VIADOR VS. PLUMTREE
Playing around over the weekend, I did a rough comparison of Viador vs. a
successful offering of Plumtree ("PLUM"). I thought some of you might find
it to be informative.
This is based on a successful offering of PLUM using the Nov. 22, 2000 SEC
filing. I didn't delve into all the options, etc. -- but did use the
options/warrants outstanding listed on the PLUM cover of the S-1A -- so it's
rough, but gives some interesting comparisons. I will let the readers of this
thread comment.
Current cash positions Viador $22.5 Million and PLUM $15.6 Million
Assumption: Plumtree was priced at $14 per share [middle of expected range].
Viador
Shares Outstanding 18.2 Million
Market Capitalization $20 Million
Cash $22.5 Million
REVENUE [Millions]
Quarters 1998 1999 2000
MAR 725 1,228 5,318
JUN 1,029 2,062 7,445
SEP 669 2,661 8,435
DEC 1,402 4,200 ??
Totals 3,825 10,151 21,198
Plumtree
Shares Outstanding 34.3 Million
[includes 5.3 million options/warrants exercisable at $1.71-$2.23 per share]
Market Capitalization $480 Million
[@$14 per share]
Pro forma cash $80 Million
Quarters 1998 1999 2000
MAR -0- 175 3,899
JUN -0- 510 4,944
SEP -0- 722 8,688
DEC -0- 1.947 ??
Totals -0- 3,354 17,531
Income Statement Comparison 3 Months Ending September 30, 2000:
September 30, 2000 Quarter Viador Plum
Revenue:
License 6,398 5,926
Service 2,037 2,762
Total revenue 8,435 8,688
Cost of revenue 2,734 3,799
Gross profit 5,701 4,889
Operating Expenses:
Sales and marketing 7,024 6,656
Research and development 2,696 2,667
General and administrative 1,628 1,888
Amortization of deferred
stock-based compensation 219 1,866
Amortization of goodwill 107 0
Total operating expenses 11,674 13,077
Operating loss (5,973) (8,188)
Interest income, net 348 182
Net loss (5,625) (8,006) |
