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Technology Stocks : General Magic
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To: James Strauss who wrote (9882)12/25/2001 5:58:17 PM
From: dgurgel  Read Replies (2) of 10081
 
Re: $1 per month to GMGC for first 2 million Onstar subscribers?

Right now GMGC effectively gets $0.0475 per month per subscriber; $1.00 per month per subscriber is well off the mark. (GMGC gets $95,000 per month for the first 4 million minutes, and with two million current subscribers I am told GMGC is not even close to four million minutes per month.) NOC "services in excess of 4 million minutes per month is subject to incremental per minute rate increases, ranging from $.056 per minute for the first half million minutes in excess of 4 million minutes of use per month to $.018 per minute for minutes in excess of 20 million minutes of use per month."

GMGC Onstar revenues for 2002 are unlikely to exceed $5.6 million for the support contract plus $95,000 X 12 plus perhaps $1.5 million for special projects and growth in NOC minutes beyond 4 million per month. This would be a total of $8.2 million for the year.

See the SEC 10Q/A of 11/13 for the details on the Onstar contract.
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