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URL:  http://boards.fool.com/i-was-curious-about-that-dip-in-profits-and-stock-16958510.aspx

Subject:  Re: Followers rise... Date:  3/26/2002  5:15 PM
Author:  foolarado Number:  19 of 25

I was curious about that dip in profits and stock price also. I read all of the SEC filings and listened to the conference calls to figure it out.
As best as I can make out ATN attempted to market their products through a website which they developed. This was timed co-incidently with the beginning of the .com bust. Their website and the investment tanked causing a huge write off ( I seem to remember $3.5 million, but look for the numbers in the fy2000 report). This made most of the difference between profit and loss. ATN then did a management housecleaning and dumped it's web enterprise.
Now ATN has a web presence, goracing.com, which is managed by QVC which is turning into a profitable arrangement for both.
Companies make mistakes all the time, sometimes very expensive ones. Good companies/management recover, learn and move on. It appears this is what ATN has done.
JK
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