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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis

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To: Anthony@Pacific who wrote (1774)	9/14/1998 8:58:00 AM
From: Q.	Read Replies (1) of 2506

Anybody have an opinion on Cybercash, CYCH? They are a phenomenal cash burner, using up $12 M in the last 6 mos, while generating only $3.6 M revenues. They've run up an accumulated deficit of ($79 M). The stock has fallen accordingly, from 40 (2 years ago) to 8 now. Market cap is $127 M, and even after this big fall, the PSR is still fairly high at 14. They've done some convertible preferred private placements of convertible preferred, although the discount from market price doesn't begin until Feb. 99. They have no immediate liquidity problems, since the mgmt. discussion in the last 10Q says they have enough cash for 12-15 mos. IPO was early 1996 by H&Q. Looks like they've been a disappointment since then, judging from the terrible chart, but I don't know enough about the product -- its prospects and competition -- to evaluate the co. myself.

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