Tulipomania Blowoff Contest: Why and When will it end? Message Board

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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end?

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To: Sir Auric Goldfinger who started this subject	12/10/2000 7:30:36 PM
From: RockyBalboa	of 3543

Sir! About Horseman #5, CMGI; should I buy the story? >>>>>>>>>>>>>>>>>>>>>>>> CMGI CEO sees spending falling to $45 mln by July 2001 NEW YORK, Dec 10 (Reuters) - David Wetherall, the chief executive of Internet operating and development company CMGI Inc. (NasdaqNM:CMGI - news), said on Sunday that the company's spending from operations will drop to $45 million by its fiscal fourth quarter ending July 2001 from $225 million this July. In an interview with The New York Times posted on the company's Web site, he said that the company is marching on to boost revenue and achieve profitability. CMGI, whose holdings include Internet search engine AltaVista, has unloaded some investments in an effort to reach profitability as investors grow impatient with money-losing online ventures. The company said recently it was selling its free Internet access business 1stUp.com as well as entertainment Web site iCAST because it needed to exit businesses that were not going to be profitable in the near term. ``Our cash burn is dropping dramatically as we concentrate on the companies that are more mature within the portfolio and have clear paths to profitability on an EBITDA (earnings before interest, tax, depreciation and amortization) basis,'' he said. Wetherall said that he expects four of the company's five Internet segments to be profitable on a cash basis by the company's fiscal year end. He said the company has enough cash on hand for the next 30 months -- the parent company having $900 million plus $200 million in subsidiaries and $200 million in marketable securities. Wetherall also said the company has ``intentionally'' reduced its focus on advertising-based Internet ventures such as free online access services saying that more than 73 percent of the company's revenues come from models other than advertising. A slowing ad environment has dented Internet companies' revenues as they can no longer depend on big-spending advertisers to pour money into Web advertising. ``Advertising will continue to be a major force for the Web, but it will be slower to develop than other revenue sources,'' Wetherall said. CMGI's shares closed up $1-1/8 at $11-15/16 on the Nasdaq on Friday, well off their 52-week high of $163-1/2 and above their 52-week low of $9-1/2.

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