Nice way to say that it's over:
Medscape/MDLI:
see: biz.yahoo.com
At June 30, 2001, the Company had approximately $18 million in cash and investments and consumed approximately $15 million during the second quarter, a utilization rate less than previously projected.
Donald A. Bloodworth, chief financial officer of Medscape said, ``We were pleased that cash consumption during the quarter was less than our internal expectations, however, due primarily to slower than anticipated revenue growth, we are further reducing the Company's cost structure. We will continue to be proactive in managing our cash position through strategies such as our recently announced plans to sell Total eMed, Inc., our transcription business, and additional actions disclosed in today's announcement. These actions clearly demonstrate to current and future customers that this enterprise will take the appropriate actions necessary to protect their investment in Medscape's products and services.''
Bloodworth continued, ``Internet portal revenue increased modestly during the quarter while many portals continued to experience revenue erosion. This is a strong indication of the value our portals provide the medical and consumer communities. Additionally, interest in our digital health record (DHR) product portfolio remains strong and as healthcare providers begin the planning and evaluation cycle for compliance with new federal privacy and security regulations under HIPAA, we anticipate this demand will grow significantly. However, we are taking a conservative view of near term revenue growth in resizing the Company and expect cash consumption for the third and fourth quarters of 2001 to be approximately $10 million and $8 million, respectively. This planned reduction in cash utilization combined with the proceeds from the sale of our transcription business should allow the Company to operate into the first quarter of 2002 without the need of additional financing.
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Hmmm, 18 - 10 - 8 = ?? |
