Analysts say the loss was greater than expected. "The Company exited fiscal 2001 with... a negative working capital position of [CDN]$304,000," wrote analyst Brian D. Pow (!) of Acumen Capital Partners in a research note today. "Based on the Company's cash utilization and current growth rates, cash will continue to be tight and the Company will need at least an additional [CDN]$10 million in cash for fiscal 2002."
Pow downgraded his BakBone ratings from Buy to Hold, and his 12-month stock price target from CDN$10 to CDN$3.60. At press time today, BakBone's shares were trading at CDN$3.65 on the Toronto exchange.
BakBone's ambition is to make sufficient funds on the U.S. markets to carry on its growth strategy, which includes selling its products through various bundling arrangements. Right now, BakBone has bundling deals with FalconStor Software Inc., IBM Corp. (NYSE: IBM), Nishan Systems Inc., and Seagate Technology Inc.. It also has a joint development agreement with FalconStor.
Brian Pow says arrangements like these are key to the future success of BakBone, which up to now has been successfully signing up resellers but not gaining revenue, due in part to the overall economic climate.
- Mary Jander, Senior Editor, Light Reading
http://www.lightreading.com
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