Margins are poised to expand in 2012. New partners continue to be added. Existing customers are continuing to expand the scope of their loyalty programs. New Internet based products were rolled out last year and could yield an incremental boost. Additional products are likely to be developed. Points already operates its own website where individuals can swap miles and loyalty points, convert them to different programs, and jointly accumulate them for wedding gifts and other purposes. That segment still represents just 5% of total sales. Significant growth might be achieved if the technology is relocated onto social media sites like Facebook. Interconnections with mobile phones and tablets could yield additional leverage. We estimate revenues will improve 23% in 2012 to $160 million to provide a 100% income gain to $.50 a share. Superior growth could be sustained well into the decade.
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