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Politics : High Tolerance Plasticity
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To: stockman_scott who wrote (9940)10/25/2001 6:39:43 PM
From: The Ox  Read Replies (3) of 23153
 
Hi Scott,
I just finished listening to the CORV conf call. They are moving forward and have substantially reduced the cash burn. Currently they have $715MM in cash and expect that to drop near $640 at the end of the next QTR. I didn't take notes but I believe they are projecting cash burn around $120MM for next year (so they expect to have about $500MM+/- cash at the end of 2003). They have a huge range for their next quarter estimate for revenues of $15 to $35MM. They are in the process of having a product qualified by Qwest which should be completed in Q4. If they complete the process then they might recognize some of the revenue in Q4, which is why the range is so large. Telefonica and France telecom revenue won't be seen until 1 or 2nd Qtr of 2003 at the earliest.

All in all, they seem to be doing fine. No vendor financing but they are letting their customers have extremely long payment terms, some over 90 days if I understood their answers correctly. They did mention that they've already received 40% of the outstanding A/R since the end of the quarter but they were probably referencing "past due" A/R, not what they consider "current".

If you own CORV, I think it's going to take patience but I do believe they will be one of the survivors, fwiw.
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