psinet.com
"At September 30, 2000, PSINet had cash, restricted cash and short-term investments of $1.0 billion, compared with$1.5 billion at June 30, 2000. The company's debt obligations were $3.6 billion at September 30, 2000, the same as they were at June 30, 2000."
biz.yahoo.com
"As of March 2, 2001, PSINet had $0.3 billion of cash, cash equivalents, short term investments and marketable securities, including approximately $27 million in restricted amounts."
500 million burned from Q3 to Q4. Another 700 million gone from October through March? 700 million in 5 months? If that is the case then where is the reduced capex?(see Q3 earnings release "“These include reductions in planned capital expenditures of between $100 million and $200 million")
300mill+300mill(TNS)+75mill(estimated from Global Sol.+San Fran Facility)+0mill(estimated proceeds from Inter.net...grimace)=675mill, which in itself is not bad, but if cash is still burning like a wildfire that gives us only about 5 more months of life.
Not the kind of story to help you sleep at night,
cg |
