Just thought you all might like to see this. Hate to say it but based on this very limited info Patti Hart doesnt exactly strike me as material suitable for the big leagues.
Telocity Revenues Increase 63% Sequentially in Fourth Quarter; Subscriber Base Reaches Approximately 48,000
eric: 48,000 subscribers! Whoa!
CUPERTINO, Calif.--(BUSINESS WIRE)--Jan. 25, 2001--Telocity (Nasdaq NM: TLCT), a leading provider of residential broadband services nationwide, today announced financial results for the fourth quarter and year-ended December 31, 2000.
For the fourth quarter, subscribers doubled to 47,911 from 23,494 in the third quarter ended September 30, 2000.
Revenues for the fourth quarter grew to $4.7 million from $2.9 million in the third quarter, which represents a 63% increase on a sequential basis.
For the year ended December 31, 2000, revenues increased to $9.4 million from $0.2 million for the year ended December 31, 1999. The company did not begin generating revenues until the third quarter of 1999.
"We are pleased that we were able to meet our subscriber growth and earnings targets during the quarter, despite significant challenges in the marketplace and uncertainties around our continued funding," said Patti Hart, Chief Executive Officer of Telocity. "Our hard work culminated last month with the signing of a definitive agreement with HUGHES Electronics, wherein they agreed to acquire all the outstanding shares of Telocity for $180 million in cash, or $2.15 per share. Through this agreement, we believe that we can continue to build on our strengths and realize our mission of becoming the leading provider of lifestyle-enhancing broadband services to and throughout the home."
The loss before interest, taxes, depreciation, and amortization (EBITDA) was $(33.3) million in the fourth quarter, compared with an EBITDA loss of $(28.6) million for the third quarter of 2000.
As anticipated, the company's operating expenses increased during the quarter, with cash-based marketing and sales expenses returning to levels previously associated with the company's growth.
Net loss for the fourth quarter ended December 31, 2000, excluding the amortization of stock-based compensation, was $(38.1) million,
eric: $38.1 million loss on $4.7 million in revenues!
or (0.50) per share, based on 77.0 million shares outstanding. On a sequential basis, this compares with a net loss, excluding amortization of stock-based compensation, of $(32.0) million, or
(0.42) per share, based on 75.5 million shares outstanding for the third quarter ended September 30, 2000.
As of December 31, 2000, the company reported a net installable backlog of 13,645, almost double the third quarter backlog of 7,234 subscribers.
At December 31, 2000, the company had cash and cash equivalents of $44.4 million.
eric: at this burn rate the company had about 3 months to live before they managed to find someone stupid enough to buy them. Is this our new leader? |
