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Technology Stocks : LUMM - Lumenon Innovative Lightwave Technology Inc. -- Ignore unavailable to you. Want to Upgrade?

To: richroni who wrote (2342)	10/2/2001 10:58:46 AM
From: Kent Rattey	Read Replies (2) \| Respond to of 2484

Oh, I see what your doing. Your taking the Presidents Sept 30 cash approximation and subtracting the June 30th cash position off the balance sheet and deducting their burn rate from that, and your looking for accuracy? Maybe you should give up investing and take up comedy. Here’s a little accuracy... Lumenon's overall loss for the fiscal third quarter ending March 31, 2001 totaled CDN$8,670,000 (US$5,497,000). Lumenon's loss for the fiscal fourth quarter ending June 30, 2001 totaled CDN $15.2M (US$ 10.0M). NOTE below: As of May 31, the Quebec-based company had $15.2 million in cash, compared with $17.2 million as of March 31. (Yet, somehow they still managed to lose 10 million big ones…June must have been a very tough month!!!!) Kind of blows the hell out of that theory doesn't it??????? NEW YORK (Dow Jones)--Lumenon Innovative Lightwave Technology Inc. (LUMM), citing current business conditions, eliminated about 25% of its staff, reducing headcount to about 90 employees as of Friday from 120. The cuts were among administrative and support staff. In a press release Friday, Lumenon said it will post a restructuring charge of about $1.55 million over several years. For its third quarter ended March 31, the maker of integrated optics devices posted a loss of $5.5 million, or 14 cents a share, on no revenue. The staff cuts are part of Lumenon's three-part growth strategy, which also comprises refocusing on growth markets and leveraging core strengths. Under the plan, Lumenon will accelerate its transition from manufacturing simple passive components to offering products and services ranging from optical chips to integrated photonic devices. As of May 31, the Quebec-based company had $15.2 million in cash, compared with $17.2 million as of March 31. Lumenon's shares recently traded at $1.17, down 5 cents or 4.1%, on Nasdaq volume of 127,300 shares. Average daily volume is 136,833 shares. Company Web site: lumenon.com -Dorothea Degen; Dow Jones Newswires; 201-938-5400 (END) DOW JONES NEWS 06-08-01 11:44 AM ---------------------------------------------------------------- For the fiscal year ended June 30, 2001, the loss was CDN $58.4M (US $38.6M), or CDN $1.58 (US $1.04) per share, compared with CDN $223.6M (US $151.2M), or CDN $8.80 (US $5.95) per share for the fiscal year 2000. For the mathematically challenged, they have lost 189.8 million dollars in 2 years. As of June 8th, they had 90 employees, and now they have less than 12 million to take them to the promised land! Best of luck! Message 15860167