Gary:
Your comment to MA about COMS revenue growth:
".....with negative revenue growth (come to think of it didn't that happen last quarter with PALM?)"
is a bit unclear. I presume you mean that, even with PALM's revenues included, COMS revenues decreased? PALM's revenues of course, were up 76% Y/Y and 47% sequentially Q2/Q1. OTOH COMS networking sales were down both Y/Y and sequentially, while client access revenues were down Y/Y but up sequentially from Q1.
I also don't think that the time interval between the PALM IPO announcement in September, initial S-1 filing 12/99, first S-1/A with pricing etc. 1/28/00, and execution on 3/1 is excessive or indicative of a delay by EB to prop up the COMS share price. The HWP/A spin off -- comparable in # shares/initial market cap to PALM -- was first announced 3/99, the initial S-1 was filed 8/16/99, the first S-1/A with # shares, price, etc., was filed 10/22/99, and the IPO finally floated 11/18/99. Pretty similar to PALM.
Also, there was a post earlier on the legal/tax considerations of the PALM spin off which suggested that COMS needed to wait at least 2 years after the USRX acquisition closed before spinning off PALM to make sure that the spin off is tax free to COMS shareholders. If that's true, then maybe EB acted as expeditiously as he could?
David T. |
