Colin Tedards
Long/short equity, nano-cap, small-cap, tech

United Online Earnings, New Products & The Year Ahead

On December 1st, 2014 I published my analysis of United Online (NASDAQ:UNTD) titled "United Online Faces Uphill Battle Against Competition" (PRO subscription required). While it's the first time I've written about UNTD publicly, it's a stock I've followed since 2008. Essentially my argument was UNTD competes in businesses like social media and telecom - and consequently faces an uphill battle against competition.

Since then the stock is up over 20%, including a fairly healthy move to the upside after UNTD recently reported Q4 and FY 2014 earnings. Clearly the market isn't nearly as skeptical about UNTD's ability to compete in its markets, so let's first take a look at some of the balance sheet items...

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