QXL

M.W

I think I agree with much of what you are thinking. QXL can and will bring down cost operations. I expect costs to come down to 4m and if need be, below, as you say 3m to 3.5m anyway.

As for revenue, well, this is a horse that could run anywhere. We will just have to wait and see I guess. If these results show revenue around 2m, I will be very happy and, some what surprized. I expect it to be between 1.5 and 1.8m. As for future revenue, it depends how serious QXL are. I would expect that they are like the rest of us, pissed off and at war with each other.

Revenue is something which admitedly, I can only see making slow progress. Ebay have them pinned to the floor so QXL need to be very inovative to keep making progress. I am not sure that they are up to it, hence the above comment if you see what I mean.

Do not lose heart however. They can survive into 2004 and break even by May of that year with the smallest amount of progress quarter on quarter. If this is to be the way, yes, they will need to get operating cost down. If you like, I'll post you my most up to date prediction which is only a guide but, based on a worse case situation. The reason for this is to see for myself that survival is posible with poor results but, good house keeping.

You must also realise that QXL do not care jack shit about the share price. They would not worry even if it dropped to a 1/4p. Their focus is simply to survive. It's a petty they have let the business end up in this management by crisis situation. I guess that this as been due to the over optimusum spouted by J.R. inthe past. Now they are paying the price and others are having to work that much harder to hopfully to limit the damage caused and to salvage the situation.

So. number one, ask yourself, can they survive no matter what and fuck what anyone else says even if it's from cyber as good has he is.

Question your own reasoning and be honest, not simply just over optimistic.

Don't expect to much and be prepared for a very long haul.

If the above leads you to believe you are right. Ignore the share price and stop reading posts on ADVFN as it's the most negative board that I have ever seen and will only cause you much stress. Good luck.