Hello Friends, I promised you a brief explanation of my purchase of ECHO (Electronic Clearing House). ECHO had a nice day in the market closing today at $11.35 up $.82 on the day or 7.79%. (This in the face of a down market!)
I first posted ECHO on Bob's Advice on August 25, 2003, when it was trading at $6.36. They had recently announced good results for the quarter ended June 30, 2003. Today, they announced results for first quarter 2004. Revenues increased 22.1% to $11.4 million compared to $9.3 million the prior year. Net income was $589,000, or $.09/share compared to $518,000, or $.08/share the prior quarter (sequential growth), and a loss of $(4.473) million or $(.77)/share the prior year.
Checking the graph on ECHO from stockcharts.com, we can see a fairly uninterrupted rise in price from the break-out in late 2002.
Anyway, that's the update! Thanks again for stopping by. I hope all of this discussion is useful for you!
Bob