Peee-yeeeww!!!! "Earnings" are out!!
This is just too funny. For laughs, I dug out Black & Co's estimates for this quarter: Sales of $7.1M, loss of five cents. Instead, we get sales of $85,000 and a loss of either $0.20 or $0.31, depending on how you slice it. Of course, the loss per share was quite a bit less than it might have been, since the amount of stock has ballooned up to over five millions shares!! ROFL!!!!!
So the lead quote in the release, presumably putting their best foot forward, says ``The third quarter financial results of our new Internet software business, and the September 30, 1999 proforma balance sheet, reflect the transition from our old business model to our new business model,' stated Frank G. Hausmann, CenterSpan's President and CEO.
Oh goody, the crappy results reflect the transition to their new Internet software business! Wow, am I excited about the future!
Then, dramatically, Frank summarizes the entire CenterSpan enterprise: "We have 32 employees, $20 million in cash, three technologies licensed from Intel and a global market opportunity."
Here's your chance, kids: Buy into a $75M market cap because they have employees, they're still solvent, and they've bought some INTC code!!
Sorry this post is so maudlin, but what can I say---I'm short the stock!!!
-- Pete |
