Banyan (BNYN $8.75) as an internet play Message Board

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Technology Stocks : Banyan (BNYN $8.75) as an internet play

BNYN 0.000001000

-99.5%

May 1 11:25 AM EST

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To: brk who wrote (814)	4/8/1999 9:33:00 AM
From: Michael Seymour	Read Replies (1) of 1006

Switchboard actually had a revenue decline from Q3 to Q4 from $1.9 million to $1.8 million. In general in an IPO, you never want to show revenue declines in your prospectus. Obviously, there is nothing "in general" about the internet, however, this may be a factor in the decision process. The loss of part of the AOL contract in Q4 (end of November)was significant (accounted for an estimated 20% of revenues at that time per 10-Q). The first quarter will be light those AOL revenues as well(approx $1.6 per year, $0.4 per quarter), so I believe that the Company may be hoping to recover that shortfall with new contracts. It may be the end of Q2 '99 before anything is announced. There is no time like the present, however, good press for Infospace, a stock split, soaring internet valuations. I just hope that the whole sector doesn't get caught in a big profit taking downdraft given the huge runups in AOL and YHOO lately. We will likely see the 12s or 10s again for this stock before any announcement. I would love to be wrong.

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