO, "Income from operations": 740 vs. 735, or "Income before taxes": 353 vs. 350 would be a better indicator than "Net income minus Tax benefit": 784-515 vs. 346-15. So I'd give them credit for between a 1/2% and a 1% gain. I agree (cf. my msg #419 on 2/25) that the "more than double" should not be taken at face value. Not that the 4thQ-vs-4thQ income situation is the most important thing to focus on, but, as you point out, it is something definitely to be considered.
Also, I seem to get approx. 4/5's the profit rather than 2/3's using what I guess to be your figures, but I'm no expert here. What have I missed?
Don't get me wrong. It's a win-win situation. Management can point to increasing revenue when investors call (and increasing profit margins as the website gets more visits) but when renegotiating contracts with its artists (a process they go through every 2-3 years) management can ask for sacrifices in their contracts rather than the other way around. It's healthy.
Integrity's a winner, but so what? My cousin-in-law used to own the Jax soccer team. They won the championship that year but he still lost money. Composers have egos too. Take the money and run if you can.
Frankly, I see Christian music as emerging the way the Crusades did at the First Millennium. Back then, people spoke out against the Crusades, but within 24 hours, they'd sell everything they had to join the Crusades. How do you argue with a force that powerful?
ITGR's revenue, margins and tax write offs are all reflected in the current price which is obviously at a low level. My belief is that when you look to the future potential for this type of a company in the current environment of enhancing family values (outside the White House)we are in an excellent position to capitalize on this movement which continues to gain momentum across the Country. I was obviously happy to see some upward movement today, however, it would not surprise me to see ITGR drop again to $3.50 or so ... another opportunity to once again accumulate shares at an extremely attractive price!!