Hi mact,
Re: does someboady know something?... What is there to know? This stock is simply withering along with investor hope that the company will actually create a plausible business plan some day. In the meantime, we get prospectuses proposing to foist half a million new shares on the market, for the sake of insiders, with none of the proceeds for legitimate corporate purposes. Perhaps Mr. Market is concerned about a tad bit of a dilution?
I don't know about you, but I find this admission from the latest SEC 424B3 Filing, Oct. 3, 2000 to be chilling:
Operating results. We had revenue of $1.8 million in 1997, $1.5 million in 1998, $6.3 million in 1999 and $16.2 million in the first six months of 2000. We had net losses of $2.7 million in 1997, $4.7 million in 1998, $30.7 million in 1999 and $123.2 million in the first six months of 2000. As of December 31, 1999, we had cumulative losses of $38.5 million. As of June 30, 2000, we had cumulative losses of $161.7 million. On a pro forma basis, giving effect to the acquisitions of Mobeo, Inc. in September 1999, LocusOne in February 2000, Riverbed in March 2000 and NetSearch in April 2000, and the acquisition of IFX in April 2000 and the related formation of Sila in May 2000, we had revenue of $31.8 million and a net loss of $302.7 million in 1999 and revenue of $21.5 million and a net loss of $174.0 million in the first six months of 2000.
Heck, at this rate, considering the utter inability of the company to generate meaningful revenues, they're on a track to have lost a billion by the end of 2001. :) Not exactly how business is supposed to work, IMVHO.
-Ray |
