I have never posted about the state of the common stock of Jupitermedia (Nasdaq:JUPM). However our company's stock is under attack by an organization called CFRA that offers a subscription service that focuses on "uncovering aggressive or unusal accounting practices that can serve as early earning signs of business deterioration." CFRA attacked our company last November with a variety of questions and charges that we successfully refuted. These charges were the result of shoddy research by an analyst who clearly did not understand the concept of a subscription business nor understood the basics of depreciation and amortization.

The November attack dropped our stock price by 25% in four days. By the end of 2004 the stock had recovered and actually increased in price.

We recently published our fourth quarter financials and provided financial guidance for 2005. CFRA immediately published another totally incorrect charge that our company suffers from a lack of "organic revenue growth." Obviously I do not agree and could write a multi-page essay about the topic.

Regardless of my feelings, it is interesting to note that CFRA no longer mentions (in its latest report) the fact that the charges leveled against us in November were all incorrect. Instead CFRA now has decided that since the original claims were wrong that it should try a new line of attack. This looks to me like a vendetta on the part of CFRA against us for proving them incorrect back in November and or that CFRA is getting paid by short sellers to drive down the price of our stock.

Just as Jupitermedia proved CFRA wrong in November, we will let our full year results speak for themselves and prove CFRA incorrect once again.