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Technology Stocks : Aztec (AZTC) Technology Partners, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Bill Evans who wrote (177)	11/14/1999 8:19:00 PM
From: EdR	Read Replies (2) \| Respond to of 215

Any comments about the following ? <<Aztec Technology plans IPO of Web consulting unit BOSTON, Nov 9 (Reuters) - Aztec Technology Partners Inc (NASDAQ: AZTC), which builds Web sites for businesses, said on Tuesday it is planning an initial public offering of about 20 percent of its Web consulting business. The consulting business is led by its Web-based applications subsidiary PCSI. The IPO, targeted for the first half of 2000, is the best way to reveal and increase shareholder value, said Ira Cohen, Aztec president and chief operating officer, who pointed to the market successes of companies that build business Web sites such as Viant Inc. (NASDAQ: VIAN) and Scient Corp. (NASDAQ: SCNT). The company is exploring the option of a tax-free spin-off and has requested a private letter ruling from the Internal Revenue Service, Aztec said. Earlier Tuesday Aztec reported a third quarter loss of $32.5 million, or $1.46 a diluted share, compared to a profit of $3.0 million, or $0.13 a diluted share in the year earlier quarter. The quarterly loss includes a restructuring charge of $4.8 million and intangible asset write-downs of $41.7 million, which are primarily non-cash related. Those had previously been announced as part of the restructuring initiatives, Aztec said. The company also said it will sell nonstrategic businesses such as its voice and cabling operations through its investment banker Donaldson, Lufkin and Jenrette. It will continue to reshape its e-Integration business by decreasing commodity hardware sales and increasing networking services revenues, Aztec said. It also will continue to explore ways to pay down debt, the company said.