8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest report) July 19, 2004

j2 Global Communications, Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 0-25965
(Commission
File Number) 51–0371142
(I.R.S. Employer
Identification No.)

6922 Hollywood Blvd.
Suite 500
Los Angeles, California  90028
(Address of principal executive offices)

(323) 860–9200
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c) Exhibits

EXHIBIT NUMBER	DESCRIPTION
99.1	Press Release issued July 19, 2004.
99.2	July 2004 Investor Presentation.

ITEM 9.  REGULATION FD DISCLOSURE AND ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 19, 2004, j2 Global Communications, Inc., a Delaware corporation (“j2 Global”), issued a press release (the “Press Release”) announcing its financial results for the fiscal quarter ended June 30, 2004. The Press Release also contains financial estimates for the third quarter of 2004 and revised financial estimates for the fiscal year ending December 31, 2004.

Also on July 19, 2004, j2 Global hosted its second quarter 2004 earnings conference call and Webcast. Via the Webcast, j2 Global presented its July 2004 Investor Presentation (the “Presentation”), which contains a summary of j2 Global’s financial results for the fiscal quarter ended June 30, 2004; financial estimates for the third quarter of 2004; revised financial estimates for the fiscal year ending December 31, 2004; and certain other financial and operating information regarding j2 Global.

Copies of the Press Release and the Presentation are attached hereto as Exhibits 99.1 and 99.2, respectively.

Note: The information furnished under Item 9 and Item 12 of this report (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	j2 Global Communications, Inc.           (Registrant)
Date: July 19, 2004	By:	/s/ R. Scott Turicchi
		R. Scott Turicchi Chief Financial Officer

3

INDEX TO EXHIBITS

EXHIBIT NUMBER	DESCRIPTION
99.1	Press Release issued July 19, 2004.
99.2	July 2004 Investor Presentation.

4

EX-99.1

EXHIBIT 99.1

j2 Global Second Quarter 2004 Revenues Grow 52%
and Pre-Tax Earnings Increase 82% Versus Q2 2003

   Company Raises Top End of Fiscal 2004 Guidance for Revenues,
Earnings Before Taxes Per Share and Earnings Per Share

Los Angeles, July 19, 2004—j2 Global Communications, Inc. [NASDAQ: JCOM], a leading provider of outsourced, value-added messaging and communications services, today reported financial results for the second quarter ended June 30, 2004.

SECOND QUARTER 2004 RESULTS

Total revenues for Q2 2004 were $25.8 million, compared to $17.0 million for Q2 2003, a 52% increase.

Earnings before income taxes for Q2 2004 were $11.4 million, compared to $6.2 million for Q2 2003, an 82% increase. Net earnings for Q2 2004 were $7.5 million, compared to $5.9 million in Q2 2003.

Earnings before income taxes per diluted share for Q2 2004 increased to $0.44 compared to $0.25 in Q2 2003. Net earnings per diluted share for Q2 2004 increased to $0.29 compared to $0.24 in Q2 2003.

Q2 2004 net earnings are based upon an approximate 35% annual effective tax rate versus an approximate 5% annual effective tax rate for Q2 2003. The Company continues to anticipate actual cash tax payments for the year to be far less than taxes accrued under generally accepted accounting principles based upon utilization of currently available Net Operating Loss Carry-Forwards (“NOLs”).

Key financial results for the second quarter of 2004 versus the second quarter of 2003 are as follows:

	Q2	Q2
	2004	2003
Revenues	$25.8 million	$17.0 million
Earnings Before Income Taxes	$11.4 million	$6.2 million
Net Earnings	$7.5 million	$5.9 million
Earnings Before Income Taxes Per Diluted Share	$0.44	$0.25
Net Earnings Per Diluted Share	$0.29	$0.24
Free Cash Flow(1)	$11.6 million	$7.1 million

(1) Net cash provided by operating activities, less purchases of property and equipment.

“During the second quarter, we continued to see strong customer and revenue growth in our paid subscription services,” said Scott Jarus, president of j2 Global. “Also, our base of free customers grew by more than one million subscribers—a historic record—as we launched new marketing relationships in addition to those already in place.”

BUSINESS OUTLOOK

“Our strong revenue growth and successful marketing efforts enabled us to accelerate our sales and marketing spending while delivering against all of our targeted financial results,” said Scott Turicchi, chief financial officer of j2 Global. “We believe these marketing investments will contribute positively to our future growth prospects. As a result of our financial results and our incremental spending on sales and marketing, we are raising the high end of the ranges for our 2004 fiscal year financial estimates.”

Q3 2004 Estimates

For the third quarter of 2004, j2 Global anticipates total revenues to approximate $27.4 million to $27.8 million, earnings before income taxes per diluted share to approximate $0.48, and net earnings per diluted share to approximate $0.31.

	Q3
	2004
Revenues	$27.4 — $27.8 million
Earnings Before Income Taxes Per Diluted Share(1)	$0.48
Net Earnings Per Diluted Share(1)	$0.31

(1) Per share guidance is based upon diluted shares of 25,709,879 as of July 15, 2004.

Fiscal Year 2004 Estimates

On February 2, 2004, the Company released the following financial guidance for fiscal year 2004:

	Revised Fiscal	Previous Fiscal
	2004 Guidance	2004 Guidance
Revenues	$100 — $106 million		$100 — $105 million
Earnings Before Income Taxes Per Diluted Share(1)	$1.65 — $1.83		$1.65 — $1.75
Net Earnings Per Diluted Share(1)	$1.00 — $1.18		$1.00 — $1.15

(1) Per share guidance is based upon diluted shares of 25,709,879 as of July 15, 2004.

For fiscal 2004, the Company anticipates actual cash tax payments to be far less than taxes accrued under generally accepted accounting principles based upon utilization of currently available NOLs. Currently, the Company estimates its effective tax rate to be approximately 35% for the balance of fiscal 2004, assuming current tax rates.

About j2 Global Communications

Founded in 1995, j2 Global Communications, Inc., provides outsourced, value-added messaging and communications services to individuals and businesses around the world. j2 Global’s network spans more than 1,350 cities in 20 countries on five continents. The Company offers faxing and voicemail solutions, document management solutions, Web-initiated conference calling, and unified-messaging and communications services. j2 Global markets its services principally under the brand names eFax^®, j2^®, jConnect^®, JFAX^®, eFax Corporate^®, Electric Mail^®, jBlast^®, eFax Broadcast^TM, PaperMaster^®, Consensus^TM, M4 Internet^® and Protofax^®. As of June 30, 2004, j2 Global had achieved 29 consecutive quarters of revenue growth and 10 consecutive quarters of positive earnings. For more information about j2 Global, please visit  www.j2global.com.

For further information contact Christine Brodeur at Socket Media, Inc., at 1-323-829-0556, c.brodeur@socketmedia.com, for j2 Global Communications, Inc.; or Jeff Adelman of j2 Global Communications, Inc., at 1-323-372-3617, press@j2global.com.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are “forward-looking statements” within the meaning of The Private Securities Litigation Act of 1995, particularly those contained in the “Business Outlook” portion. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: Subscriber growth and retention; variability of usage-based revenue based on changing conditions in particular industries and the economy generally; ability to obtain telephone numbers in sufficient quantities on acceptable terms; protection of the Company’s proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments surrounding unified messaging and telecommunications; and other factors set forth in j2 Global’s filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting j2 Global, refer to the Annual Report on Form 10-K filed by j2 Global on March 15, 2004, and the other reports filed by j2 Global from time to time with the SEC, each of which is available at www.sec.gov. The guidance provided in the “Business Outlook” portion of this press release is based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update this guidance.

J2 GLOBAL COMMUNICATIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2004		2003		2004		2003
Revenues
Subscriber	$	25,063	$	16,307	$	47,125	$	30,761
Advertising		647		609		1,408		1,221
Licensing and Other		121		121		240		263
Total revenue		25,831		17,037		48,773		32,245
Cost of revenues		4,063		3,247		7,703		6,257
Gross profit		21,768		13,790		41,070		25,988
Operating expenses:
Sales and marketing		4,767		2,866		8,546		5,376
Research, development and engineering		1,264		1,023		2,314		2,049
General and administrative		4,734		3,743		9,216		7,211
Total operating expenses		10,765		7,632		20,076		14,636
Operating earnings		11,003		6,158		20,994		11,352
Other income, net		352		69		538		143
Earnings before income taxes		11,355		6,227		21,532		11,495
Income tax expense		3,866		280		7,644		515
Net earnings	$	7,489	$	5,947	$	13,888	$	10,980
Basic net earnings per share	$	0.32	$	0.26	$	0.60	$	0.49
Diluted net earnings per share	$	0.29	$	0.24	$	0.54	$	0.44
Basic weighted average shares outstanding		23,211,954		22,619,854		23,166,504		22,455,428
Diluted weighted average shares outstanding		25,584,617		25,203,170		25,524,611		24,880,270

J2 GLOBAL COMMUNICATIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

	JUNE 30,		DECEMBER 31,
	2004		2003
ASSETS
Cash and cash equivalents	$	50,925	$	46,882
Short-term investments		5,219		8,539
Accounts receivable, net		8,059		5,877
Prepaid expenses and other		2,618		2,571
Deferred income taxes		9,706		10,004
Total current assets		76,527		73,873
Long-term investments		18,026		8,408
Property and equipment, net		6,921		6,594
Goodwill		19,104		15,616
Other purchased intangibles, net		8,613		2,320
Other assets		294		329
Deferred income taxes		5,716
TOTAL ASSETS	$	129,485	$	112,856
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses	$	5,016	$	4,010
Deferred revenue		5,345		4,698
Current portion of long-term debt		553		1,022
Total current liabilities		10,914		9,730
Long-term debt		260		221
Total liabilities		11,174		9,951
Total stockholders' equity		118,311		102,905
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	129,485	$	112,856

J2 GLOBAL COMMUNICATIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
	2004			2003			2004			2003
Cash flows from operating activities:
Net earnings	$	7,489		$	5,947		$	13,888		$	10,980
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization		1,137			1,015			2,165			1,934
Non-cash income tax expense		203
Compensation in exchange for note reduction		44			43			87			87
Deferred income taxes		2,765						6,013
Tax benefit of non-qualifying stock option exercises		644						1,013
Decrease (increase) in:
Accounts receivable		(582	)		(448	)		(1,819	)		(107	)
Interest receivable		(31	)		25			(48	)		6
Prepaid expenses		303			244			677			487
Other assets					(8	)		(295	)		(99	)
(Decrease) increase in:
Accounts payable		1,034			1,154			975			(490	)
Deferred revenue		241			570			640			849
Net cash provided by operating activities		13,044			8,542			23,296			13,850
Cash flows from investing activities:
Redemption (purchase) of investments		(2,779	)		(2,079	)		(6,222	)		(2,079	)
Purchases of property and equipment		(1,442	)		(1,414	)		(1,761	)		(1,714	)
Proceeds from sale of equipment											73
Acquisition of business, net of cash received		(178	)					(6,198	)		(175	)
Purchase of intangible asset		(4,745	)		(200	)		(4,819	)		(200	)
Advances under note receivable					(11	)					(22	)
Repayment of note receivable					500						520
Net cash used in investing activities		(9,144	)		(3,204	)		(19,000	)		(3,597	)
Cash flows from financing activities:
Issuance of common shares issued under Employee
Stock Purchase Plan		97			88			211			178
Exercise of stock options and warrants		243			592			367			1,849
Repayments of long-term debt and capital leases		(307	)		(319	)		(834	)		(629	)
Net cash provided by (used in) financing activities		33			361			(256	)		1,398
Effect of exchange rate on cash and cash equivalents		3						3
Net increase in cash		3,936			5,699			4,043			11,651
Cash and cash equivalents, beginning of period		46,989			38,729			46,882			32,777
Cash and cash equivalents, end of period	$	50,925		$	44,428		$	50,925		$	44,428

J2 GLOBAL COMMUNICATIONS, INC.
UNAUDITED RECONCILIATION OF FREE CASH FLOW
(IN THOUSANDS)

Free Cash Flow amount is not meant as a substitute for GAAP, but is solely for information purposes. The following table illustrates the adjustments and reconciles Free Cash Flow data to that reported in the financial statements.

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
	2004			2003			2004			2003
Net cash provided by operating activities	$	13,044		$	8,542		$	23,296		$	13,850
Deduct:
Purchases of property and equipment		(1,442	)		(1,414	)		(1,761	)		(1,714	)
Free Cash Flow (1)	$	11,602		$	7,128		$	21,535		$	12,136

 

⁽¹⁾ Free Cash Flow represents cash flow from operations calculated in accordance with generally accepted accounting principles (“GAAP”) after deducting purchases of property and equipment. The Company believes that Free Cash Flow is a useful measure of operating performance because it better reflects the resources generated that could be utilized for strategic opportunities including, among others, to invest in the business, make strategic acquisitions, strengthen the balance sheet and repurchase stock. Free Cash Flow is not determined in accordance with GAAP and should not be considered as an alternative to historical financial results presented in accordance with GAAP.

EX-99.2

Investor Presentation

(Based upon Second Quarter 2004 results)

July 19, 2004

www.j2global.com

1

  Future operating results

  Subscriber growth and retention

  Earnings growth and expectations

  New products, services and features

  Corporate spending

  Liquidity

  Network capacity and coverage

  Regulatory developments

  Taxes

Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, particularly those contained in the slide entitled “2004 Financial Guidance”. These forward-looking statements are based on management’s current expectations or beliefs as of July 19, 2004 and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the risk factors described in this presentation. Such statements address the following subjects:

Safe Harbor for Forward-Looking Statements

All information in this presentation speaks as of July 19, 2004 and any
distribution of this presentation after that date is not intended and will not be
construed as updating or confirming such information.

2

Risk Factors

Inability to sustain growth in our customer base, revenue or profitability

Competition in price, quality, features and geographic coverage

Inability to obtain telephone numbers in sufficient quantities on acceptable terms in desirable locations

Enactment of burdensome telecommunications or Internet regulations

Reduced use of fax services due to increased use of email or widespread adoption of digital signatures

Limitations on the usability of our federal and state net operating loss carry-forwards

Inadequate intellectual property protection or violations of third party intellectual property rights

System failures or breach of system or network security

Failure to expand and upgrade our systems and network infrastructure to accommodate increased traffic

Inability to adapt to technological change, or third party development of new technologies superior to ours

Economic downturns in industries which rely heavily on fax transmissions

Loss of services of executive officers and other key employees

Loss of third party suppliers and marketing relationships, and inability to enter into new such relationships
on acceptable terms

Other factors set forth in our Annual Report on Form 10-K filed on 3/15/04 and the other reports filed by
us from time to time with the SEC

The following factors, among others, could cause our business, prospects, financial condition, operating results
and cash flows to be materially adversely affected:

3

j2 Global deploys the power of the
Internet to deliver business critical
communication and messaging services to
individuals and corporations throughout
the world.

4

Unique Assets

7.3 million subscribed telephone numbers (DIDs)

Global advanced messaging network

1,350+ cities in 20 countries on 5 continents

9.5MM+ unique DIDs worldwide in inventory

Patented technology

12 issued U.S. Patents and numerous patents pending

Expertise

Telecom, messaging, e-mail, Internet, e-commerce, Web-marketing,
direct sales, transaction processing

Customer   migration   from   Free      Paid      Enterprise

Strong financial position

29 consecutive quarters of revenue growth

10 consecutive quarters of positive Earnings

52% year-over-year Revenue growth

82% year-over-year Pre-Tax Earnings growth

$74.2 MM of cash & investments to fund growth

Nominal amount of debt

6

Subscriber Profile

Vertical Markets

Financial institutions

Real estate

Law firms & corporate legal departments

Medical

Government

Hospitality

Remote workers & “road warriors”

Value Proposition

Digitization (paper reduction)

Security

Privacy

Efficiency

Cost

Infrastructure replacement

7

Subscriber Acquisition

Individuals

Targeted Web marketing (e.g. AOL, Yahoo!, Google, Lycos, etc.)

Sold through: www.eFax.com and www.j2.com

Use  of  proprietary  Life  Cycle  Management   ( i.e.  Free       Paid conversions)

Advertising & Calling-Party-Pays revenue supports the Free base

Small to Mid-Sized Businesses

Sold through: www.eFaxCorporate.com , supported by Telesales

Self-service Web-based broadcast fax engine at www.jblast.com

Outsourced e-mail, spam & virus protection through Electric Mail

Use of proprietary Life Cycle Management (i.e. usage stimulation)

Large Enterprise/Government

Direct sales force – currently 18 sales people

Marketed through Web and traditional direct selling methods

Use of proprietary Life Cycle Management (i.e. usage stimulation)

8

Active Telephone Numbers (DIDs) & ARPU

$15.52

$15.36

$15.73

$16.68

$0.05

$0.05

$0.05

$0.04

*  Defined as individual customer DIDs with greater than 4 months of continuous service (continuous service includes customer DIDs
    which are administratively cancelled and reactivated within a calendar month), and DIDs related to enterprise customers beginning with
    their first day of service.  Calculated monthly and expressed here as an average over the three months of the quarter.

$17.22

$0.04

9

Total Revenues

10

Core Total Revenues focus      DID based revenues

2004

2003

21.2%

8.7%

3.9%

TTM Growth

38.8%

1.7%

-11.7%

18.5%

4.9%

% Growth

6.9%

5.6%

6.1%

7.5%

7.1%

% of Total Revenues

1,774

1,278

1,257

1,424

1,202

Non-DID based  ($M)

52.5%

53.6%

53.5%

TTM Growth

11.0%

12.7%

9.9%

10.4%

12.6%

% Growth

93.1%

94.4%

93.9%

92.5%

92.9%

% of Total Revenues

24,057

21,664

19,216

17,478

15,835

DID based  ($M)

Q2

Q1

Q4

Q3

Q2

Global Network Presence

  1,350+ cities in 20 countries on 5 continents

  Continuing to expand into new international locations

11

Product Roadmap

Inbound Fax to Email

Outbound Fax via Email

Fax broadcasting

Secure fax

OCR

PDF delivery

Fax storage/archive

New notification methods

Voice

Services

Inbound VM to Email

Voicemail management

Telephone access

Conference Calling

Enhanced voicemail

Find me/Follow me

Call screening

Voicemail interrupt

Collaboration

Unified

Messaging

& Comm.

Services

Integrated Email,
voicemail & fax services

Wireless messaging and

notification

ProtoFax^®

Messenger 3.0

HotSend^®

PaperMaster Pro^TM

Document

Management

Email

Services

Permission-based

   Email marketing

Outsourced Email

Spam control

Virus filtering

Message storage

Hosted Exchange^TM

IP

Fax

Exchange is a registered Trademark of the Microsoft Corporation

12

Currently offered

Future opportunities

Features include:

Voicemail-to-email

Telephone user interface

Smart Caller ID

- Caller name & number

Real-Time Call Screening

- “Virtual Answering Machine”

Leveraging our:

7+ million customers

Global network of 1,350+
cities offering local
telephone numbers

Branding and marketing
strategies

Enhanced Voice Messaging

13

Financial Highlights

14

Historical Revenue Growth

29 consecutive quarters
of revenue growth

15

Quarterly Revenues

16

Q2

Q3

Q4

Q1

Q2

Subscriber

$16,307

$17,806

$19,517

$22,062

$25,063

12.8%

9.2%

9.6%

13.0%

13.6%

Advertising

609

681

806

761

647

-0.6%

11.9%

18.4%

-5.6%

-15.0%

Licensing and Other

121

416

151

119

121

Total Revenues

$17,037

$18,903

$20,474

$22,942

$25,831

12.0%

11.0%

8.3%

12.1%

12.6%

2004

    Quarter-to-Quarter Growth

    Quarter-to-Quarter Growth

    Quarter-to-Quarter Growth

2003

Subscriber Revenues

17

Core Subscriber Revenues focus      Fixed revenues

2004

2003

42.9%

46.4%

52.2%

TTM Growth

21.1%

9.0%

-2.5%

10.8%

13.0%

% Growth

29.2%

27.4%

28.4%

31.9%

31.5%

% of Subs. Revenues

7,314

6,041

5,542

5,685

5,130

Variable  ($M)

57.2%

56.3%

54.4%

TTM Growth

10.8%

14.6%

15.3%

8.4%

12.7%

% Growth

70.8%

72.6%

71.6%

68.1%

68.5%

% of Subs. Revenues

17,750

16,021

13,976

12,121

11,177

Fixed  ($M)

Q2

Q1

Q4

Q3

Q2

Cost Trends

18

Earnings & Free Cash Flow

⁽¹⁾ Excludes benefit of $9.5 million to record the reversal of certain valuation allowances of our deferred tax assets.

⁽²⁾ Net cash provided by operating activities, less purchases of property & equipment.  Free Cash Flow amounts are
    not meant as a substitute for GAAP, but are solely for informational purposes.

(in millions)

Q1 '03

Q2 '03

Q3 '03

Q4 '03

Q1 '04

Q2 '04

Net cash provided by operating activities

$5.308

$8.542

$8.623

$10.375

$10.252

$13.044

Purchases of property & equipment

(0.300)

(1.414)

(0.947)

(0.906)

(0.319)

(1.442)

Free Cash Flow

$5.008

$7.128

$7.676

$9.469

$9.933

$11.602

19

(1)

⁽²⁾

2004 Financial Guidance

⁽¹⁾ Assumes an effective approximately 35% annual tax rate and diluted shares of 25,709,879as of July 15, 2004

$1.00 – $1.18

$0.31

Net Earnings per Fully-Diluted
Share ⁽¹⁾

$1.65 – $1.83

$0.48

Earnings Before Taxes per
Fully-Diluted Share

$100 – $106

$27.4 – $27.8

Revenues (millions)

Year-End

2004

Q3

2004

20

Recent Events

Acquired a portfolio of 6 Internet messaging technology
patents (with several pending), and has been issued two
new U.S. patents for intellectual property developed
internally

Launched a localized international offering (language,
currency & marketing approach) in Dutch which
establishes a template for other markets

Increase analyst coverage to six firms with the addition of
Harris Nesbitt, and the reinstatement of coverage by
Jefferies & Co.

21

®

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