Hi guys,
Still long on CMTO, and this means my position is worth... not much.
With these sales numbers, they will likely generate a bigger
loss than last Q. Last Q cash burn was 16 M
(I'm excluding in-process R&D which is non-cash)
In their lastest 10-Q, their cash reserve is about 54 M.
While they took steps to cut costs, I'm assuming this Q's
cash burn will be bigger than 16 M. Let's say 20 M.
At this rate, the company could only keep going for
another 1-2 quarters. Scary. More scary, if they have new
financing in place, this will likely dilute the shares
enormously.
Whatever I could have thought of TERN in the past, I
believe they were very smart to issue 500 M worth of notes.
They have 450 M more than CMTO to weather the storm...
To better days,
Francois
Tuesday April 3, 6:24 pm Eastern Time
Press Release
SOURCE: Com21, Inc.
Com21 Preannounces First Quarter Revenue
MILPITAS, Calif., April 3 /PRNewswire/ -- Com21, Inc. (Nasdaq: CMTO - news), a global supplier of systems solutions for the broadband access market, today announced that first quarter revenues for the three months ending March 31, 2001 will be between $30 and $32 million.
Craig Soderquist, Com21 president and CEO, commented, ``As we described in our mid-quarter conference call, the cable operators' industry-wide inventory rebalancing continued from last year into the first quarter, impacting our revenues, as well as those of everyone else in our sector.''
The Company also announced a teleconference to report its financial results for the first quarter, scheduled April 19, 2001 at 5:00 p.m. Eastern Daylight Time (10:00 p.m. Greenwich Mean Time).
Added Soderquist, ``During the conference call we will provide additional details regarding our financial outlook, along with actual results. In addition, we will report on actions taken during the first quarter designed to cut costs and improve our financial position.''
Access details for the conference call are as follows:
Date: April 19, 2001
Time: 5:00 p.m. EDT, 4:00 p.m. CDT, 3:00 p.m. MDT,
2:00 p.m. PDT
Dial-in numbers: 913-981-5508 - International
800-289-0437 - Toll free
Pass Code: 516785
Simultaneous Webcast: com21.com
An audio replay will be available at 1-888-203-1112 or 1-719-457-0820 (international) using pass code 516785 from 8:00 p.m. EDT April 19 through midnight May 3, 2001.
About Com21, Inc.
Com21, Inc. (www.com21.com) is a leading global supplier of system solutions for the broadband access market. The Company's DOCSIS, DVB, and ATM-based products enable cable operators and service providers to deliver high-speed, cost-effective Internet and telephony applications to corporate telecommuters, small businesses, home offices, and residential users. As of December 31, 2000, Com21 has shipped over 1.2 million cable modems worldwide, along with over 1,400 headend controllers. Com21 systems offer commercial service in cable systems passing 17 million households worldwide.
Com21 is an ISO 9001 registered company with over 450 employees worldwide. The Company's corporate headquarters is located in Milpitas, California, USA, with its European headquarters in Delft, The Netherlands. In addition, Com21 maintains research and development facilities in Ireland, Israel, Maryland, and New York, as well as sales and support offices in the United States and Canada, Europe, Asia, and Latin America.
Safe Harbor Act Clause
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934, and is subject to the safe harbors created by those sections.
This press release contains forward-looking statements related to revenue results for the first quarter of 2001. Actual results may differ materially due to a number of factors, including the completion of the accounting close, and management's estimates for sales returns. The matters discussed in this press release may also involve risks and uncertainties concerning Com21's products and services described in Com21's filings with the Securities and Exchange Commission (SEC). In particular, see the risk factors described in the Company's most recent Form 10-K. Com21 assumes no obligation to update the forward-looking information contained in this press release.
NOTE: Com21® is a registered trademark of Com21, Inc., Milpitas, California, U.S.A. All other trademarks are the property of their respective owners.
SOURCE: Com21, Inc. |
