initiating coverage wireless services first avenue networks nasdaq frns a play on the growth of data and mobile content january 30 2006 seth potter 212 891 5218 spotter pzk com with buy rating price target 13 highlights punk ziegel & company 520 madison new york 10022 phone 308 9494 fax 2498 jan 27 7 22 52 week range 14 00 4 60 dividend share yield 0 fy 12 31 2004a 2005e 2006e 2007e revs mil 1 2 8 24 ebitda 3 9 15 eps 67 19 29 na excludes million in non cash compensation expense during 2004 2005 respectively qtr mar jun sep dec 05 07 50 2005a 03 e sum quarters do not added up to fye05 due significant fluctuation weighted average shares year market capitalization 432 mm
