| Beyond.com was an
Internet pioneer, starting in 1994. Unfortunately, like most other e-tailing
stocks, Beyond.com has seen its stock price plunge.
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Interestingly enough, there was much concern that Beyond.com would be
delisted from Nasdaq. But the company was able to re-gain compliance and
will remain on the exchange.
In the second quarter of 2000, revenues were $30.7 million, which was only a
17 percent increase from the same period a year ago. Although, during this
time, the company was able to reduce its operating expenses by 44 percent.
But the company is in transition. No longer is the company focused on being
an e-tailer of software solutions. Rather, Beyond.com has two priorities:
developing transactional systems for other companies (known as eStore) and
providing downloadable software solutions to government agencies. For
example, the sales of the government division were up 207 percent from last
year. As for the eStore Group, it saw a 75% increase.
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Cash? Well, it is okay. Beyond.com has $42.6 million in the bank. But
this is likely not to be enough. In fact, the CEO has indicated he is
seeking financing options.
Currently, the company is expected to reach breakeven by the fourth quarter
of 2002. Obviously, this is not acceptable to shareholders. So, in the
fourth quarter, Beyond.com will provide a revised target for breakeven.
Beyond.com has a new CEO: Ronald Smith. He has 34 years experience in the
software and hardware industries. Formerly, he was the president of
Merisel, North American Distribution.
So far, he has been making the right moves. Actually, the stock has been
showing some strength lately. But, it will take some time for the company
to make a turnaround.
In other words, the risk is still very high. But perhaps a way to play the
company is to purchase its convertible subordinated notes. This is a debt
instrument, which has a coupon rate of 10-7/8%. The note is due in December
1, 2003. What's more, you get the upside of the stock if it does
turnaround.
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