N2H2 (censorware co.) bankruptcy-watch, april update
It's been a few months since my last look at the finances of the censorware-maker N2H2, and how much they're "dead company walking". They've just reported "Second Quarter Financial Results". The graveyard-walk continues, though granted, they seem to have only taken a baby-step this time around. Key item:
Net loss for the quarter was the lowest in company history at $187,000, or $0.01 per share, a 90 percent reduction from the net loss during last year's second quarter of $1.9 million.
So they have income roughly balanced with expenses, due to all the past layoffs. But they still have a deficit of 1.885 million. Their revenue is roughly 2.6 - 3.1 million per quarter. Expenses can't go much lower - they can only fire somebody once. So I'm having a hard time seeing a reasonable way that they can overcome that deficit. I suspect the death-march will go on.
By Seth Finkelstein | posted in censorware | on April 26, 2003 11:59 PM (Infothought permalink) | Followups
