George,
Speaking about being in business, I am trying to learn more with those mail order classes, here's what I have come up with so far, now pay attention.
fcm's annual sales for their fiscal year ending June 30, 1999, were 10,631,000 US dollars. Out of that figure, usat accounted for 8,079,560 US dollars. We deduct the $ 367,000 reuters order, referenced below.
ftel.com
Then we deduct the Nato network, referenced below $ 100,000 per month x 12 months = 1,000,000.
ftel.com
We come up with a balance of $ 1,184,440 US dollars from all the rest of fcm's customers INTERNET & PRODUCTS. Now we know that usat is a very troubled company, reference below
Message 10996895
They have no money, owe alot of same to fcm, are still under a continuing SEC investigation, and have numerous shareholder lawsuits. More importantly is the fact that fcm is showing this huge accounts receivable in this past quarter and did not show any as of last quarter. usat owes fcm 92% of fcm's accounts receivable, how will they pay fcm with that $141,533 US dollars they have in cash ???
How will usat pay for those 1000 breezes they ordered on June 18,1999, that fcm said would be ready in September and now will not be ready until the end of the year according to fcm's latest press release ??
fcm started the Mar-June quarter with a $ 2,600,000 backlog and ironically usat did not pay for $2,400,000 of whatever they purchased, because fcm had no accounts receivable prior to this quarter ? Do you think there could be PROBLEM IN SHANGRI-LA ??
We addressed the BS buyout rumors, we addressed the failure of fnet to IPO, we addressed revenues, which are not looking too good when the usat portion is removed, we should have also addressed that fcm "HAS NOT" reported any backlog, nothing, nada, not one penny.....
We will look at some more info with the help of those mail order financing courses later........... |
