I was referring to your comment
<Coach, one of the main reasons the former CFO was replaced is because he opposed the secondary.
Regards,
Tom>
By the way, did you read the second half of the article you posted?
Kaufman Brothers analyst Barry Sine thinks investors' concerns were
misplaced. Mr. Darby's departure, while a surprise, makes sense when
one considers that he had participated in the IPOs of two other companies
before Redback, and made out well financially in Redback's IPO, Mr.
Sine said. Mr. Darby said during a conference call Wednesday that he
wanted to spend more time with his family, according to Mr. Sine.
The choice of Mr. Gentner, with 13 years experience as a chief financial
officer, shows that Redback made a carefully thought-out successor for
Mr. Darby, Mr. Sine said.
Mr. Sine wasn't concerned about the early lockup expiration because the
underwriters have offered such early releases twice before. He said the
gradual release of shares into the market has been absorbed nicely, and is
preferable to a flood of shares in November, which would cause an
over-supply and could drive the stock price down.
Redback's third-quarter results "significantly" beat Mr. Sine's estimates, he
said. He was particularly impressed by the company's expansion in
Europe.
U.S. Bancorp Piper Jaffray analyst Conrad W. Leifur downgraded his
rating for Redback to "neutral" from "buy" solely on valuation, according to
a summary of rating changes issued by the firm. Mr. Leifur said Redback's
third-quarter results were impressive; he made no mention of the other
news. Mr. Leifur couldn't be reached for comment.
Mr. Leifur raised his estimate of Redback's fourth-quarter results to
earnings of one cent a share on revenue of $23.5 million from a loss of one
cent on revenue of $19 million.</b? |
