Briefing.com having a field day with NSCP tonight. They do explain in second of links that the revenue from Excite has not been recognized, but NSCP did sell some unnamed stock to achieve the bogus breakeven. NSCP could be the next APM. How sad.
briefing.com
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Netscape just ran a clinic in how not to report earnings. In what has to be the worst attempt at concealing a lousy quarter in recent memory, NSCP lumped a quarter's worth of losses into a black hole called January, and used the sale of securities to eke out a breakeven figure for the February-April quarter. As our earlier comment noted, Netscape took advantage of a shift in their reporting schedule to dump losses into January. In the conference call, Chief Administrative Officer Peter Currie ducked questions about January three times. He at first said that January was slow because it was the beginning of the quarter, then later said that "we just didn't get much done" because people were worried about layoffs. If you're going to play games with the numbers, at least be ready for the questions. Even after dumping a $0.58 per share loss into January, Netscape still couldn't post a legitimate breakeven number for Feb-Apr. The company reported a $10.1 mln operating loss in Q2, but an $8 mln sale of unnamed securities helped take the final number up to breakeven. <<<<<<<<<<<<<<<<
briefing.com
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Also, no revenue from the recent deal with Excite has yet been recognized. No details were given for a schedule of how the $70 million deal will be recorded.
With NetCenter, Netscape is laying out as its business plan a direction that AOL and Yahoo have already trailblazed and which is already crowded with imitators. If only Netscape had chosen this direction in 1995! Yahoo might not even exist. <<<<<<<<<<
re AOL >>Look where they are now.<< Yeah, these little piggies are laughing all the way to the bank. |
