The tone of the conference call was quite cautious. Coupled with a revised outlook on sales and marketing expenditures, it suggests that a re-acceleration of revenue growth will only come at the cost of earnings.

While they have made impressive progress, we believe that the sales cycle can be as long as two years given the inertia inherent in many large marketing organizations.

The company must now prove that online advertising is cost effective and integral to the marketing mix of traditional advertisers. There is an expectation that after six to nine months of calling on traditional advertisers, dollars will come pouring in. Our research suggests that turning 'toe-dipping' budgets into real dollars may take over two years.

Last year was our best year since the 1990's in the overseas market and with aggressive marketing and sales efforts we can seize even more of these growing markets.

You have a happier buyer. From a sales and marketing standpoint, it's been a real winner.

The greatest marketing tool there is is victories. I think [the team's merchandise sales] are going to finish strong.