NSB RETAIL SYSTEMS (NSB).

Investors Chronicle, March, 2004

A look at NSB's share price graph will tell you how much stronger the company is than 12 months ago, even if its reported figures don't at first glance. The profit and loss account is scarred by a GBP31m goodwill charge (the result of two big deals in 2000). But if this is ignored, NSB turned in a pre-tax profit of GBP1.9m.

More importantly, the upturn in demand seen in the fourth quarter has continued into the current year. New customers include WH Smith and Mothercare in the UK, alongside Orvis and GameStop in the US. NSB will also begin installing software in 1,100 JC Penney stores this year.

As NSB only recognises revenues once installations are up and running, cash collection runs ahead of reported profits. Operating cash flows, for example,...

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