Check out this from another site: Interesting.
I have attached the lastest on an Internet Company with 52week high of 69.35 and a 52 week low of 2.95. Yes I said a HIGH of $69.35.. Just to illustrate the LUNNICY OUT THERE. The current price of this company is in the $9.00 range: What kind of cash flow and earnings will this company have to generate in the coming years to justify a $69.00 price target with a decent P/E to boot....Read um and weap!!!!!!!!!!Alot of retoric in the release. . Don't . You get my point.
Infowave Software Inc - News Release
Infowave reports $3.8-million second quarter loss
Infowave Software Inc IW
Shares issued 18,520,656 2000-08-11 close $10.1
Monday Aug 14 2000 News Release
Ms. Kim Mathewes reports
(All figures in U.S. dollars.)
Infowave Software, Inc. today reported financial results for the second quarter ended June 30, 2000. Unless otherwise stated, all results are attributable to the operations of the wireless business. Infowave is reporting the results of its imaging business as discontinued operations.
Infowave posted a loss for the quarter of $2,971,205, or 15 cents per share, on revenue of $132,730 versus a loss of $864,263, or six cents per share, on revenue of $32,898 in the second quarter of 1999. The majority of revenue in the quarter was derived from direct sales to enterprise customers, including the first sale in excess of 100 seats. The balance of revenue was derived from a one-time sale of third-party hardware, which had a negative impact on gross margins for the quarter. Management expects traditional high margins to resume in the next quarter. Infowave reported increased expenditures on sales and marketing and research and development initiatives as it continued to aggressively build infrastructure. Total headcount grew to 124 from 96 in the previous quarter and 42 in the second quarter of 1999.
"Infowave is building sustainable technology leadership and effective product distribution channels so that our market positioning is synchronized precisely with the widespread adoption of wireless business solutions by Corporate America," said Bijan Sanii, chief operating officer and acting chief executive officer. "Compaq and Intel are the latest industry heavyweights to choose Infowave's wireless business engine and, in doing so, they have further expanded Infowave's paths to the business market. In addition, Infowave continues to attract talented senior sales and marketing personnel to drive enterprise sales and monetize strategic relationships. As previously indicated, management expects these activities to translate into revenue traction beginning in the third quarter.
Morgan Sturdy, Infowave's chairman, added: "In addition to the significant wireless business accomplishments at Infowave, we expect the disposition of the imaging business to be completed by the end of August. I am also pleased to report that Infowave has engaged Heidrick & Struggles -- an exclusive high-tech executive recruiting firm in the U.S. -- to assist with the expansion of the executive team. Before year-end, we expect to add additional executive talent to the first-rate management team already in place."
Sales and marketing update
Three key revenue drivers continued to trend upward during the second quarter -- new enterprise accounts, new enterprise seats and average seats per enterprise account.
Following the series of second quarter announcements, Infowave and Compaq are now actively collaborating to offer best-of-class integrated wireless business solutions to large enterprise accounts. Infowave provides the wireless business engine and Compaq serves as both hardware provider and systems integrator. Infowave has appointed a senior marketing manager devoted exclusively to managing this key strategic relationship. Recent activities have included a three-day strategic market planning summit involving a number of key Compaq officials from across the company; involvement in over 14 training events in nine states regarding Exchange 2000 and four major Compaq exhibit events in the U.S. and Europe. Compaq is scheduled to launch bundled Infowave Software solutions on the Compaq Direct Plus Web site in August, which will provide the enterprise customer direct purchase opportunities.
Infowave has appointed two senior marketing managers to focus on the development of the reseller channel. Seven new regional resellers were recently added, two resellers were trained and Infowave participated in three reseller special events. Infowave intends to add more regional and national resellers in the third quarter.
Infowave and Intel Corporation signed a five-year software licence and development agreement. Infowave will be compensated through a combination of engineering fees, royalties and licence fees expected to begin in the third quarter. Development and design work is in progress.
Critical staffing milestones were achieved in the sales and marketing organization. Key positions that have been recently filled include vice-president of business development, director of strategic marketing, director of enterprise sales and manager of inside sales. In addition, three regional sales managers were appointed giving Infowave complete geographic sales coverage across North America. Total sales and marketing head count was 49 at the end of the quarter, with 28 located at Infowave's U.S. headquarters.
During the quarter, Infowave participated in 19 industry and customer events with partners such as Sierra Wireless, Compaq, AT&T, Verizon and Microsoft. The marketing activity generated record analyst and media coverage and customer leads were up 479 per cent over the previous quarter.
Product and technology update
Infowave continued to expand the research and development team with head count increasing to 53 in the second quarter from 43 in the previous quarter and 24 in the second quarter of 1999.
A "Technology Architecture Team" was established for quick project incubation and cross-product architecture. Infowave appointed a ten-year IBM veteran to lead the unit.
The research and development team made significant progress on key projects including the incorporation of feature enhancements and increased network support for Infowave's enterprise and carrier software products as well as several original equipment manufacturer projects. Infowave expects to ship a major product upgrade in the third quarter.
Finance and operations update
The company's final prospectus for its $30.0-million offering was receipted in British Columbia, Ontario and New Brunswick.
Infowave qualified as a prompt offering prospectus (POP) filer in Canada and has also become eligible to use the multijurisdictional disclosure system (MJDS) in the U.S.
Infowave executive management presented at four institutional conferences in Toronto, New York, San Francisco and Vancouver. The company is scheduled to present at additional U.S. conferences in the third quarter.
Infowave incorporated "Infowave USA Inc." as a 100-per-cent-owned subsidiary.
STATEMENT OF OPERATIONS
Three months ended June 30
2000 1999
Revenues
Sales $ 132,730 $ 32,898
Cost of
goods sold 115,265 2,947
---------- ----------
17,465 29,951
---------- ----------
Expenses
Research and
development 852,228 300,994
Sales and
marketing 1,568,178 290,499
General and
administrative 646,019 212,831
Depreciation
and amortization 169,533 36,018
---------- ----------
3,235,958 840,342
---------- ----------
Operating (loss)
from continuing
operations (3,218,493) (810,391)
Other income
(expenses)
Interest and
other income 231,436 15,451
Foreign exchange 15,852 (69,323)
---------- ----------
247,288 (53,872)
---------- ----------
(Loss) from
continuing
operations (2,971,205) (864,263)
Discontinued operations:
Earnings (loss)
from operations (744,761) 114,198
Estimated (loss)
on disposal (112,166) -
---------- ----------
856,927 (114,198)
---------- ----------
Net (loss)
for
the period $(3,828,132) $ (750,065)
========== ==========
Earnings (loss)
per share
Continuing
operations $(0.15) ($0.06)
Discontinued
operations $(0.05) $0.01
Net (loss) $(0.20) $(0.05)
STATEMENT OF OPERATIONS
Six months ended June 30
2000 1999
Revenues
Sales $ 235,164 $ 150,538
Cost of
goods sold 115,634 21,822
---------- ----------
119,530 128,716
Expenses
Research and
development 1,462,565 525,019
Sales and
marketing 2,604,583 557,746
General and
administrative 1,070,099 391,206
Depreciation
and amortization 257,117 73,451
---------- ----------
5,394,364 1,547,422
---------- ----------
Operating (loss)
from continuing
operations (5,274,834) (1,418,706)
Other income
(expenses)
Interest and
other income 278,287 26,792
Foreign exchange 29,634 (64,503)
---------- ----------
307,921 (37,711)
---------- ----------
(Loss) from
continuing
operations (4,966,913) (1,456,417)
Discontinued
operations
(Loss) earnings
from operations 1,231,631 (288,922)
Estimated (loss)
on disposal (787,166) -
---------- ----------
(2,018,797) (288,922)
---------- ----------
Net (loss)
for the period $(6,985,710) $(1,167,495)
========== ==========
(Loss) earnings
per share
Continuing
operations $(0.26) $(0.10)
Discontinued
operations $(0.11) $0.02
---------- ----------
Net (loss) $(0.37) $(0.08) |
