Calling all those who are not yet tired of Internet shorts. SportsLine files for secondary.
biz.yahoo.com
<<Of the 4,000,000 shares being offered, 2,275,430 shares are being offered by SportsLine USA, Inc. and 1,724,570 shares are being offered by selling shareholders. >> (Pretty new IPO, they can't wait to sell at these levels!)
Also, from a PR earlier in the week
<<..ORLANDO, Fla., March 16 (Reuters) - Sportsline USA Inc (SPLN) chief executive Michael Levy said on Monday advertising would be a key driver of the internet media company's eventual profitability, expected by analysts by 2000.....
...Levy told investors at a Raymond James & Associates conference that the Fort Lauderdale-based group, which strives to be a one-stop internet shop for sports fans, was ''in the right place at the right time''.
''We think that we beat our competition in everything that we do,'' he said. ''We think this area is going to be huge.''
My note(I really don't think the big sport fans are going to be spending as much time online as they think, for many reasons! Lets see Market cap of ~ 367M, and sales of ~ 10M, AND they see ads as how they will make money!)
Sportsline posted a $2.56 loss per share for fiscal 1997, with an estimated loss of $2.06 predicted for this year and $0.61 cents for the full year forecast for 1999 by Raymond James.>>
Hmmmm, maybe by 2002 they will make a few cents, on the other hand like these MF mgrs say the longer they don't have to make money the safer they seem to be.
Dave |
