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Former name, former address and former fiscal year, if changed since last report
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No __
State the number of shares outstanding of each of the issuer`s classes of common equity, as of the latest practicable date.
23,727,698 shares of common stock were outstanding as of May 20, 2001.
Transitional Small Business Disclosure Format (check one):
Yes ___ No X
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
INDEX
Page
Number
PART I FINANCIAL INFORMATION..........................................................3
Item 1. Financial Statements...........................................................3
Consolidated Balance Sheet at March 31, 2001 (unaudited) ......................4
Consolidated Statements of Operations for the three and six
months ended March 31, 2001 and March 31, 2000 (unaudited).................5
Consolidated Statements of Cash Flows for the six months
ended March 31, 2001 and March 31, 2000 (unaudited)........................6
Notes to Unaudited Consolidated Financial Statements...........................7
Item 2. Management`s Discussion and Analysis or Plan of Operation.....................18
PART II OTHER INFORMATION.............................................................23
Item 1. Legal Proceedings.............................................................23
Item 2. Changes in Securities and Use of Proceeds.....................................23
Item 3. Defaults Upon Senior Securities (not applicable)..............................24
Item 4. Submission of Matters to a Vote of Security Holders (not applicable)..........24
Item 5. Other Information.............................................................24
Item 6. Exhibits and Reports on Form 8-K ...........................................25
SIGNATURES
2
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
travelbyus, Inc. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
March 31,
2001
ASSETS:
Current assets:
Cash and cash equivalents 473
Accounts receivable, net 4,157
Inventory and barter credits 573
Prepaid expenses and other current assets 990
Marketable securities 139
Assets of discontinued operations 811
------------
------------
Total current assets 7,143
Goodwill, net 41,844
Assets of discontinued operations 1,829
Software, contracts and other intangible assets 18,965
Deposits and restricted cash 4,354
Property, plant and equipment, net 3,423
Other assets 321
------------
Total assets 77,879
============
3
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
March 31,
LIABILITIES AND STOCKHOLDERS` EQUITY: 2001
Current liabilities:
Bank indebtedness 663
Accounts payable and accrued liabilities: 14,095
Notes payable 12,193
Current portion of debt 11,753
Deferred tax liability 892
Other current liabilities 2,248
Liabilities of discontinued operations 4,666
--------------
Total current liabilities 46,510
Long-term debt, net of current maturities 4,750
Due to related parties 222
Liabilities of discontinued operations 309
--------------
Total liabilities 51,791
--------------
Stockholders` equity:
Series B 12% cumulative preferred stock, $10,000
liquidation preference 4
Common stock, $.01 par value; 250,000,000 shares
authorized; 23,727,698 shares issued and outstanding 153,064
Additional paid-in capital 63,427
Accumulated deficit (190,407)
--------------
--------------
Total stockholders` equity 26,088
--------------
--------------
Total liabilities and stockholders` equity 77,879
==============
The accompanying notes are an integral part of the unaudited consolidated financial statements.
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three months ended Six months ended
March 31, March 31,
2001 2000 2001 2000
---- ---- ---- ----
Net sales 3,434 2,803 5,813 4,883
Costs and expenses:
Cost of net sales 1,311 1,498 1,738 2,399
Selling, general and administrative 7,857 3,785 14,614 7,304
Depreciation and amortization 3,431 777 9,941 1,195
------- ------- ------- -------
Total costs and expenses 12,599 6,060 26,293 10,898
------- ------- ------- -------
Operating income (9,165) (3,257) (20,480) (6,015)
Other income (expense):
Interest expense, net 1,441 807 2,339 1,462
Other income (expense) (680) (8,490)
------- ------- ------- -------
Pretax loss (11,286) (4,064) (31,309) (7,477)
Income tax provision (recovery) 24 (3,194)
------- ------- ------- -------
Loss from continuing operations (11,286) (4,088) (28,115) (7,477)
Income (loss) from discontinued operations 71 71
------- ------- ------- -------
Loss before extraordinary item (11,215) (4,088) (28,044) (7,477)
Loss on repayment of debentures (699) (699)
------- ------- ------- -------
Net loss (11,215) (4,787) (28,044) (8,176)
====== ====== ====== ======
Loss per common share:
Loss from continuing operations
($0.49) ($0.32) ($1.22) ($0.60)
Loss from discontinued operations
and -- ($0.06) -- ($0.06)
extraordinary items
Net loss per share (basic and diluted) ($0.49) ($0.38) ($1.22) ($0.66)
Weighted average shares outstanding (basic and diluted) 22,970,978 12,445,530 22,970,978 12,445,530
The accompanying notes are an integral part of the unaudited consolidated financial statements.
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months ended March 31,
2001 2000
---- ----
Cash flow from operating activities:
Net Loss for the period (28,044) (8,176)
Items not affecting cash:
Writedown of marketable securities 150
Depreciation and amortization 5,639 1,347
Interest accreted on debentures 961
Reduction of deferred income tax credit (3,200)
Valuation adjustments- goodwill 4,302
Valuation adjustments- intangibles & other assets 3,742
Extraordinary loss on repayment of debentures 699
Net change in non-cash working capital items:
Increase in security deposits (534)
Accounts Receivable and prepaid expenses (2,582) (494)
Inventory and barter credits (72) 533
Due to Related parties 16
Accounts payable and accrued liabilities 9,611 710
Customer deposits 253
Other current liabilities (847)
---------- ----------
Cash used by operations (11,301) (4,685)
Cash Flows from investing activities:
Cash paid for acquisitions (4,595)
Cash deposits on acquisitions (1,750)
Purchase of property and equipment (1,111) (1,299)
Investments (60) (4,764)
Reduction in restricted cash 523
Acquisition of Aviation Group and related valuation (12,249)
adjustments
---------- ----------
Cash used by investing activities (12,897) (12,408)
Cash flow from financing activities:
Bank borrowings 385 (134)
Non-bank borrowings 20,961
Issuance of notes payable 955
Repayment of notes payable (955)
Share issue costs (1,508)
Issue of special warrants 13,090
Issue of equity units 6,544
Exercise of options and warrants 3,032
Subscriptions received 1,910
Repayment of debentures (1,632)
Repayments to related parties (366)
---------- ----------
Cash provided by financing activities 20,980 21,302
Foreign exchange effect on cash 1,689
---------- ----------
Increase (decrease) in cash and cash equivalents (1,529) 4,209
Cash and cash equivalents, beginning of period 2,002 2,215
---------- ----------
Cash and cash equivalents, end of period 473 6,424
The accompanying notes are an integral part of the unaudited consolidated financial statements.
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1. Nature of operations and going concern
(a) Nature of operations
As discussed in Note 3, on January 25, 2001, Aviation Group, Inc., a Texas corporation, completed an arrangement (the "Arrangement") with travelbyus.com, Ltd., an Ontario corporation. Immediately prior to completion of the Arrangement, Aviation Group, Inc. changed its name to travelbyus, Inc. Under the terms of the Arrangement, Aviation Group, Inc. was the legal acquirer of travelbyus.com, Ltd. and travelbyus.com, Ltd. was the accounting acquirer. Accordingly, the historical financial information set forth herein is that of the accounting acquirer, travelbyus.com., Ltd. Current period financial results presented for the three and six month periods ended March 31, 2001 include only the results of travelbyus.com through January 25, 2001, the date the Arrangement was effectuated. For the balance of the three and six month periods ended March 31, 2001, the results of both constituent companies to the Arrangement are included. As used herein, the term the "Company" refers to the combined company or, prior to the Arrangement, either of the constituent companies, unless a distinction between the constituent companies is required. In any instance in which such distinction is required, the term "Aviation Group" refers to Aviation Group, Inc. prior to the Arrangement and the term "travelbyus.com" refers to travelbyus.com, Ltd. prior to the Arrangement. The Company and its subsidiaries are in the business of providing travel-related products and services targeted primarily at the leisure customer, including airline tickets and tour, cruise and group packages.
(b) Going Concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP") applicable to a going concern. The Company incurred a net loss before write-off and amortization of goodwill of approximately $18.1 million during the six months ended March 31, 2001, had an accumulated deficit of approximately $190.4 million and a working capital deficiency of approximately $39.4 million at the end of the period, and continued to incur losses subsequent to the period end. The Company used cash of approximately $11.3 million to fund operations during the six month period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year and the Company will require new sources of financing in order to continue its operations and satisfy its obligations in the normal course. Accordingly, the use of accounting principles generally accepted in the United States of America applicable to a going concern may not be appropriate because substantial doubt exists with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to raise additional financing, by eliminating redundant and unnecessary costs following its recent acquisitions and by working to realize the revenue potential of its recent acquisitions and products and services. However, the Company`s current business model has a limited operating history and its recent acquisitions have yet to be fully integrated. Subsequent to period-end, the Company raised a total of $31.0 million in various debt financings (note 12).
Although there is no assurance that the Company will be successful in these actions, management believes that it will be able to secure the necessary financing and improvement in operating cash flow to enable it to continue as a going concern. Accordingly, these financial statements do not reflect adjustments to the carrying value of assets and liabilities, the estimated useful lives of assets, the reported revenues and expenses and balance sheet classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material.
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2. Summary of significant accounting policies
A summary of the significant accounting principles and practices used by the Company in preparing its consolidated financial statements follows.
Basis of Financial Statement Presentation
The consolidated financial statements at March 31, 2001 are unaudited and reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and operation results for the interim period. All of the adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2001 are not necessarily indicative of the results for the entire year ending September 30, 2001.
The Company`s consolidated financial statements include the accounts of the Company`s wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
Revenue recognition
Travel sales consist primarily of net commission revenues derived from the sale of travel products including airline tickets, hotel and vacation property accommodations, car rentals, vacation packages including cruises and tours, and volume bonuses and overrides from suppliers of these products.
The Company provides internet related software development and support services primarily to member agents. Revenue related to these services is recognized ratably over the period these services are performed, provided collectibility is reasonably assured.
Loss per share
All per share amounts and calculations have been retroactively restated Basic loss per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include shares issuable for little or no cash consideration and for which all necessary conditions have been satisfied. Diluted loss per share is computed using the treasury stock method by including other potential common stock from exercise of stock options and warrants in the weighted average number of common shares outstanding for a period, if dilutive.
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The following table sets forth the computation of loss per share:
Three Months Ended Six Months Ended
March 31, March 31,
------------------------------------- ---------------------------------
2001 2000 2001 2000
-------------------- ---------------- ----------------- ---------------
Numerator:
-------------------- ---------------- ----------------- ---------------
Net income (loss) (11,215,000) (4,787,000) (28,044,000) (8,176,000)
==================== ================ ================= ===============
Denominator:
Weighted-average shares 22,970,978 11,958,516 22,970,978 11,958,516
Effect of dilutive securities:
Warrants and Employee stock options -0- 487,014 -0- 487,014
-------------------- ---------------- ----------------- ---------------
Denominator for diluted income (loss) per
share - adjusted weighted average
shares and assumed conversions 22,970,978 12,445,530 22,970,978 12,445,530
==================== ================ ================= ===============
Diluted loss per common share for the three and six months ended March 31, 2001 excludes 16,489,285 common shares issuable pursuant to various option, warrant, debenture and acquisition agreements because the effect would be anti-dilutive.
3. Arrangement with Aviation Group
In February 2000, Aviation Group entered into letters of intent and publicly announced a proposed three-way business combination with Global Leisure, Inc. and travelbyus.com.
Travelbyus.com and Aviation Group held shareholder meetings on December 20, 2000 to vote on the business combination, which was approved. On January 25, 2001, the Company completed the statutory Arrangement in accordance with Ontario, Canada law pursuant to which travelbyus.com was acquired by Travelbyus Canada Holdings Ltd., formerly known as Aviation Group Canada Limited, a Canadian subsidiary of Aviation Group. In connection with the consummation of the Arrangement, on January 24, 2001, Aviation Group also changed its name to travelbyus, Inc., effected a one-for-five reverse split of its common stock and increased its authorized number of shares of common stock from 10,000,000 to 250,000,000. Aviation Group`s pre-existing shareholders retained beneficial ownership of approximately 5% of the combined entity. The accompanying financial statements reflect the reverse split from the earliest period presented.
As part of the Arrangement, the outstanding common shares of travelbyus.com were converted into exchangeable shares of travelbyus.com on a one-for-one basis. Under the terms of the exchangeable shares and related agreements, every five exchangeable shares are exchangeable, at the holder`s election, into one share of the Company`s common stock. Any remaining exchangeable shares not previously exchanged will automatically be exchanged into the Company`s common stock on January 1, 2003, or earlier upon the occurrence of certain events. Each share of common stock of the Company that was outstanding prior to the Arrangement remains outstanding and unchanged by the Arrangement, except that every five shares now represent one share in accordance with the reverse split.
The combined companies have accounted for the transaction under the purchase method of accounting as if travelbyus.com had acquired Aviation Group and had recapitalized under the capital structure of Aviation Group. Accordingly, the combined company will record the assets and liabilities of the Aviation Group as being acquired by travelbyus.com in the Arrangement.
This acquisision resulted in goodwill of $6.8 million. As a matter of practice, the Company obtains an independent appraisal of the acquired assets to use as a basis to allocate goodwill among the various components acquired. Management has not made an allocation at the date of the accompanying financial statements, but will secure an appraisal as soon as practicably possible.
The following unaudited condensed results of operations for the six months ended March 31, 2001 and 2000 were prepared assuming the Arrangement had occurred on October 1, 2000 and 1999, respectively (in thousands):
For the six months ended
2001 2000
---- ----
Revenue 16,942 11,113
Net loss (35,696) (9,721)
Basic and diluted net
loss per share ($1.55) ($0.42)
The Company intends to dispose of all remaining non-travel related operations that were historically a part of Aviation
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Group. These non-travel related assets, liabilities and operations are presented as held for sale or discontinued in the accompanying financial statements at their estimated liquidation value.
4. Programming library
The Company acquired a media library. During the three months ended December 31, 2000, the Company received the balance of the first 40 episodes and has therefore reclassified the remaining balance of advances for programming services to the programming library. In addition, the Company capitalized and accrued for the remaining balance of advances due of $1.5 million with respect to the 40 new episodes. These advances were written off during the period to bring the carrying value of the programming library down to the estimated fair value.
The costs of the unreleased but completed programs have been capitalized, and are reflected in the financial statements at net realizable value of approximately $1.8 million.
5. Software and other assets
Pursuant to the terms of the share purchase agreement for Muffin Communications Ltd., the share consideration given for the rights to the wireless contract was subject to adjustment based on the trading price of the common shares of travelbyus.com on December 15, 2000. The combination of shares and/or cash to be paid or given to maintain the total consideration of $6.7 million or $6.70 per share pursuant to the adjustment formula, has not yet been decided by travelbyus.com. The required value of additional consideration of $6.3 million has been included in accrued liabilities as at December 31, 2000 and expensed in the period due to the continued significant uncertainty about the level of revenues expected to be derived from the underlying wireless customer base.
6. Credit facilities, Notes and Debt
(a) Credit facilities
Bank indebtedness totaled $2.4 million as of March 31, 2001, and was comprised of $663,000 from continued operations and $1.7 million from discontinued operations. Following is a brief discussion of each credit facility:
The Aviation Group subsidiaries of the Company have a $3.0 million line of credit facility with the CIT Group/Credit Finance, Inc. for working capital management purposes. The line of credit bears interest at prime plus 1.5% and extends through August 2001. Amounts available for borrowings are based on the level and composition of the Company`s accounts receivable and inventory. Outstanding borrowings under this line of credit at March 31, 2001 were $1.7 million. The line of credit is collateralized by substantially all of the assets of the Company`s aviation related operating subsidiaries and guaranteed by the Company. This amount is recorded as Liabilities of Discontinued Operations in the Balance sheet.
The Company has a note payable to a bank under a revolving credit agreement with a balance of $568,000 at March 31, 2001. Interest is at the bank`s index rate plus 0.25%. The facility is cross-collateralized by equipment, inventory and accounts receivable of General Electrodynamics, a former subsidiary of the Company.
A US subsidiary of the Company has an operating line of credit available of approximately U.S. $250,000, bearing interest at the bank`s prime lending rate plus 2.5%. As at March 31, 2001, $89,000 was outstanding. This facility has been fully paid and canceled in May, 2001.
A Canadian subsidiary of the Company has an operating line of credit available of approximately U.S. $431,000 (Cdn. $650,000), bearing interest at the bank`s prime lending rate plus 2.5%. During the prior year, the facility was terminated and the subsidiary agreed to repay $43,000 per month.
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At March 31, 2001, $7,000 was outstanding.
(b) Notes
March 31, 2001
--------------
DCM Asylum LLC 2,500
(i)
DCM KG LLC convertible loan 1,500
(ii)
Doerge credit facility (iii) 4,106
Aberdeen Capital (iv) 1,000
Pelham Funds (v) 3,087
Other - discontinued operations 111
------------
12,304
Less discontinued operations 111
------------
12,193
============
(i) In December 2000, the Company executed agreements relating to a $2.5 million loan from DCM Asylum LLC, a company related to Doerge Capital Management ("Doerge"). This loan matured on February 15, 2001 and has been extended until September 30, 2001. All other terms of the loan remain unchanged. In connection with the original loan, the Company issued warrants to purchase 250,000 of its common shares at an exercise price of $2.00 per share expiring in December 2005. The fair value of the warrants was expensed during the period as a financing fee. As consideration for the amendment of the maturity date a further 250,000 warrants were issued with an exercise price of $0.50 per share, expiring April 2004. The loan is collateralized by security interests in 150 shares of Series B preferred stock of the Company and substantially all of the assets of Mr. Cheaps Travel, Ltd., Gotham Media Group, Ltd. and travelbyus-Travel Magazine Incorporated, which are subsidiaries of the Company.
(ii) In December 2000, the Company borrowed $1.5 million from DCM KG LLC, a company related to Doerge. The loan matured February 5, 2001. The Company has amended the loan agreement and extended the maturity date to June 5, 2001. All other terms remain unchanged. The loan is secured by the guaranty of Travelbyus Cruise Operations, Inc. and Cheap Seats, Inc., which are subsidiaries of the Company, and the grant of a security interest on substantially all of the assets of Travelbyus Cruise Operations and Cheap Seats. In connection with the original loan, the Company granted warrants to purchase 300,000 common shares at an exercise price of $1.00 per share expiring on December 29, 2003. As consideration for the amendment of the maturity date a further 150,000 warrants were issued with an exercise price of $0.50 per share, expiring April 2004. The fair value of the warrants was expensed during the period as a financing fee. The loan is also convertible at the option of the lender into common shares of the Company at a conversion price of the lesser of $1.00 per exchangeable share or the seven-day weighted average trading price of the Company`s common stock.
(iii) In March 2001, the Company borrowed $3.4 million from DCM/Funding III LLC, a company related to Doerge. Under the agreement, Doerge is entitled to 300,000 share purchase warrants on terms to be agreed upon.
(iv) In January 2001, the Company borrowed $1.0 million from Aberdeen Strategic Capital LP. This loan matured in February 2001. The Company has subsequently extended the maturity date. In connection with the original loan, the Company granted warrants to purchase 200,000 common shares at an exercise price of $1.00 per share expiring on December 29, 2003. These warrants were exercised in March, 2001 for which an additional 300,000 warrants were issued at exercise prices ranging from $0.50 to $0.63 per share, expiring in April 2004. The loan is guaranteed by Cheap Seats, Inc. and Travelbyus Cruise Operations, Inc. and collateralized by a security interest in essentially all the assets of Cheap Seats and Travelbyus Cruise Operations Inc., which are subsidiaries of
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the Company. The loan is convertible into common shares of the Company at a conversion price of the lesser of $1.00 per exchangeable share or the seven-day weighted average trading price of the Company`s common stock, calculated on a pre-reverse stock split basis, plus a premium of 5%.
(v) The Company borrowed $3.0 million from Pelham Investment Fund on May 9, 2000. The promissory note requires quarterly interest payments at an annual rate of 12%, and matured in February 2001. The loan was extended and is now due on demand. In connection with the promissory note, the Company issued warrants to purchase 225,000 shares of its common stock at an exercise price of $7.50 per share. As part of the extension, the exercise price was reduced to $1.00 per share. The value of the warrants of $257,000 has been recorded as a discount, which is being amortized to interest expense over the term of the note. Additional warrants for 250,000 shares were issued in connection with the extension of the maturity of the loan at an exercise price of $1.00 per share and for a term expiring in March 2005.
(c) Other Debt
March 31, 2001
--------------
Senior redeemable debenture (i) 5,741
Travel 24.com convertible debenture (ii) 3,750
Amadeus NMC Holding convertible
debenture (iii) 2,000
Related Party (iv) 1,291
Doerge Capital Management (v) 3,635
Discontinued operations(vi) 683
Other 86
-------------
17,186
Less: Discontinued operations 683
Less: Current portion 11,753
-------------
Long-term portion 4,750
=============
(i) In September, 1999, the Company issued $8.1 million principal amount of its senior redeemable debentures. The debentures bear interest at a rate of 12.5% per annum, payable semi-annually, and mature on September 9, 2001. The Company may repay the debentures at any time. A lien on substantially all assets of travelbyus, Ltd. has been granted as security.
(ii) During November 2000, an additional $750,000 was advanced to the Company by Travel24.com. At that time, the conversion price on the total balance of the Company`s indebtedness to Travel24.com ($3.75 million) was reduced to $2.00 per share. These debentures mature in June 2002.
(iii) In December 2000, the Company borrowed $2.0 million from Amadeus NMC Holding, Inc. This loan bears interest at 8% per year and is repayable in eight equal installments payable quarterly commencing on March 31, 2001 and with a final installment due November 30, 2002. The loan is convertible into common stock based upon a weighted average trading price to be determined at the time of conversion. The balance of the loan will be automatically converted into common shares or exchangeable shares of the Company if and when Amadeus makes an equity investment in the Company. The Company`s chief executive officer, William Kerby, pledged 6,083,334 common shares in the Company beneficially owned by him to collateralize this loan. As consideration for this pledge, Mr. Kerby received warrants to purchase 1,500,000 common shares at $0.50 per share, expiring April 2006. The installment payment became past due on April 1, 2001. The Company is in discussions with the lender regarding the settlement of this payment.
(iv) This represents a demand note in the original principal amount of $1.3 million entered into to satisfy the demand of the former chairman of Aviation Group for severance payments.
(v) Comprised of advances and fees due to Doerge, the repayment terms and conditions are under negotiation.
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(vi) The Company received funds from Louisiana Economic Development Corporation ("LEDC"). The LEDC note matures in July 2003 and requires quarterly interest payments at an annual rate of 12%. This amount is included in Liabilities of Discontinued Operations on the Balance Sheet at March 31, 2001.
7. Common stock
Number of Common $Amount
Shares
---------------- --------------
Balance September 30, 2000 96,804,569 141,710,000
Shares issued on exercise of warrants 200,000 166,000
Shares issued on exercise of special warrants 7,692,300 7,196,000
--------------- --------------
Balance December 31, 2000 104,696,869 149,072,000
Shares sold 1,417,444 3,982,000
Acquisition of Aviation Group shares 4,956,722 10,000
Conversion of Series A Preferred shares 2,750,000 -0-
Issuance pursuant to acquisition price minimums 4,817,712 -0-
Adjustment for 1:5 reverse share split (94,911,049) -0-
--------------- --------------
Balance March 31, 2001 23,727,698 153,064,000
8. Commitments and contingencies
(a) During June 2000, the Company entered into an agreement with HealthyConnect.com Inc. ("HC.com"), a private health care related internet technology company. Pursuant to the terms of the agreement, HC.com will issue 1,200,000 common shares to the Company upon confirmation of necessary technical specifications to establish links between their respective web sites. The Company will issue 1,000,000 common shares in exchange for a further 1,400,000 common shares of HC.com upon certain conditions. Under the terms of the agreement, HC.com may request the Company to acquire up to 1,200,000 common shares of HC.com at $2.50 per share for total cash consideration of $3.0 million subject to satisfactory due diligence by and board approval of the Company. The completion of these transactions is subject to the necessary regulatory approvals. Through March 31, 2001, 17,500,000 shares have been exchanged. On August 8, 2000, the Company provided a demand loan to HC.com for $175,000 at 6% interest. The loan is secured by 1,200,000 common shares of HC.com and is included in advances.
(b) The Company received a financing and loan commitment from Doerge whereby Doerge directly and through its affiliates ("Doerge") agreed to purchase from the Company up to $1.5 million liquidation value of Series B preferred stock of the Company and to provide to the Company financing of up to $10.0 million. See Note 12.
9. Segment information
The Company operates within three operating segments: Travel, Technology and Other. The Travel segment provides a broad range of travel products, targeted primarily at the leisure customer, including airfare, hotel rooms, cruise packages, and
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ground packages. Products and services are offered through the traditional travel agency base, 1-800 call centers and the internet. Included in the Travel segment are the operations of the following subsidiaries: Mr. Cheaps Travel, International Tours, GalaxSea Cruises and Tours, Express Vacations, Cheap Seats, Bell Travel, Global Leisure and Travelbyus Cruise Operations.
The Technology segment designs and manufactures electronic data storage systems, develops internet accessible travel reservations systems, custom programming services, and a distributed website marketing system. Included in this segment are the operations of Legacy, Epoch, Prosoft and SiteRabbit.com.
Included in the Other segment are advertising and associate marketing operations of International Tours Inc., GalaxSea Cruises and Tours, Travelbyus Cruise Operations, and the operations of Aviation Group.
The accounting policies of the segments are the same as those described in Note 2. The Company evaluates the performance of its segments and allocates resources to them based on operating contribution, which represents segment revenues less direct costs of operations, excluding the allocation of corporate general and administrative expenses. Assets of the operating segments reflect primarily net accounts receivable associated with segment activities; all other assets are included as corporate assets. The Company does not track expenditures for long-lived assets on a segment basis.
The table below presents information on the revenues and operating contribution for each segment for the three and six months ended March 31, 2001 and 2000, and items that reconcile segment operating contribution to the Company`s reported pre-tax income (loss) from continuing operations (in thousands).
Three Months Ended Six Months Ended
March 31, March 31,
2001 2000 2001 2000
---- ---- ---- ----
Net sales of services:
Travel 1,699 2,113 4,078 3,681
Technology 1,350 187 1,350 326
Other 385 503 385 876
--------------- ------------- ------------- ---------------
3,434 2,803 5,813 4,883
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
Operating contribution:
Travel (7,081) (3,564) (21,358) (6,570)
Technology (1,026) (23) (1,763) (43)
Other (1,865) 327 (1,761) 592
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
(9,972) (3,260) (24,882) (6,021)
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
Consolidated expenses:
Interest expense 1,314 804 2,224 1,456
Investment Reduction 4,203
--------------- ------------- ------------- ---------------
Pretax loss from continuing operations (11,286) (4,064) (31,309) (7,477)
=============== ============= ============= ===============
14
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10. Stock options and warrants
The Company has a Stock Option Plan that provides for the granting of options to purchase common shares to directors, officers, employees and consultants of the Company. The number of common shares reserved for issuance under the Stock Option Plan shall not exceed 10,000,000 common shares or a greater number as approved by the shareholders of the Company. Terms of the options shall not be for a period less than one year or longer than ten years. The option price shall be fixed by the directors of the Company subject to price restrictions imposed by the regulators. All options were granted at or above market value at the date of grant. Accordingly, no current or deferred compensation expense has been recorded in the periods presented.
Stock option transactions
The following table summarizes information about the Company`s stock option activity:
Options
exercisable Number of Exercise price
at Options $
end of period
-------------- ------------- ------------------
Balance September 30, 2000 7,448,800 0.12 - 4.50
Options granted during the period 547,000 0.90 - 4.28
Options exercised during the period -0- -0-
Options expired during the period (406,500) 1.15 - 4.28
Options exercisable at end of period 3,483,967 0.12 - 4.50
------------ --------------
Balance December 31, 2000 7,589,300 0.12 - 4.50
Options expired during the period (50,000) 3.75
Adjust for reverse split (2,787,174) (6,031,440)
Options issued to Aviation Group 27,000 8.44 - 9.28
Options exercisable at end of period 700,633 0.40 - 14.93
------------ --------------
Balance March 31, 2001 1,534,860 0.40 - 14.93
============ ==============
Warrant transactions
Warrants granted in Travelbyus.com are convertible for exchangeable shares of the Company at the ratio before the reverse split effected in January 2001. The following table summarizes information about the warrant activity in the travelbyus.com warrant pool:
Number of Exercise price
underlying $
shares
---------------- --------------
Balance September 30, 2000 11,077,520 0.45 - 2.38
Issued on exercise of special warrants (note 6(a)) 3,496,500 1.67
Issued on debt financings (note 5 (b) and (c) 550,000 1.00 - 2.00
Special warrants exercised (6,993,000) 1.67
Debenture warrants exercised (200,000) 0.45
----------------- ----------------
Balance December 31, 2000 7,931,020 0.45 - 2.33
Issued on debt financings (note 5 (b) and (c) 300,000 1.00
Debenture warrants expired (6,778,250) 2.50 - 3.50
----------------- ----------------
Balance December 31, 2000 1,452,770 0.45 - 3.50
================= ================
15
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The following table summarizes information about the warrant activity in the Aviation Group warrant pool:
` Number of Exercise price
` underlying $
` shares
---------------- ---------------
Beginning balance at acquisition date 1,825,882 5.00 - 47.44
Issued on debt financings 10,410,000 0.50 - 7.00
Issued to management 2,100,000 0.50 - 0.75
----------------- ----------------
Balance March 31, 2001 14,335,882 0.50 - 47.44
================= ================
11. Series A Preferred Stock
In conjunction with the purchase of Global Leisure Travel, Inc. on May 10, 2000, the Company issued 1,650 shares of its 9% cumulative convertible Series A preferred stock for $10,000 per share ($16.5 million in the aggregate) to the Series A shares are convertible into common shares at the Company`s option. As additional consideration, warrants to purchase 750,000 shares of common stock at an exercise price of $5.00 per share were issued to the former owners of Global. The Series A shares were converted to common shares in January, 2001.
12. Subsequent events
(a) On March 27, 2001, the Company entered into a letter of understanding with American Leisure, Inc., a Florida corporation controlled by Malcolm Wright (ALI), under which the Company agreed to commit up to $1.5 million for a 50% ownership interest in a joint venture with ALI. Through this joint venture, the Company and Mr. Wright sought to acquire certain assets of Med Resorts International, Inc. (MRI), which was placed in receivership in August, 2000 in an action filed against it by the Federal Trade Commission and the Commonwealth of Virginia in the United States District Court for the Northern District of Illinois. Subsequently, the parties determined to seek to acquire and hold the MRI assets through American Vacation Resorts, Inc., a Florida corporation in which the Company and Mr. Wright would each hold a 50% interest (AVR). On April 13, 2001, the court entered an order granting the receiver`s motion to approve the sale of certain assets to ALI. Pursuant to the provisions of the asset purchase agreement entered into between ALI and the receiver in accordance with the court`s order, ALI subsequently assigned its rights under the agreement to AVR, which acquired the MRI assets on April 17, 2001.
The assets consist principally of notes of MRI`s vacation club members, three hotels and certain condominium units and time share intervals in hotel and resort properties. These assets were subject to existing secured debt of approximately $7.8 million. In accordance with the court`s order, the former MRI vacation club members have the right to terminate their vacation club membership and be released from any past or future liability on their MRI notes, or affirm their obligations and continue as vacation club members of AVR. AVR presently cannot estimate what amount of member notes will be affirmed, but is optimistic that a majority of members will continue their vacation club membership with AVR. AVR intends to continue to operate and seek to expand the former MRI vacation club business that it acquired and offer enhanced travel benefit fulfillment to vacation club members.
On April 30, 2001, the Company advised Mr. Wright that it had elected to exercise its option to acquire the remaining 50% of the common stock of AVR. While the letter of understanding suggests that the Company`s ownership in the entity holding the MRI assets would be effective as of the option exercise date, the letter also contemplates that the parties would negotiate and execute definitive agreements. The parties expect to resolve the issue concerning the effective date of the transfer, to clarify whether and the manner in which the shares of ALI or its principal asset, the Sungate Golf & Spa Development (a proposed golf and resort property that has been received zoning approvals but is presently undeveloped), will be transferred, and to establish other terms and conditions of the transaction in the definitive agreements.
Upon the closing of the transaction, the Company will own all the capital stock of AVR, subject to the issuance or reservation of shares representing 17.5% of the outstanding common stock, which will be available for an equity incentive program to management of AVR. This incentive stock, if issued, is subject to repurchase by AVR in April 2005. Accordingly, on a diluted basis, the Company will hold an 82.5% interest in AVR.
The total option consideration for the AVR shares and the shares or assets of ALI consists of (i) the assumption of $10.5 million of indebtedness to Mr. Wright maturing in December 2002 that is secured by a mortgage on the Sungate Golf & Spa Development, (ii) a repayment of $500,000 principal amount of such mortgage debt, and (iii) the issuance of 1,000,000 shares of the common stock of the Company, subject to adjustment. The adjustment is to be determined based upon the value of the Company`s stock on August 31, 2001 and the amount of AVRs net assets after determination of the number of vacation club memberships and notes that are affirmed. The shares of the Company`s common stock issuable upon this adjustment can in no event exceed 19.9% of the Company`s outstanding common stock, provided that if the number of shares that would otherwise be issuable absent this limitation would exceed this level, an additional cash payment will made in lieu thereof.
A portion of the initial $500,000 cash consideration has been paid from proceeds of loans to the Company from private investors not affiliated with the Company and the balance of the cash consideration is also expected to be provided by debt financing. No assurance can be given that such financing will be available to the Company. The terms of this transaction were negotiated with Mr. Wright on an arm`s length basis. The Company had no relationship with ALI, AVR or Mr. Wright prior to initiation of the discussions relating to the Company`s participation in the possible acquisition of the MRI assets. Mr. Wright presently intends to continue as the president of AVR.
(b) In May 2001, the Company received a commitment from a Midwest based lending source for a credit facility providing for borrowing availability of up to $23.0 million based on eligible collateral. The commitment is subject to negotiation of final documentation, completion of due diligence and other customary conditions. The Company anticipates that, if these conditions are satisfied, the loan agreements will be finalized prior to June 30, 2001. No assurance can, however, be given that these conditions will be satisfied or that the facility will be funded. If the facility is funded, the Company intends to use the proceeds to retire short-term debt and to fund working capital and other obligations.
(c) Since March 31, 2001, the Company has continued to borrow on a short term-basis to fund working capital and provide funds for its purchase of AVR stock described above. During April and May 2001, the Company issued a series of its convertible secured bridge notes due December 31, 2001 under which an aggregate principal amount of $8.3 million is outstanding as of the date of this Report. Certain of the funds evidenced by these notes were advanced during the quarter ended March 31, 2001, as described under Note
6(b)(iii). The obligations evidenced by these notes are secured by a pledge of the Company`s capital stock in Travelbyus Cruise Operations Inc. and Cheap Seats, Inc. subsidiaries and by liens on substantially all of the assets of these subsidiaries. The notes bear interest at the rate of 12% per annum, payable on August 2, 2001 and at maturity and are convertible into the Company`s common stock at any time based upon a $2.00 per share price. The Company issued warrants in connection with these notes. See Part II, Item 2 of this Report.
17
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In April 2001, the Company borrowed $300,000 evidenced by a note due July 3, 2001. This note is secured by a pledge of the Company`s common stock in AVR and liens on substantially all of the assets of AVR. At the holder`s option, all or a portion of this note may be exchanged for a convertible secured bridge note in a like principal amount under the terms described above. This note bears interest at the rate of 12% per annum, payable at maturity. The Company issued a warrant in connection with this note. See Part II, Item 2 of this Report.
In April and May 2001, the Company borrowed $5.1 million in the aggregate evidenced by a series of notes due 120 days after issuance. These notes are secured by a pledge of the Company`s common stock in AVR and liens on substantially all of the assets of AVR. These notes bear interest at the rate of 25% for the first 30-day period it is outstanding, increasing by 25% for each 30-day period thereafter until maturity. The Company intends to retire these notes with the proceeds from the credit facility with Fit Management as soon as possible. No assurance can be given that such facility will be funded. The Company has issued warrants in connection with these notes. See Part II, Item 2 of this Report.
(d) Effective April 20, 2001, the Company engaged Steven Antebi as a consultant to advise it as to financial and strategic planning matters. In accordance with the terms of the consulting agreement entered into between the Company and Mr. Antebi, the Company issued 2,200,000 shares of its common stock to him on May 18, 2001, subject to increase by up to 2,000,000 additional shares in the event of specified dilutive events. These shares were issued and registered under a registration statement on Form S-8 in May 2001.
(e) As reported in the Company`s current report on Form 8-K filed April 23, 2001, PricewaterhouseCoopers LLP ("PWC") resigned as the Company`s independent accountants on April 17, 2001. PWC had served as the independent accountants for travelbyus.com, which, under the terms of the Arrangement, was the accounting acquirer of Aviation Group. Aviation Group`s independent accountants, Hein + Associates LLP ("Hein"), had ceased serving as Aviation Group`s independent accountants following the completion of the Arrangement. Hein subsequently notified the Company that it had ceased serving in this role. The Company is currently interviewing accounting firms to replace PWC and expects to make a decision in the near future. These consolidated financial statements have not been reviewed by an independent accounting firm.
(f) Effective April 10, 2001, the Company`s publicly-traded securities were delisted from The Nasdaq Stock Market due to the inability of the Company to satisfy the initial listing criteria, including maintenance of a $4.00 bid price for the specified period. In the United States, the Company`s publicly-traded common stock and warrants continue to trade on the OTC Bulletin Board under the trading symbols TRIP and TRIPW, respectively.
(g) The Company has entered into an agreement to sell the assets of its Aero Design, Inc. and Battery Shop, L.L.C. subsidiaries for $3.0 million, subject to a purchase price adjustment based upon financial performance prior to closing. Closing is expected in June 2001. Net proceeds from the sale are expected to be applied to retire indebtedness.
ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
The Company and its subsidiaries are in the business of providing travel-relat
Former name, former address and former fiscal year, if changed since last report
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No __
State the number of shares outstanding of each of the issuer`s classes of common equity, as of the latest practicable date.
23,727,698 shares of common stock were outstanding as of May 20, 2001.
Transitional Small Business Disclosure Format (check one):
Yes ___ No X
--------------------------------------------------------------------------------
TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
INDEX
Page
Number
PART I FINANCIAL INFORMATION..........................................................3
Item 1. Financial Statements...........................................................3
Consolidated Balance Sheet at March 31, 2001 (unaudited) ......................4
Consolidated Statements of Operations for the three and six
months ended March 31, 2001 and March 31, 2000 (unaudited).................5
Consolidated Statements of Cash Flows for the six months
ended March 31, 2001 and March 31, 2000 (unaudited)........................6
Notes to Unaudited Consolidated Financial Statements...........................7
Item 2. Management`s Discussion and Analysis or Plan of Operation.....................18
PART II OTHER INFORMATION.............................................................23
Item 1. Legal Proceedings.............................................................23
Item 2. Changes in Securities and Use of Proceeds.....................................23
Item 3. Defaults Upon Senior Securities (not applicable)..............................24
Item 4. Submission of Matters to a Vote of Security Holders (not applicable)..........24
Item 5. Other Information.............................................................24
Item 6. Exhibits and Reports on Form 8-K ...........................................25
SIGNATURES
2
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
travelbyus, Inc. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
March 31,
2001
ASSETS:
Current assets:
Cash and cash equivalents 473
Accounts receivable, net 4,157
Inventory and barter credits 573
Prepaid expenses and other current assets 990
Marketable securities 139
Assets of discontinued operations 811
------------
------------
Total current assets 7,143
Goodwill, net 41,844
Assets of discontinued operations 1,829
Software, contracts and other intangible assets 18,965
Deposits and restricted cash 4,354
Property, plant and equipment, net 3,423
Other assets 321
------------
Total assets 77,879
============
3
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
March 31,
LIABILITIES AND STOCKHOLDERS` EQUITY: 2001
Current liabilities:
Bank indebtedness 663
Accounts payable and accrued liabilities: 14,095
Notes payable 12,193
Current portion of debt 11,753
Deferred tax liability 892
Other current liabilities 2,248
Liabilities of discontinued operations 4,666
--------------
Total current liabilities 46,510
Long-term debt, net of current maturities 4,750
Due to related parties 222
Liabilities of discontinued operations 309
--------------
Total liabilities 51,791
--------------
Stockholders` equity:
Series B 12% cumulative preferred stock, $10,000
liquidation preference 4
Common stock, $.01 par value; 250,000,000 shares
authorized; 23,727,698 shares issued and outstanding 153,064
Additional paid-in capital 63,427
Accumulated deficit (190,407)
--------------
--------------
Total stockholders` equity 26,088
--------------
--------------
Total liabilities and stockholders` equity 77,879
==============
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three months ended Six months ended
March 31, March 31,
2001 2000 2001 2000
---- ---- ---- ----
Net sales 3,434 2,803 5,813 4,883
Costs and expenses:
Cost of net sales 1,311 1,498 1,738 2,399
Selling, general and administrative 7,857 3,785 14,614 7,304
Depreciation and amortization 3,431 777 9,941 1,195
------- ------- ------- -------
Total costs and expenses 12,599 6,060 26,293 10,898
------- ------- ------- -------
Operating income (9,165) (3,257) (20,480) (6,015)
Other income (expense):
Interest expense, net 1,441 807 2,339 1,462
Other income (expense) (680) (8,490)
------- ------- ------- -------
Pretax loss (11,286) (4,064) (31,309) (7,477)
Income tax provision (recovery) 24 (3,194)
------- ------- ------- -------
Loss from continuing operations (11,286) (4,088) (28,115) (7,477)
Income (loss) from discontinued operations 71 71
------- ------- ------- -------
Loss before extraordinary item (11,215) (4,088) (28,044) (7,477)
Loss on repayment of debentures (699) (699)
------- ------- ------- -------
Net loss (11,215) (4,787) (28,044) (8,176)
====== ====== ====== ======
Loss per common share:
Loss from continuing operations
($0.49) ($0.32) ($1.22) ($0.60)
Loss from discontinued operations
and -- ($0.06) -- ($0.06)
extraordinary items
Net loss per share (basic and diluted) ($0.49) ($0.38) ($1.22) ($0.66)
Weighted average shares outstanding (basic and diluted) 22,970,978 12,445,530 22,970,978 12,445,530
The accompanying notes are an integral part of the unaudited consolidated financial statements.
5
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months ended March 31,
2001 2000
---- ----
Cash flow from operating activities:
Net Loss for the period (28,044) (8,176)
Items not affecting cash:
Writedown of marketable securities 150
Depreciation and amortization 5,639 1,347
Interest accreted on debentures 961
Reduction of deferred income tax credit (3,200)
Valuation adjustments- goodwill 4,302
Valuation adjustments- intangibles & other assets 3,742
Extraordinary loss on repayment of debentures 699
Net change in non-cash working capital items:
Increase in security deposits (534)
Accounts Receivable and prepaid expenses (2,582) (494)
Inventory and barter credits (72) 533
Due to Related parties 16
Accounts payable and accrued liabilities 9,611 710
Customer deposits 253
Other current liabilities (847)
---------- ----------
Cash used by operations (11,301) (4,685)
Cash Flows from investing activities:
Cash paid for acquisitions (4,595)
Cash deposits on acquisitions (1,750)
Purchase of property and equipment (1,111) (1,299)
Investments (60) (4,764)
Reduction in restricted cash 523
Acquisition of Aviation Group and related valuation (12,249)
adjustments
---------- ----------
Cash used by investing activities (12,897) (12,408)
Cash flow from financing activities:
Bank borrowings 385 (134)
Non-bank borrowings 20,961
Issuance of notes payable 955
Repayment of notes payable (955)
Share issue costs (1,508)
Issue of special warrants 13,090
Issue of equity units 6,544
Exercise of options and warrants 3,032
Subscriptions received 1,910
Repayment of debentures (1,632)
Repayments to related parties (366)
---------- ----------
Cash provided by financing activities 20,980 21,302
Foreign exchange effect on cash 1,689
---------- ----------
Increase (decrease) in cash and cash equivalents (1,529) 4,209
Cash and cash equivalents, beginning of period 2,002 2,215
---------- ----------
Cash and cash equivalents, end of period 473 6,424
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6
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1. Nature of operations and going concern
(a) Nature of operations
As discussed in Note 3, on January 25, 2001, Aviation Group, Inc., a Texas corporation, completed an arrangement (the "Arrangement") with travelbyus.com, Ltd., an Ontario corporation. Immediately prior to completion of the Arrangement, Aviation Group, Inc. changed its name to travelbyus, Inc. Under the terms of the Arrangement, Aviation Group, Inc. was the legal acquirer of travelbyus.com, Ltd. and travelbyus.com, Ltd. was the accounting acquirer. Accordingly, the historical financial information set forth herein is that of the accounting acquirer, travelbyus.com., Ltd. Current period financial results presented for the three and six month periods ended March 31, 2001 include only the results of travelbyus.com through January 25, 2001, the date the Arrangement was effectuated. For the balance of the three and six month periods ended March 31, 2001, the results of both constituent companies to the Arrangement are included. As used herein, the term the "Company" refers to the combined company or, prior to the Arrangement, either of the constituent companies, unless a distinction between the constituent companies is required. In any instance in which such distinction is required, the term "Aviation Group" refers to Aviation Group, Inc. prior to the Arrangement and the term "travelbyus.com" refers to travelbyus.com, Ltd. prior to the Arrangement. The Company and its subsidiaries are in the business of providing travel-related products and services targeted primarily at the leisure customer, including airline tickets and tour, cruise and group packages.
(b) Going Concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP") applicable to a going concern. The Company incurred a net loss before write-off and amortization of goodwill of approximately $18.1 million during the six months ended March 31, 2001, had an accumulated deficit of approximately $190.4 million and a working capital deficiency of approximately $39.4 million at the end of the period, and continued to incur losses subsequent to the period end. The Company used cash of approximately $11.3 million to fund operations during the six month period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year and the Company will require new sources of financing in order to continue its operations and satisfy its obligations in the normal course. Accordingly, the use of accounting principles generally accepted in the United States of America applicable to a going concern may not be appropriate because substantial doubt exists with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to raise additional financing, by eliminating redundant and unnecessary costs following its recent acquisitions and by working to realize the revenue potential of its recent acquisitions and products and services. However, the Company`s current business model has a limited operating history and its recent acquisitions have yet to be fully integrated. Subsequent to period-end, the Company raised a total of $31.0 million in various debt financings (note 12).
Although there is no assurance that the Company will be successful in these actions, management believes that it will be able to secure the necessary financing and improvement in operating cash flow to enable it to continue as a going concern. Accordingly, these financial statements do not reflect adjustments to the carrying value of assets and liabilities, the estimated useful lives of assets, the reported revenues and expenses and balance sheet classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material.
7
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2. Summary of significant accounting policies
A summary of the significant accounting principles and practices used by the Company in preparing its consolidated financial statements follows.
Basis of Financial Statement Presentation
The consolidated financial statements at March 31, 2001 are unaudited and reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and operation results for the interim period. All of the adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2001 are not necessarily indicative of the results for the entire year ending September 30, 2001.
The Company`s consolidated financial statements include the accounts of the Company`s wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
Revenue recognition
Travel sales consist primarily of net commission revenues derived from the sale of travel products including airline tickets, hotel and vacation property accommodations, car rentals, vacation packages including cruises and tours, and volume bonuses and overrides from suppliers of these products.
The Company provides internet related software development and support services primarily to member agents. Revenue related to these services is recognized ratably over the period these services are performed, provided collectibility is reasonably assured.
Loss per share
All per share amounts and calculations have been retroactively restated Basic loss per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include shares issuable for little or no cash consideration and for which all necessary conditions have been satisfied. Diluted loss per share is computed using the treasury stock method by including other potential common stock from exercise of stock options and warrants in the weighted average number of common shares outstanding for a period, if dilutive.
8
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The following table sets forth the computation of loss per share:
Three Months Ended Six Months Ended
March 31, March 31,
------------------------------------- ---------------------------------
2001 2000 2001 2000
-------------------- ---------------- ----------------- ---------------
Numerator:
-------------------- ---------------- ----------------- ---------------
Net income (loss) (11,215,000) (4,787,000) (28,044,000) (8,176,000)
==================== ================ ================= ===============
Denominator:
Weighted-average shares 22,970,978 11,958,516 22,970,978 11,958,516
Effect of dilutive securities:
Warrants and Employee stock options -0- 487,014 -0- 487,014
-------------------- ---------------- ----------------- ---------------
Denominator for diluted income (loss) per
share - adjusted weighted average
shares and assumed conversions 22,970,978 12,445,530 22,970,978 12,445,530
==================== ================ ================= ===============
Diluted loss per common share for the three and six months ended March 31, 2001 excludes 16,489,285 common shares issuable pursuant to various option, warrant, debenture and acquisition agreements because the effect would be anti-dilutive.
3. Arrangement with Aviation Group
In February 2000, Aviation Group entered into letters of intent and publicly announced a proposed three-way business combination with Global Leisure, Inc. and travelbyus.com.
Travelbyus.com and Aviation Group held shareholder meetings on December 20, 2000 to vote on the business combination, which was approved. On January 25, 2001, the Company completed the statutory Arrangement in accordance with Ontario, Canada law pursuant to which travelbyus.com was acquired by Travelbyus Canada Holdings Ltd., formerly known as Aviation Group Canada Limited, a Canadian subsidiary of Aviation Group. In connection with the consummation of the Arrangement, on January 24, 2001, Aviation Group also changed its name to travelbyus, Inc., effected a one-for-five reverse split of its common stock and increased its authorized number of shares of common stock from 10,000,000 to 250,000,000. Aviation Group`s pre-existing shareholders retained beneficial ownership of approximately 5% of the combined entity. The accompanying financial statements reflect the reverse split from the earliest period presented.
As part of the Arrangement, the outstanding common shares of travelbyus.com were converted into exchangeable shares of travelbyus.com on a one-for-one basis. Under the terms of the exchangeable shares and related agreements, every five exchangeable shares are exchangeable, at the holder`s election, into one share of the Company`s common stock. Any remaining exchangeable shares not previously exchanged will automatically be exchanged into the Company`s common stock on January 1, 2003, or earlier upon the occurrence of certain events. Each share of common stock of the Company that was outstanding prior to the Arrangement remains outstanding and unchanged by the Arrangement, except that every five shares now represent one share in accordance with the reverse split.
The combined companies have accounted for the transaction under the purchase method of accounting as if travelbyus.com had acquired Aviation Group and had recapitalized under the capital structure of Aviation Group. Accordingly, the combined company will record the assets and liabilities of the Aviation Group as being acquired by travelbyus.com in the Arrangement.
This acquisision resulted in goodwill of $6.8 million. As a matter of practice, the Company obtains an independent appraisal of the acquired assets to use as a basis to allocate goodwill among the various components acquired. Management has not made an allocation at the date of the accompanying financial statements, but will secure an appraisal as soon as practicably possible.
The following unaudited condensed results of operations for the six months ended March 31, 2001 and 2000 were prepared assuming the Arrangement had occurred on October 1, 2000 and 1999, respectively (in thousands):
For the six months ended
2001 2000
---- ----
Revenue 16,942 11,113
Net loss (35,696) (9,721)
Basic and diluted net
loss per share ($1.55) ($0.42)
The Company intends to dispose of all remaining non-travel related operations that were historically a part of Aviation
9
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Group. These non-travel related assets, liabilities and operations are presented as held for sale or discontinued in the accompanying financial statements at their estimated liquidation value.
4. Programming library
The Company acquired a media library. During the three months ended December 31, 2000, the Company received the balance of the first 40 episodes and has therefore reclassified the remaining balance of advances for programming services to the programming library. In addition, the Company capitalized and accrued for the remaining balance of advances due of $1.5 million with respect to the 40 new episodes. These advances were written off during the period to bring the carrying value of the programming library down to the estimated fair value.
The costs of the unreleased but completed programs have been capitalized, and are reflected in the financial statements at net realizable value of approximately $1.8 million.
5. Software and other assets
Pursuant to the terms of the share purchase agreement for Muffin Communications Ltd., the share consideration given for the rights to the wireless contract was subject to adjustment based on the trading price of the common shares of travelbyus.com on December 15, 2000. The combination of shares and/or cash to be paid or given to maintain the total consideration of $6.7 million or $6.70 per share pursuant to the adjustment formula, has not yet been decided by travelbyus.com. The required value of additional consideration of $6.3 million has been included in accrued liabilities as at December 31, 2000 and expensed in the period due to the continued significant uncertainty about the level of revenues expected to be derived from the underlying wireless customer base.
6. Credit facilities, Notes and Debt
(a) Credit facilities
Bank indebtedness totaled $2.4 million as of March 31, 2001, and was comprised of $663,000 from continued operations and $1.7 million from discontinued operations. Following is a brief discussion of each credit facility:
The Aviation Group subsidiaries of the Company have a $3.0 million line of credit facility with the CIT Group/Credit Finance, Inc. for working capital management purposes. The line of credit bears interest at prime plus 1.5% and extends through August 2001. Amounts available for borrowings are based on the level and composition of the Company`s accounts receivable and inventory. Outstanding borrowings under this line of credit at March 31, 2001 were $1.7 million. The line of credit is collateralized by substantially all of the assets of the Company`s aviation related operating subsidiaries and guaranteed by the Company. This amount is recorded as Liabilities of Discontinued Operations in the Balance sheet.
The Company has a note payable to a bank under a revolving credit agreement with a balance of $568,000 at March 31, 2001. Interest is at the bank`s index rate plus 0.25%. The facility is cross-collateralized by equipment, inventory and accounts receivable of General Electrodynamics, a former subsidiary of the Company.
A US subsidiary of the Company has an operating line of credit available of approximately U.S. $250,000, bearing interest at the bank`s prime lending rate plus 2.5%. As at March 31, 2001, $89,000 was outstanding. This facility has been fully paid and canceled in May, 2001.
A Canadian subsidiary of the Company has an operating line of credit available of approximately U.S. $431,000 (Cdn. $650,000), bearing interest at the bank`s prime lending rate plus 2.5%. During the prior year, the facility was terminated and the subsidiary agreed to repay $43,000 per month.
10
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At March 31, 2001, $7,000 was outstanding.
(b) Notes
March 31, 2001
--------------
DCM Asylum LLC 2,500
(i)
DCM KG LLC convertible loan 1,500
(ii)
Doerge credit facility (iii) 4,106
Aberdeen Capital (iv) 1,000
Pelham Funds (v) 3,087
Other - discontinued operations 111
------------
12,304
Less discontinued operations 111
------------
12,193
============
(i) In December 2000, the Company executed agreements relating to a $2.5 million loan from DCM Asylum LLC, a company related to Doerge Capital Management ("Doerge"). This loan matured on February 15, 2001 and has been extended until September 30, 2001. All other terms of the loan remain unchanged. In connection with the original loan, the Company issued warrants to purchase 250,000 of its common shares at an exercise price of $2.00 per share expiring in December 2005. The fair value of the warrants was expensed during the period as a financing fee. As consideration for the amendment of the maturity date a further 250,000 warrants were issued with an exercise price of $0.50 per share, expiring April 2004. The loan is collateralized by security interests in 150 shares of Series B preferred stock of the Company and substantially all of the assets of Mr. Cheaps Travel, Ltd., Gotham Media Group, Ltd. and travelbyus-Travel Magazine Incorporated, which are subsidiaries of the Company.
(ii) In December 2000, the Company borrowed $1.5 million from DCM KG LLC, a company related to Doerge. The loan matured February 5, 2001. The Company has amended the loan agreement and extended the maturity date to June 5, 2001. All other terms remain unchanged. The loan is secured by the guaranty of Travelbyus Cruise Operations, Inc. and Cheap Seats, Inc., which are subsidiaries of the Company, and the grant of a security interest on substantially all of the assets of Travelbyus Cruise Operations and Cheap Seats. In connection with the original loan, the Company granted warrants to purchase 300,000 common shares at an exercise price of $1.00 per share expiring on December 29, 2003. As consideration for the amendment of the maturity date a further 150,000 warrants were issued with an exercise price of $0.50 per share, expiring April 2004. The fair value of the warrants was expensed during the period as a financing fee. The loan is also convertible at the option of the lender into common shares of the Company at a conversion price of the lesser of $1.00 per exchangeable share or the seven-day weighted average trading price of the Company`s common stock.
(iii) In March 2001, the Company borrowed $3.4 million from DCM/Funding III LLC, a company related to Doerge. Under the agreement, Doerge is entitled to 300,000 share purchase warrants on terms to be agreed upon.
(iv) In January 2001, the Company borrowed $1.0 million from Aberdeen Strategic Capital LP. This loan matured in February 2001. The Company has subsequently extended the maturity date. In connection with the original loan, the Company granted warrants to purchase 200,000 common shares at an exercise price of $1.00 per share expiring on December 29, 2003. These warrants were exercised in March, 2001 for which an additional 300,000 warrants were issued at exercise prices ranging from $0.50 to $0.63 per share, expiring in April 2004. The loan is guaranteed by Cheap Seats, Inc. and Travelbyus Cruise Operations, Inc. and collateralized by a security interest in essentially all the assets of Cheap Seats and Travelbyus Cruise Operations Inc., which are subsidiaries of
11
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the Company. The loan is convertible into common shares of the Company at a conversion price of the lesser of $1.00 per exchangeable share or the seven-day weighted average trading price of the Company`s common stock, calculated on a pre-reverse stock split basis, plus a premium of 5%.
(v) The Company borrowed $3.0 million from Pelham Investment Fund on May 9, 2000. The promissory note requires quarterly interest payments at an annual rate of 12%, and matured in February 2001. The loan was extended and is now due on demand. In connection with the promissory note, the Company issued warrants to purchase 225,000 shares of its common stock at an exercise price of $7.50 per share. As part of the extension, the exercise price was reduced to $1.00 per share. The value of the warrants of $257,000 has been recorded as a discount, which is being amortized to interest expense over the term of the note. Additional warrants for 250,000 shares were issued in connection with the extension of the maturity of the loan at an exercise price of $1.00 per share and for a term expiring in March 2005.
(c) Other Debt
March 31, 2001
--------------
Senior redeemable debenture (i) 5,741
Travel 24.com convertible debenture (ii) 3,750
Amadeus NMC Holding convertible
debenture (iii) 2,000
Related Party (iv) 1,291
Doerge Capital Management (v) 3,635
Discontinued operations(vi) 683
Other 86
-------------
17,186
Less: Discontinued operations 683
Less: Current portion 11,753
-------------
Long-term portion 4,750
=============
(i) In September, 1999, the Company issued $8.1 million principal amount of its senior redeemable debentures. The debentures bear interest at a rate of 12.5% per annum, payable semi-annually, and mature on September 9, 2001. The Company may repay the debentures at any time. A lien on substantially all assets of travelbyus, Ltd. has been granted as security.
(ii) During November 2000, an additional $750,000 was advanced to the Company by Travel24.com. At that time, the conversion price on the total balance of the Company`s indebtedness to Travel24.com ($3.75 million) was reduced to $2.00 per share. These debentures mature in June 2002.
(iii) In December 2000, the Company borrowed $2.0 million from Amadeus NMC Holding, Inc. This loan bears interest at 8% per year and is repayable in eight equal installments payable quarterly commencing on March 31, 2001 and with a final installment due November 30, 2002. The loan is convertible into common stock based upon a weighted average trading price to be determined at the time of conversion. The balance of the loan will be automatically converted into common shares or exchangeable shares of the Company if and when Amadeus makes an equity investment in the Company. The Company`s chief executive officer, William Kerby, pledged 6,083,334 common shares in the Company beneficially owned by him to collateralize this loan. As consideration for this pledge, Mr. Kerby received warrants to purchase 1,500,000 common shares at $0.50 per share, expiring April 2006. The installment payment became past due on April 1, 2001. The Company is in discussions with the lender regarding the settlement of this payment.
(iv) This represents a demand note in the original principal amount of $1.3 million entered into to satisfy the demand of the former chairman of Aviation Group for severance payments.
(v) Comprised of advances and fees due to Doerge, the repayment terms and conditions are under negotiation.
12
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(vi) The Company received funds from Louisiana Economic Development Corporation ("LEDC"). The LEDC note matures in July 2003 and requires quarterly interest payments at an annual rate of 12%. This amount is included in Liabilities of Discontinued Operations on the Balance Sheet at March 31, 2001.
7. Common stock
Number of Common $Amount
Shares
---------------- --------------
Balance September 30, 2000 96,804,569 141,710,000
Shares issued on exercise of warrants 200,000 166,000
Shares issued on exercise of special warrants 7,692,300 7,196,000
--------------- --------------
Balance December 31, 2000 104,696,869 149,072,000
Shares sold 1,417,444 3,982,000
Acquisition of Aviation Group shares 4,956,722 10,000
Conversion of Series A Preferred shares 2,750,000 -0-
Issuance pursuant to acquisition price minimums 4,817,712 -0-
Adjustment for 1:5 reverse share split (94,911,049) -0-
--------------- --------------
Balance March 31, 2001 23,727,698 153,064,000
8. Commitments and contingencies
(a) During June 2000, the Company entered into an agreement with HealthyConnect.com Inc. ("HC.com"), a private health care related internet technology company. Pursuant to the terms of the agreement, HC.com will issue 1,200,000 common shares to the Company upon confirmation of necessary technical specifications to establish links between their respective web sites. The Company will issue 1,000,000 common shares in exchange for a further 1,400,000 common shares of HC.com upon certain conditions. Under the terms of the agreement, HC.com may request the Company to acquire up to 1,200,000 common shares of HC.com at $2.50 per share for total cash consideration of $3.0 million subject to satisfactory due diligence by and board approval of the Company. The completion of these transactions is subject to the necessary regulatory approvals. Through March 31, 2001, 17,500,000 shares have been exchanged. On August 8, 2000, the Company provided a demand loan to HC.com for $175,000 at 6% interest. The loan is secured by 1,200,000 common shares of HC.com and is included in advances.
(b) The Company received a financing and loan commitment from Doerge whereby Doerge directly and through its affiliates ("Doerge") agreed to purchase from the Company up to $1.5 million liquidation value of Series B preferred stock of the Company and to provide to the Company financing of up to $10.0 million. See Note 12.
9. Segment information
The Company operates within three operating segments: Travel, Technology and Other. The Travel segment provides a broad range of travel products, targeted primarily at the leisure customer, including airfare, hotel rooms, cruise packages, and
13
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ground packages. Products and services are offered through the traditional travel agency base, 1-800 call centers and the internet. Included in the Travel segment are the operations of the following subsidiaries: Mr. Cheaps Travel, International Tours, GalaxSea Cruises and Tours, Express Vacations, Cheap Seats, Bell Travel, Global Leisure and Travelbyus Cruise Operations.
The Technology segment designs and manufactures electronic data storage systems, develops internet accessible travel reservations systems, custom programming services, and a distributed website marketing system. Included in this segment are the operations of Legacy, Epoch, Prosoft and SiteRabbit.com.
Included in the Other segment are advertising and associate marketing operations of International Tours Inc., GalaxSea Cruises and Tours, Travelbyus Cruise Operations, and the operations of Aviation Group.
The accounting policies of the segments are the same as those described in Note 2. The Company evaluates the performance of its segments and allocates resources to them based on operating contribution, which represents segment revenues less direct costs of operations, excluding the allocation of corporate general and administrative expenses. Assets of the operating segments reflect primarily net accounts receivable associated with segment activities; all other assets are included as corporate assets. The Company does not track expenditures for long-lived assets on a segment basis.
The table below presents information on the revenues and operating contribution for each segment for the three and six months ended March 31, 2001 and 2000, and items that reconcile segment operating contribution to the Company`s reported pre-tax income (loss) from continuing operations (in thousands).
Three Months Ended Six Months Ended
March 31, March 31,
2001 2000 2001 2000
---- ---- ---- ----
Net sales of services:
Travel 1,699 2,113 4,078 3,681
Technology 1,350 187 1,350 326
Other 385 503 385 876
--------------- ------------- ------------- ---------------
3,434 2,803 5,813 4,883
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
Operating contribution:
Travel (7,081) (3,564) (21,358) (6,570)
Technology (1,026) (23) (1,763) (43)
Other (1,865) 327 (1,761) 592
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
(9,972) (3,260) (24,882) (6,021)
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
Consolidated expenses:
Interest expense 1,314 804 2,224 1,456
Investment Reduction 4,203
--------------- ------------- ------------- ---------------
Pretax loss from continuing operations (11,286) (4,064) (31,309) (7,477)
=============== ============= ============= ===============
14
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10. Stock options and warrants
The Company has a Stock Option Plan that provides for the granting of options to purchase common shares to directors, officers, employees and consultants of the Company. The number of common shares reserved for issuance under the Stock Option Plan shall not exceed 10,000,000 common shares or a greater number as approved by the shareholders of the Company. Terms of the options shall not be for a period less than one year or longer than ten years. The option price shall be fixed by the directors of the Company subject to price restrictions imposed by the regulators. All options were granted at or above market value at the date of grant. Accordingly, no current or deferred compensation expense has been recorded in the periods presented.
Stock option transactions
The following table summarizes information about the Company`s stock option activity:
Options
exercisable Number of Exercise price
at Options $
end of period
-------------- ------------- ------------------
Balance September 30, 2000 7,448,800 0.12 - 4.50
Options granted during the period 547,000 0.90 - 4.28
Options exercised during the period -0- -0-
Options expired during the period (406,500) 1.15 - 4.28
Options exercisable at end of period 3,483,967 0.12 - 4.50
------------ --------------
Balance December 31, 2000 7,589,300 0.12 - 4.50
Options expired during the period (50,000) 3.75
Adjust for reverse split (2,787,174) (6,031,440)
Options issued to Aviation Group 27,000 8.44 - 9.28
Options exercisable at end of period 700,633 0.40 - 14.93
------------ --------------
Balance March 31, 2001 1,534,860 0.40 - 14.93
============ ==============
Warrant transactions
Warrants granted in Travelbyus.com are convertible for exchangeable shares of the Company at the ratio before the reverse split effected in January 2001. The following table summarizes information about the warrant activity in the travelbyus.com warrant pool:
Number of Exercise price
underlying $
shares
---------------- --------------
Balance September 30, 2000 11,077,520 0.45 - 2.38
Issued on exercise of special warrants (note 6(a)) 3,496,500 1.67
Issued on debt financings (note 5 (b) and (c) 550,000 1.00 - 2.00
Special warrants exercised (6,993,000) 1.67
Debenture warrants exercised (200,000) 0.45
----------------- ----------------
Balance December 31, 2000 7,931,020 0.45 - 2.33
Issued on debt financings (note 5 (b) and (c) 300,000 1.00
Debenture warrants expired (6,778,250) 2.50 - 3.50
----------------- ----------------
Balance December 31, 2000 1,452,770 0.45 - 3.50
================= ================
15
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The following table summarizes information about the warrant activity in the Aviation Group warrant pool:
` Number of Exercise price
` underlying $
` shares
---------------- ---------------
Beginning balance at acquisition date 1,825,882 5.00 - 47.44
Issued on debt financings 10,410,000 0.50 - 7.00
Issued to management 2,100,000 0.50 - 0.75
----------------- ----------------
Balance March 31, 2001 14,335,882 0.50 - 47.44
================= ================
11. Series A Preferred Stock
In conjunction with the purchase of Global Leisure Travel, Inc. on May 10, 2000, the Company issued 1,650 shares of its 9% cumulative convertible Series A preferred stock for $10,000 per share ($16.5 million in the aggregate) to the Series A shares are convertible into common shares at the Company`s option. As additional consideration, warrants to purchase 750,000 shares of common stock at an exercise price of $5.00 per share were issued to the former owners of Global. The Series A shares were converted to common shares in January, 2001.
12. Subsequent events
(a) On March 27, 2001, the Company entered into a letter of understanding with American Leisure, Inc., a Florida corporation controlled by Malcolm Wright (ALI), under which the Company agreed to commit up to $1.5 million for a 50% ownership interest in a joint venture with ALI. Through this joint venture, the Company and Mr. Wright sought to acquire certain assets of Med Resorts International, Inc. (MRI), which was placed in receivership in August, 2000 in an action filed against it by the Federal Trade Commission and the Commonwealth of Virginia in the United States District Court for the Northern District of Illinois. Subsequently, the parties determined to seek to acquire and hold the MRI assets through American Vacation Resorts, Inc., a Florida corporation in which the Company and Mr. Wright would each hold a 50% interest (AVR). On April 13, 2001, the court entered an order granting the receiver`s motion to approve the sale of certain assets to ALI. Pursuant to the provisions of the asset purchase agreement entered into between ALI and the receiver in accordance with the court`s order, ALI subsequently assigned its rights under the agreement to AVR, which acquired the MRI assets on April 17, 2001.
The assets consist principally of notes of MRI`s vacation club members, three hotels and certain condominium units and time share intervals in hotel and resort properties. These assets were subject to existing secured debt of approximately $7.8 million. In accordance with the court`s order, the former MRI vacation club members have the right to terminate their vacation club membership and be released from any past or future liability on their MRI notes, or affirm their obligations and continue as vacation club members of AVR. AVR presently cannot estimate what amount of member notes will be affirmed, but is optimistic that a majority of members will continue their vacation club membership with AVR. AVR intends to continue to operate and seek to expand the former MRI vacation club business that it acquired and offer enhanced travel benefit fulfillment to vacation club members.
On April 30, 2001, the Company advised Mr. Wright that it had elected to exercise its option to acquire the remaining 50% of the common stock of AVR. While the letter of understanding suggests that the Company`s ownership in the entity holding the MRI assets would be effective as of the option exercise date, the letter also contemplates that the parties would negotiate and execute definitive agreements. The parties expect to resolve the issue concerning the effective date of the transfer, to clarify whether and the manner in which the shares of ALI or its principal asset, the Sungate Golf & Spa Development (a proposed golf and resort property that has been received zoning approvals but is presently undeveloped), will be transferred, and to establish other terms and conditions of the transaction in the definitive agreements.
Upon the closing of the transaction, the Company will own all the capital stock of AVR, subject to the issuance or reservation of shares representing 17.5% of the outstanding common stock, which will be available for an equity incentive program to management of AVR. This incentive stock, if issued, is subject to repurchase by AVR in April 2005. Accordingly, on a diluted basis, the Company will hold an 82.5% interest in AVR.
The total option consideration for the AVR shares and the shares or assets of ALI consists of (i) the assumption of $10.5 million of indebtedness to Mr. Wright maturing in December 2002 that is secured by a mortgage on the Sungate Golf & Spa Development, (ii) a repayment of $500,000 principal amount of such mortgage debt, and (iii) the issuance of 1,000,000 shares of the common stock of the Company, subject to adjustment. The adjustment is to be determined based upon the value of the Company`s stock on August 31, 2001 and the amount of AVRs net assets after determination of the number of vacation club memberships and notes that are affirmed. The shares of the Company`s common stock issuable upon this adjustment can in no event exceed 19.9% of the Company`s outstanding common stock, provided that if the number of shares that would otherwise be issuable absent this limitation would exceed this level, an additional cash payment will made in lieu thereof.
A portion of the initial $500,000 cash consideration has been paid from proceeds of loans to the Company from private investors not affiliated with the Company and the balance of the cash consideration is also expected to be provided by debt financing. No assurance can be given that such financing will be available to the Company. The terms of this transaction were negotiated with Mr. Wright on an arm`s length basis. The Company had no relationship with ALI, AVR or Mr. Wright prior to initiation of the discussions relating to the Company`s participation in the possible acquisition of the MRI assets. Mr. Wright presently intends to continue as the president of AVR.
(b) In May 2001, the Company received a commitment from a Midwest based lending source for a credit facility providing for borrowing availability of up to $23.0 million based on eligible collateral. The commitment is subject to negotiation of final documentation, completion of due diligence and other customary conditions. The Company anticipates that, if these conditions are satisfied, the loan agreements will be finalized prior to June 30, 2001. No assurance can, however, be given that these conditions will be satisfied or that the facility will be funded. If the facility is funded, the Company intends to use the proceeds to retire short-term debt and to fund working capital and other obligations.
(c) Since March 31, 2001, the Company has continued to borrow on a short term-basis to fund working capital and provide funds for its purchase of AVR stock described above. During April and May 2001, the Company issued a series of its convertible secured bridge notes due December 31, 2001 under which an aggregate principal amount of $8.3 million is outstanding as of the date of this Report. Certain of the funds evidenced by these notes were advanced during the quarter ended March 31, 2001, as described under Note
6(b)(iii). The obligations evidenced by these notes are secured by a pledge of the Company`s capital stock in Travelbyus Cruise Operations Inc. and Cheap Seats, Inc. subsidiaries and by liens on substantially all of the assets of these subsidiaries. The notes bear interest at the rate of 12% per annum, payable on August 2, 2001 and at maturity and are convertible into the Company`s common stock at any time based upon a $2.00 per share price. The Company issued warrants in connection with these notes. See Part II, Item 2 of this Report.
17
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In April 2001, the Company borrowed $300,000 evidenced by a note due July 3, 2001. This note is secured by a pledge of the Company`s common stock in AVR and liens on substantially all of the assets of AVR. At the holder`s option, all or a portion of this note may be exchanged for a convertible secured bridge note in a like principal amount under the terms described above. This note bears interest at the rate of 12% per annum, payable at maturity. The Company issued a warrant in connection with this note. See Part II, Item 2 of this Report.
In April and May 2001, the Company borrowed $5.1 million in the aggregate evidenced by a series of notes due 120 days after issuance. These notes are secured by a pledge of the Company`s common stock in AVR and liens on substantially all of the assets of AVR. These notes bear interest at the rate of 25% for the first 30-day period it is outstanding, increasing by 25% for each 30-day period thereafter until maturity. The Company intends to retire these notes with the proceeds from the credit facility with Fit Management as soon as possible. No assurance can be given that such facility will be funded. The Company has issued warrants in connection with these notes. See Part II, Item 2 of this Report.
(d) Effective April 20, 2001, the Company engaged Steven Antebi as a consultant to advise it as to financial and strategic planning matters. In accordance with the terms of the consulting agreement entered into between the Company and Mr. Antebi, the Company issued 2,200,000 shares of its common stock to him on May 18, 2001, subject to increase by up to 2,000,000 additional shares in the event of specified dilutive events. These shares were issued and registered under a registration statement on Form S-8 in May 2001.
(e) As reported in the Company`s current report on Form 8-K filed April 23, 2001, PricewaterhouseCoopers LLP ("PWC") resigned as the Company`s independent accountants on April 17, 2001. PWC had served as the independent accountants for travelbyus.com, which, under the terms of the Arrangement, was the accounting acquirer of Aviation Group. Aviation Group`s independent accountants, Hein + Associates LLP ("Hein"), had ceased serving as Aviation Group`s independent accountants following the completion of the Arrangement. Hein subsequently notified the Company that it had ceased serving in this role. The Company is currently interviewing accounting firms to replace PWC and expects to make a decision in the near future. These consolidated financial statements have not been reviewed by an independent accounting firm.
(f) Effective April 10, 2001, the Company`s publicly-traded securities were delisted from The Nasdaq Stock Market due to the inability of the Company to satisfy the initial listing criteria, including maintenance of a $4.00 bid price for the specified period. In the United States, the Company`s publicly-traded common stock and warrants continue to trade on the OTC Bulletin Board under the trading symbols TRIP and TRIPW, respectively.
(g) The Company has entered into an agreement to sell the assets of its Aero Design, Inc. and Battery Shop, L.L.C. subsidiaries for $3.0 million, subject to a purchase price adjustment based upon financial performance prior to closing. Closing is expected in June 2001. Net proceeds from the sale are expected to be applied to retire indebtedness.
ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
The Company and its subsidiaries are in the business of providing travel-relat
Hallo !
Hier ist der entsprechende Link !
http://a676.g.akamaitech.net/f/676/838/1m/mktnews.nasdaq.com…
mfg
Don Schneider
Hier ist der entsprechende Link !
http://a676.g.akamaitech.net/f/676/838/1m/mktnews.nasdaq.com…
mfg
Don Schneider
Super, Super,
und wie sind diese Zahlen zu interpretieren ?
Kann ich mir jetzt ein Haus Aspen kaufen oder wird es wohl doch eher eine Hundehütte im Death Valley?!
und wie sind diese Zahlen zu interpretieren ?
Kann ich mir jetzt ein Haus Aspen kaufen oder wird es wohl doch eher eine Hundehütte im Death Valley?!
Hallo zusammen
Der Verlust pro Aktie bei 0,42 $ ( vorher 1,55 $) ????????
Haben wir keine Experten hier,die uns die Zahlen bischen
verständlicher machen könnten ???
mis
Der Verlust pro Aktie bei 0,42 $ ( vorher 1,55 $) ????????
Haben wir keine Experten hier,die uns die Zahlen bischen
verständlicher machen könnten ???
mis
Hallo,
@mis
Aus dieser Zahlenflut kann kein Mensch schlau werden(zumal
auch noch in Englisch), aber das ist wieder mal typisch
für TBU seine katastrophale PR-Arbeit.
Ich habe auch schon bei VR angerufen ,aber Hr. Pickert kann
auch noch keine Aussage zu den Zahlen treffen, da er noch
nicht mit TBU sprechen konnte.
Wo hast du die beiden Verlustzahlen(0,42 bzw. 1,55 Verlust)
herausgelesen? Wäre ja nicht das schlechteste Ergebnis.
Ich bin heute auf die Eröffnung in Kanada gespannt.
@mis
Aus dieser Zahlenflut kann kein Mensch schlau werden(zumal
auch noch in Englisch), aber das ist wieder mal typisch
für TBU seine katastrophale PR-Arbeit.
Ich habe auch schon bei VR angerufen ,aber Hr. Pickert kann
auch noch keine Aussage zu den Zahlen treffen, da er noch
nicht mit TBU sprechen konnte.
Wo hast du die beiden Verlustzahlen(0,42 bzw. 1,55 Verlust)
herausgelesen? Wäre ja nicht das schlechteste Ergebnis.
Ich bin heute auf die Eröffnung in Kanada gespannt.
<----------------- cut ------------------->
For the six months ended
2001 2000
---- ----
Revenue 16,942 11,113
Net loss (35,696) (9,721)
Basic and diluted net
loss per share ($1.55) ($0.42)
The Company intends to dispose of all remaining non-travel related operations that were historically a part of Aviation
<----------------- cut ------------------->
For the six months ended
2001 2000
---- ----
Revenue 16,942 11,113
Net loss (35,696) (9,721)
Basic and diluted net
loss per share ($1.55) ($0.42)
The Company intends to dispose of all remaining non-travel related operations that were historically a part of Aviation
<----------------- cut ------------------->
halloallerseits,
also für mich klingt das eher nach einer ausweitung des verlustes, bin übrigens selbst seit anderthalb jahren investiert und nicht aufs downpushen aus.
also für mich klingt das eher nach einer ausweitung des verlustes, bin übrigens selbst seit anderthalb jahren investiert und nicht aufs downpushen aus.
Jupp. Sehe ich genauso.
Die Zahlen sind nicht schlecht...
Eine Zusammenfassung von VR Herrn Pickert folgt..
Erst richtig lesen, dann bitte urteilen...
Danke
Realhot
Eine Zusammenfassung von VR Herrn Pickert folgt..
Erst richtig lesen, dann bitte urteilen...
Danke
Realhot
Hallo,
Kann das mal einer interpretieren
Ich seh nur BID`s und TBU fällt trotzdem
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Time of Last Trade: 22 May 2001 11:41 EDT
Last Traded 0.270 Net Change -0.010
Last Bid Size 165 Volume 128,270
Last Bid Price 0.270 Open 0.290
Last Ask Price 0.275 High 0.300
Last Ask Size 11 Low 0.270
Last Ten Trades:
Time Price # Shares Change Buyer Seller Info
11:05 0.275 4,500 -0.005 TD Securities Canaccord bid
11:05 0.275 10,000 -0.005 BMO Nesbitt Canaccord bid
11:20 0.270 500 -0.010 Canaccord TD Securities bid
11:20 0.270 1,500 -0.010 RBC TD Securities bid
11:20 0.270 1,500 -0.010 Union TD Securities bid
11:20 0.270 1,000 -0.010 Canaccord TD Securities bid
11:20 0.270 5,000 -0.010 TD Securities TD Securities bid
11:41 0.270 2,000 -0.010 RBC TD Securities bid
11:41 0.270 16,000 -0.010 Union TD Securities bid
11:41 0.270 2,000 -0.010 Canaccord TD Securities bid
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
mis
Kann das mal einer interpretieren
Ich seh nur BID`s und TBU fällt trotzdem
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Time of Last Trade: 22 May 2001 11:41 EDT
Last Traded 0.270 Net Change -0.010
Last Bid Size 165 Volume 128,270
Last Bid Price 0.270 Open 0.290
Last Ask Price 0.275 High 0.300
Last Ask Size 11 Low 0.270
Last Ten Trades:
Time Price # Shares Change Buyer Seller Info
11:05 0.275 4,500 -0.005 TD Securities Canaccord bid
11:05 0.275 10,000 -0.005 BMO Nesbitt Canaccord bid
11:20 0.270 500 -0.010 Canaccord TD Securities bid
11:20 0.270 1,500 -0.010 RBC TD Securities bid
11:20 0.270 1,500 -0.010 Union TD Securities bid
11:20 0.270 1,000 -0.010 Canaccord TD Securities bid
11:20 0.270 5,000 -0.010 TD Securities TD Securities bid
11:41 0.270 2,000 -0.010 RBC TD Securities bid
11:41 0.270 16,000 -0.010 Union TD Securities bid
11:41 0.270 2,000 -0.010 Canaccord TD Securities bid
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
mis
Also Leute, ich war auch über 1 1/2 Jahre investiert, oder wie man das auch immer bezeichnen soll. Auf jeden Fall ist der Verlust jetzt realisiert und steuerfrei, d.h. ich habe mich verabschiedet.
Ich muß ehrlich zugeben, ich blicke bei dem ganzen TBU-Haufen inzwischen nicht mehr durch.
Und diese herrlichen Textfassungen der Financial Statements tragen nicht gerade zur Erleuchtung bei.
Wer gehört nun eigentlich zu TBU, was wurde dafür bezahlt bzw. wieviele Aktien oder Warrants wurden dafür ausgegeben -ich weiß es nicht mehr!
Ich glaube, sollten die wirklich überleben, dann gibt es inzwischen soviele Aktien, das mein Paket nicht mal mehr zum Spar-Menü bei McDonalds gereicht hätte.
Aber eines habe ich heute doch rausgelesen:
1.Keine nennenswerten Umsätze, obwohl Akquisitionen mit einbezogen - wo ist das tolle Geschäft
2.Erhebliche Steigerung in den operativen Verlusten (d.h. im normalen Tagesgeschäft), ich spreche noch nicht mal von Abschreibungen etc.
3. Die jüngste Kapitalspritze von 8 Mio dürfte ´nicht mal die Kosten des nächsten Quartals decken
4. die bekommen nach meiner Meinung das Kredite auch nicht wegen der hervorragenden Aussichten, sondern wegen der relativ guten Assets als Sicherheiten(das einzige Positive an dem Verein)
Und das das Geld bald wieder fehlen dürfte steht hier:
... Management estimates that financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year and the Company will require new sources of financing in order to continue its operations and satisfy its obligations in the normal course...
Und PS: andere machen richtig Geschäfte auch in diesem Marktumfeld
Ich muß ehrlich zugeben, ich blicke bei dem ganzen TBU-Haufen inzwischen nicht mehr durch.
Und diese herrlichen Textfassungen der Financial Statements tragen nicht gerade zur Erleuchtung bei.
Wer gehört nun eigentlich zu TBU, was wurde dafür bezahlt bzw. wieviele Aktien oder Warrants wurden dafür ausgegeben -ich weiß es nicht mehr!
Ich glaube, sollten die wirklich überleben, dann gibt es inzwischen soviele Aktien, das mein Paket nicht mal mehr zum Spar-Menü bei McDonalds gereicht hätte.
Aber eines habe ich heute doch rausgelesen:
1.Keine nennenswerten Umsätze, obwohl Akquisitionen mit einbezogen - wo ist das tolle Geschäft
2.Erhebliche Steigerung in den operativen Verlusten (d.h. im normalen Tagesgeschäft), ich spreche noch nicht mal von Abschreibungen etc.
3. Die jüngste Kapitalspritze von 8 Mio dürfte ´nicht mal die Kosten des nächsten Quartals decken
4. die bekommen nach meiner Meinung das Kredite auch nicht wegen der hervorragenden Aussichten, sondern wegen der relativ guten Assets als Sicherheiten(das einzige Positive an dem Verein)
Und das das Geld bald wieder fehlen dürfte steht hier:
... Management estimates that financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year and the Company will require new sources of financing in order to continue its operations and satisfy its obligations in the normal course...
Und PS: andere machen richtig Geschäfte auch in diesem Marktumfeld
Ich würde einen Teufel tun und jetzt verkaufen. Es kommen wieder bessere Zeiten und garantiert auch wieder bessere Kurse. Das Businessmodell stimmt. Und bevor die pleite gehen, werden die garantiert übernommen, was wiederum auch zu höheren Kursen führen würde. Die Zahlen waren zwar nicht berauschend, das hatte der Markt aber auch nicht erwartet. Kurse unter 0,50 Euro sind für mich ein Witz.
Hallo,
Ich habe soeben mit Hr. Pickert von VR gesprochen und nach seiner Auswertung der Zahlen sind die Verluste von TBU
verringert wurden(0,49 Cent pro Aktie bzw. 11 Mill.Dollar)
TBU wird die Verluste in den nächsten Monaten weiter abbauen, weil weitere Unternehmensbereiche (z.B.Buchhaltung)
der zugekauften Unternehmen zusammengeführt werden.
Ich werde jedenfalls zu diesen Kursen meine Aktien nicht
verschleudern ,sondern heute meinen Einstiegskurs durch
Nachkauf weiter senken.
Ich habe soeben mit Hr. Pickert von VR gesprochen und nach seiner Auswertung der Zahlen sind die Verluste von TBU
verringert wurden(0,49 Cent pro Aktie bzw. 11 Mill.Dollar)
TBU wird die Verluste in den nächsten Monaten weiter abbauen, weil weitere Unternehmensbereiche (z.B.Buchhaltung)
der zugekauften Unternehmen zusammengeführt werden.
Ich werde jedenfalls zu diesen Kursen meine Aktien nicht
verschleudern ,sondern heute meinen Einstiegskurs durch
Nachkauf weiter senken.
@realhot
was haben wir denn da falsch gelesen?
Was soll ich von Herrn Pickert erwarten. Um nicht falsch verstanden zu werden: die Informationen die von Ihm kommen sind gut aufbereitet, heißt er mach seinen Job gut. Allerdings werden Herr Pickert & TBU heftige Schwierigkeiten haben uns zu erklären warum die Zahlen jetzt nun doch gut sind.
@dummpusher
der Zeitpunkt ist tatsächlich jetzt schlecht, weil Du keinen Käufer für Deine Papierchen finden dürftest. Genau wie seit Wochen schon. Machen wir uns nichts vor: das ganze sieht nach einem Totalverlust aus.
Frito
was haben wir denn da falsch gelesen?
Was soll ich von Herrn Pickert erwarten. Um nicht falsch verstanden zu werden: die Informationen die von Ihm kommen sind gut aufbereitet, heißt er mach seinen Job gut. Allerdings werden Herr Pickert & TBU heftige Schwierigkeiten haben uns zu erklären warum die Zahlen jetzt nun doch gut sind.
@dummpusher
der Zeitpunkt ist tatsächlich jetzt schlecht, weil Du keinen Käufer für Deine Papierchen finden dürftest. Genau wie seit Wochen schon. Machen wir uns nichts vor: das ganze sieht nach einem Totalverlust aus.
Frito
gibt es eigentlich - abgesehen von herrn pickert - niemand anderen unter uns, der die zahlen sinnvoll interpretieren kann ? wo sind denn die ganzen gurus, die immer über alles bescheid wissen ?
Der Herr Pickert wird Dir da auch nicht weiterhelfen. Der wird Dir die Zahlen auch nicht objektiv interpretieren. Der macht schließlich nur IR für TBU. Es wird wahrscheinlich irgendwann ein Statement von TBU zu den Zahlen geben. Dieses wird der Herr Pickert dann ins Deutsche übersetzen. Vorrausgesetzt sie finden da noch einen Aufhänger um die Zahlen schönzureden.
Es gibt eine Reihe von Statements auf Stockhouse.com ich empfehle da mal reinzuschauen. Viel Spaß.
Frito
Es gibt eine Reihe von Statements auf Stockhouse.com ich empfehle da mal reinzuschauen. Viel Spaß.
Frito
Fazit ist: $3.4 Millonen in Einnahmen!!!
-> Das ist schon ein Witz.
Das ist ein Trillionen Dollar Markt!
Mann, Mann!
-> Das ist schon ein Witz.
Das ist ein Trillionen Dollar Markt!
Mann, Mann!
Bin von den Zahlen ziemlich enttäuscht. Kann diesen auch nichts positives entnehmen. Mich würde allerdings interessieren, wie hoch die Nettoeinnahmen bzw. das Buchungsvolumen ist, da ich davon ausgehe, dass es sich bei den Zahlen nur um Provisionen handelt. Auch der Anteil der Reisebüros die seit Ende 02/2001 ihre Buchungen über die TBU Homepage vollziehen und die daraus erziehlten Provisionen würden mich brennend interessieren. Hat jemand schon nähere Informationen??
mfg
mfg
Frito:
Q1 war 2,3 Millionen bei -17 Mill Verlust
Q2 war 3,4 Mill.bei - 11 Mill Verlust.
Ist das keine Steigerung ??
Du weist, der Break Even Point sollte auch zu dem
jetzigen zeitpunkt NICHT erreicht werden.Erst im
Q3, das ist der Plan.
Glaube mir, ich stecke sehr tief drin und freue mich
sicher auch nicht, aber MEINER MEINUNG nach, fährt der
Zug in die richtige Richtung.
Die Leute, lesen nur Verlust, das ist alles, was heute
leider zählt.
Überlege einmal, wieviele Firmen richtig Verluste machen,
auch große namenhafte Firmen....
Freue tu´ich mich nicht, bin aber trotzdem positiv...
Jedem seine Meinung, ok ??
So long
realhot
Q1 war 2,3 Millionen bei -17 Mill Verlust
Q2 war 3,4 Mill.bei - 11 Mill Verlust.
Ist das keine Steigerung ??
Du weist, der Break Even Point sollte auch zu dem
jetzigen zeitpunkt NICHT erreicht werden.Erst im
Q3, das ist der Plan.
Glaube mir, ich stecke sehr tief drin und freue mich
sicher auch nicht, aber MEINER MEINUNG nach, fährt der
Zug in die richtige Richtung.
Die Leute, lesen nur Verlust, das ist alles, was heute
leider zählt.
Überlege einmal, wieviele Firmen richtig Verluste machen,
auch große namenhafte Firmen....
Freue tu´ich mich nicht, bin aber trotzdem positiv...
Jedem seine Meinung, ok ??
So long
realhot
Hallo
Hat jemand die Zahlen schon wo anders als bei nasdaq.com gelesen?
Also ich habe die Zahlen sonst immer direkt von TBU bekommen oder man konnte es wenigstens bei yahoo lesen!???
Wenn die Zahlen so schlecht sind oder der Umsatz nur 3,4 mio. beträgt,warum wird die Sche.... wie verrückt gekauft???
bid 200 000 bei 0,23 und ask 2 000 bei 0,24 ???
Hat einer eine Erklärung dafür ????????????
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Time of Last Trade: 23 May 2001 10:18 EDT
Last Traded 0.220 Net Change -0.010
Last Bid Size 200 Volume 96,940
Last Bid Price 0.230 Open 0.230
Last Ask Price 0.240 High 0.240
Last Ask Size 2 Low 0.210
Last Ten Trades:
Time Price # Shares Change Buyer Seller Info
09:34 0.220 2,000 -0.010 CIBC Scotia bid
09:34 0.220 2,000 -0.010 BMO Nesbitt Scotia bid
09:34 0.220 1,000 -0.010 W.D. Latimer Scotia bid
09:34 0.220 500 -0.010 CIBC W.D. Latimer bid
09:36 0.220 6,000 -0.010 CIBC BMO Nesbitt bid
09:36 0.220 2,500 -0.010 BMO Nesbitt BMO Nesbitt bid
09:36 0.220 100 -0.010 RBC W.D. Latimer bid
09:45 0.210 1,500 -0.020 BMO Nesbitt BMO Nesbitt bid
10:05 0.220 140 -0.020 W.D. Latimer BMO Nesbitt bid
10:18 0.220 4,000 -0.010 TD Securities TD Securities bid
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
mis
Hat jemand die Zahlen schon wo anders als bei nasdaq.com gelesen?
Also ich habe die Zahlen sonst immer direkt von TBU bekommen oder man konnte es wenigstens bei yahoo lesen!???
Wenn die Zahlen so schlecht sind oder der Umsatz nur 3,4 mio. beträgt,warum wird die Sche.... wie verrückt gekauft???
bid 200 000 bei 0,23 und ask 2 000 bei 0,24 ???
Hat einer eine Erklärung dafür ????????????
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Time of Last Trade: 23 May 2001 10:18 EDT
Last Traded 0.220 Net Change -0.010
Last Bid Size 200 Volume 96,940
Last Bid Price 0.230 Open 0.230
Last Ask Price 0.240 High 0.240
Last Ask Size 2 Low 0.210
Last Ten Trades:
Time Price # Shares Change Buyer Seller Info
09:34 0.220 2,000 -0.010 CIBC Scotia bid
09:34 0.220 2,000 -0.010 BMO Nesbitt Scotia bid
09:34 0.220 1,000 -0.010 W.D. Latimer Scotia bid
09:34 0.220 500 -0.010 CIBC W.D. Latimer bid
09:36 0.220 6,000 -0.010 CIBC BMO Nesbitt bid
09:36 0.220 2,500 -0.010 BMO Nesbitt BMO Nesbitt bid
09:36 0.220 100 -0.010 RBC W.D. Latimer bid
09:45 0.210 1,500 -0.020 BMO Nesbitt BMO Nesbitt bid
10:05 0.220 140 -0.020 W.D. Latimer BMO Nesbitt bid
10:18 0.220 4,000 -0.010 TD Securities TD Securities bid
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
mis
@mis
Ich glaube, Du missverstehst hier etwas. BID und ASK kennzeichnen in dieser Auflistung, ob der festgestellte Kurs durch eine ausgeführte Order aus dem BID oder dem ASK zustande kam. Dass hier so viele BIDs stehen, bedeutet nichts anderes, als dass fast ausschließlich die BIDs bedient worden sind. D.h., es ist fast immer zu den Kursen getradet worden, die man gerade maximal zu zahlen bereit war. Ein eher schlechtes Zeichen also.
Ich glaube, Du missverstehst hier etwas. BID und ASK kennzeichnen in dieser Auflistung, ob der festgestellte Kurs durch eine ausgeführte Order aus dem BID oder dem ASK zustande kam. Dass hier so viele BIDs stehen, bedeutet nichts anderes, als dass fast ausschließlich die BIDs bedient worden sind. D.h., es ist fast immer zu den Kursen getradet worden, die man gerade maximal zu zahlen bereit war. Ein eher schlechtes Zeichen also.
Man war das ein geiler Zock im November 99, ich kann mich noch gut erinnern, aber wie kann man sowas behalten??
Nodi
Nodi
@NoDi
Erzähle keine SAHNE du hast duch auch 70% damit in den Sand gesetzt, immer andere für BLÖD erklären.
Erzähle keine SAHNE du hast duch auch 70% damit in den Sand gesetzt, immer andere für BLÖD erklären.
@realhot1
ok, ich sehe Deinen Punkt. Allerdings fällt mir die Steigerungsrate nicht. Der Reisemarkt ist einer der wenigen im Internetbereich profitablen Bereiche. Eine Gewinnsteigerung von 2.3 auf 3.4 ist für einen zukünftigen Marktführer etwas schwach. Zumal wenn ich mir auf die Fahnen schreibe, daß ich auf mehreren Ebenen abkassieren möchte. Die Investitionen sind nicht so sehr mein Problem. Auch nicht die Tatsache, daß Verluste gemacht werden.
-> klar jedem seine Meinung
Der Link von mis gefällt mir allerdings. Ich verstehe nur nicht warum Expedia und und Hotwire auf Best Bet gesetzt sind. Die Bewertung von Expedia ist wohl eher schlechter als die von TBU. Von Hotwire ganz zu schweigen.
Nebenbei geagt halte ich die Site von Expedia für eine Katastrophe. Bei meinen aktuellen Reiseplanungen kann ich mit deren Site nichts anfangen. Und ich habe mich wirklich wohlwollend bemüht. Travelocity ist da wesentlich besser ebenso wie Travel24.
Na ja. Loswerden tue ich meine Scheinchen eh nicht. Also warte ich mal ab und versuche mir wenig Hoffnungen zu machen.
Frito
ok, ich sehe Deinen Punkt. Allerdings fällt mir die Steigerungsrate nicht. Der Reisemarkt ist einer der wenigen im Internetbereich profitablen Bereiche. Eine Gewinnsteigerung von 2.3 auf 3.4 ist für einen zukünftigen Marktführer etwas schwach. Zumal wenn ich mir auf die Fahnen schreibe, daß ich auf mehreren Ebenen abkassieren möchte. Die Investitionen sind nicht so sehr mein Problem. Auch nicht die Tatsache, daß Verluste gemacht werden.
-> klar jedem seine Meinung
Der Link von mis gefällt mir allerdings. Ich verstehe nur nicht warum Expedia und und Hotwire auf Best Bet gesetzt sind. Die Bewertung von Expedia ist wohl eher schlechter als die von TBU. Von Hotwire ganz zu schweigen.
Nebenbei geagt halte ich die Site von Expedia für eine Katastrophe. Bei meinen aktuellen Reiseplanungen kann ich mit deren Site nichts anfangen. Und ich habe mich wirklich wohlwollend bemüht. Travelocity ist da wesentlich besser ebenso wie Travel24.
Na ja. Loswerden tue ich meine Scheinchen eh nicht. Also warte ich mal ab und versuche mir wenig Hoffnungen zu machen.
Frito
@frito
Also, wenn ich diesen letzten Bericht so richtig gelesen
habe, stehst Du ja gar nicht so schlecht zu TBU.
Klar, mir gefällt bei weitem nicht alles, aber wir müssen
in die Zukunft schauen, und wenn Du eine Steigerung von
netto von 2,4 auf 3,4 und Miese runter von 17 auf 11 nicht
als sehr gut ansiehst innerhalb von 3 Monaten, dann weiß
ich es auch nicht.
NOCHMALS:
Ich selbst habe mehr als 6 stellig hier in diesem Laden
stecken und versuche, innerhalb von einigen Jahren, damit
gut zu verdienen, schau Dir all die anderen an, die
Bewertung ist um einigen / um nicht zu sagen um ein Hundert.
faches höher, warum also nicht bald bei TBU, wenn erst
einmal schwarze Zahlen kommen ??
Wie gesagt, jedem (auch ass24) wünsche ich Erfolg an der
Börse, habe selbst schon einige "sorry aber es ist so"
Schläge mitten in die Schnauze (und mit voller Wucht)
bekommen.
TBU comes..
Realhot
Also, wenn ich diesen letzten Bericht so richtig gelesen
habe, stehst Du ja gar nicht so schlecht zu TBU.
Klar, mir gefällt bei weitem nicht alles, aber wir müssen
in die Zukunft schauen, und wenn Du eine Steigerung von
netto von 2,4 auf 3,4 und Miese runter von 17 auf 11 nicht
als sehr gut ansiehst innerhalb von 3 Monaten, dann weiß
ich es auch nicht.
NOCHMALS:
Ich selbst habe mehr als 6 stellig hier in diesem Laden
stecken und versuche, innerhalb von einigen Jahren, damit
gut zu verdienen, schau Dir all die anderen an, die
Bewertung ist um einigen / um nicht zu sagen um ein Hundert.
faches höher, warum also nicht bald bei TBU, wenn erst
einmal schwarze Zahlen kommen ??
Wie gesagt, jedem (auch ass24) wünsche ich Erfolg an der
Börse, habe selbst schon einige "sorry aber es ist so"
Schläge mitten in die Schnauze (und mit voller Wucht)
bekommen.
TBU comes..
Realhot
@Realhot
Ich habe die Hoffnung in TBU nicht aufgegeben. Ich bin zwar nicht so hoch investiert wie Du, aber ich habe auch den einen oder anderen Euro investiert. Allerdings habe ich diese Position momentan abgeschrieben, werde sie aber wohl langfristig halten.
Mit den Zahlen ist es halt eine Frage der Erwartungshaltung: ich persönlich finde die Gewinnsteigerung zu mager. Wenn ich die extrapoliere wird auch im 3. Quartal der Break Even nicht erreicht.
Für mich sind da halt noch eine Reihe Fragen/Punkte offen:
- Die Sharevalue Politik finde ich etwas gewagt: Anzahl der Shares (recht willkürlich, IMHO) aufgebläht ohne daß ich eine offensichtliche Wertsteigerung des Unternehmens erkennen kann. Aber möglicher Weise fallen die Teile ja bald ineinander und der Durchbruch gelingt.
- Was ist mit der Verbindung zu Travel24? Warum wurden Aktien getauscht? Scheinbar exisitiert da kein Interesse in irgendeiner Form zu kooperieren. Zumindest ist da für mich nichts offensichtlich.
- Was ist mit dem Amadeus Deal? Große Ankündigung ... nichts! Stattdessen wird für hohe Zinsen Geld geliehen. Was ist mit dem Geld geplant?
Um mal was positives zu sagen:
Mir gefällt die Qualität der Site, die hier und anderswo etwas zu Unrecht kritisiert wird/worden ist. Das ist auch erkennbar im Test der PC World. Das ist in meinen Augen ein sicherlich dicker Pluspunkt für TBU. Zumal ich die Site von Expedia schlecht finde ...
Gut gehen,
Frito
Ich habe die Hoffnung in TBU nicht aufgegeben. Ich bin zwar nicht so hoch investiert wie Du, aber ich habe auch den einen oder anderen Euro investiert. Allerdings habe ich diese Position momentan abgeschrieben, werde sie aber wohl langfristig halten.
Mit den Zahlen ist es halt eine Frage der Erwartungshaltung: ich persönlich finde die Gewinnsteigerung zu mager. Wenn ich die extrapoliere wird auch im 3. Quartal der Break Even nicht erreicht.
Für mich sind da halt noch eine Reihe Fragen/Punkte offen:
- Die Sharevalue Politik finde ich etwas gewagt: Anzahl der Shares (recht willkürlich, IMHO) aufgebläht ohne daß ich eine offensichtliche Wertsteigerung des Unternehmens erkennen kann. Aber möglicher Weise fallen die Teile ja bald ineinander und der Durchbruch gelingt.
- Was ist mit der Verbindung zu Travel24? Warum wurden Aktien getauscht? Scheinbar exisitiert da kein Interesse in irgendeiner Form zu kooperieren. Zumindest ist da für mich nichts offensichtlich.
- Was ist mit dem Amadeus Deal? Große Ankündigung ... nichts! Stattdessen wird für hohe Zinsen Geld geliehen. Was ist mit dem Geld geplant?
Um mal was positives zu sagen:
Mir gefällt die Qualität der Site, die hier und anderswo etwas zu Unrecht kritisiert wird/worden ist. Das ist auch erkennbar im Test der PC World. Das ist in meinen Augen ein sicherlich dicker Pluspunkt für TBU. Zumal ich die Site von Expedia schlecht finde ...
Gut gehen,
Frito
Tuesday May 29, 11:00 am Eastern Time
Press Release
SOURCE: travelbyus
PC World Ranks travelbyus Web Site at Top
WHITE ROCK, British Columbia, May 29 /PRNewswire/ -- In the latest issue of PC World magazine travelbyus (Toronto: TBU; Frankfurt: TVD; Boston: TBY; OTC Bulletin Board: TRIP) received top honors in the category of ``hottest sites for online booking`` in its search for the best travel deals on the web.
PC World`s search for the best travel web sites included such well-known names as Expedia.com and Priceline.com. In a ``Features Comparison`` by site, they rated three categories: Ease of Use, Booking Flexibility and Finding Lowest Fares. The travelbyus web site came out on top being the only site to receive a ``good`` or ``excellent`` rating in all three areas. travelbyus outscored all the sites for booking flexibility, receiving the only ``excellent`` rating award in that category.
``Because of the multiple destinations ... several sites couldn`t handle my ticketing request ... so I focused on Expedia and travelbyus. Here, the ITA Software that travelbyus uses showed its value.`` -- PC World, June 2001
``We have said for some time now that a powerful Search Engine is vital to the success of the next generation of online travel sites,`` said Bill Kerby, CEO of travelbyus. ``Not only does the PC World article validate this, but it proves ITA Software was the right choice. Simply put, it is today the best Search Engine for low fares and complex itineraries.``
The PC World article focused solely on the airfare component of travel and travelbyus, but points out that the travelbyus web site offers much, much more. In fact, a visit to the travelbyus Web site provides practically anything a traveler could need, including detailed destination guides, cruise product and information, proprietary value vacation packages, special travel deals and promotions and an array of travel tools from maps to a currency converter to a foreign language audio phrase guide.
travelbyus is a vertically integrated travel company serving more than 2,000 member travel agencies and is poised to help design the future of the travel business. Its mission is to become the world`s leading, fully integrated travel network that creates value by providing more information, greater convenience and superior service to both the leisure traveler and the travel agent. It will do this by utilizing unique technology and an advanced distribution system that serves both the travel agent and the consumer to continuously offer the right product to the right customer at the right time.
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, technological developments, uncertainties of the Internet, changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Company`s public filings under ``Risk Factors.`` The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
SOURCE: travelbyus
Press Release
SOURCE: travelbyus
PC World Ranks travelbyus Web Site at Top
WHITE ROCK, British Columbia, May 29 /PRNewswire/ -- In the latest issue of PC World magazine travelbyus (Toronto: TBU; Frankfurt: TVD; Boston: TBY; OTC Bulletin Board: TRIP) received top honors in the category of ``hottest sites for online booking`` in its search for the best travel deals on the web.
PC World`s search for the best travel web sites included such well-known names as Expedia.com and Priceline.com. In a ``Features Comparison`` by site, they rated three categories: Ease of Use, Booking Flexibility and Finding Lowest Fares. The travelbyus web site came out on top being the only site to receive a ``good`` or ``excellent`` rating in all three areas. travelbyus outscored all the sites for booking flexibility, receiving the only ``excellent`` rating award in that category.
``Because of the multiple destinations ... several sites couldn`t handle my ticketing request ... so I focused on Expedia and travelbyus. Here, the ITA Software that travelbyus uses showed its value.`` -- PC World, June 2001
``We have said for some time now that a powerful Search Engine is vital to the success of the next generation of online travel sites,`` said Bill Kerby, CEO of travelbyus. ``Not only does the PC World article validate this, but it proves ITA Software was the right choice. Simply put, it is today the best Search Engine for low fares and complex itineraries.``
The PC World article focused solely on the airfare component of travel and travelbyus, but points out that the travelbyus web site offers much, much more. In fact, a visit to the travelbyus Web site provides practically anything a traveler could need, including detailed destination guides, cruise product and information, proprietary value vacation packages, special travel deals and promotions and an array of travel tools from maps to a currency converter to a foreign language audio phrase guide.
travelbyus is a vertically integrated travel company serving more than 2,000 member travel agencies and is poised to help design the future of the travel business. Its mission is to become the world`s leading, fully integrated travel network that creates value by providing more information, greater convenience and superior service to both the leisure traveler and the travel agent. It will do this by utilizing unique technology and an advanced distribution system that serves both the travel agent and the consumer to continuously offer the right product to the right customer at the right time.
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, technological developments, uncertainties of the Internet, changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Company`s public filings under ``Risk Factors.`` The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
SOURCE: travelbyus
@frito
Nein, so stimmt das nicht ganz, was Du da sagst...
Geld für Zinsen wird dann geliehen, wenn es nötig ist.
Mehr nicht.Nur dann.
OK, selbst wenn, jede Firma hat Verbindlichkeiten bei
einer Bank, um diese gegen "Gewinne" abzuschreiben.
Außerdem ist der Zins ok, andernfalls hätten die es
wohl kaum gemacht.
Meiner Meinung nach sollte man das ganze eher positiv
sehen.
Was ist mit Amadeus ??Keine Ahnung, denen geht es
selber nicht gut, siehe deren Finanzen und außerdem
hätten die dann eine Beteiligung an dem Kuchen,
so daß irgendwann erwirtschaftende Gewinne auch an die
automatisch fließen.
Nicht ganz unwichtig.
Viel Glück
Realhot
Nein, so stimmt das nicht ganz, was Du da sagst...
Geld für Zinsen wird dann geliehen, wenn es nötig ist.
Mehr nicht.Nur dann.
OK, selbst wenn, jede Firma hat Verbindlichkeiten bei
einer Bank, um diese gegen "Gewinne" abzuschreiben.
Außerdem ist der Zins ok, andernfalls hätten die es
wohl kaum gemacht.
Meiner Meinung nach sollte man das ganze eher positiv
sehen.
Was ist mit Amadeus ??Keine Ahnung, denen geht es
selber nicht gut, siehe deren Finanzen und außerdem
hätten die dann eine Beteiligung an dem Kuchen,
so daß irgendwann erwirtschaftende Gewinne auch an die
automatisch fließen.
Nicht ganz unwichtig.
Viel Glück
Realhot
@Realhot
... trotzdem wüßte ich gerne wozu das Geld benötigt wird. Wird es nur verwendet um die Standard Cashburn Rate zu befriedigen oder werden Investitionen getätigt. Das ist letztlich das wirklich Entscheidende.
Interessant ist auch die Geschichte mit dem Herrn Steven Antebi. Mit diesem Deal könnte TBU sich einen Großinvestor ins Boot geholt haben. Ich denke, daß die nicht wirklich Beratungsleistung (für Aktien) von ihm kaufen ... Meinungen?
Frito
... trotzdem wüßte ich gerne wozu das Geld benötigt wird. Wird es nur verwendet um die Standard Cashburn Rate zu befriedigen oder werden Investitionen getätigt. Das ist letztlich das wirklich Entscheidende.
Interessant ist auch die Geschichte mit dem Herrn Steven Antebi. Mit diesem Deal könnte TBU sich einen Großinvestor ins Boot geholt haben. Ich denke, daß die nicht wirklich Beratungsleistung (für Aktien) von ihm kaufen ... Meinungen?
Frito
wer macht heute noch was umsonst? so doof sind die bei tbu auch nicht.
die wissen genau was sie tun. sicherlich haben sie auch viele
fehler in der vergangenheit gemacht, aber wer macht das nicht? tbu ist ein
langzeitinvest, das war immer meine meinung.
ich bin der meinung, dass gerade in den bullboards professionelle miesmacher
am werke sind (Donnie M & consorten. oder auch bei uns regten sich manche leute auf, dass die
veröffentlichungen nur in englisch kamen. nun tbu/trip = amis & canadier und die arbeiten
vornehmlich dort. dass es auch in deutschland (zurecht verärgerte) aktionäre gibt,
interessiert die erstmal gar nicht. fehlinterpretationen sind da nicht ausgeschlossen und
bis das geklärt ist, ist der kurs auch schon wieder unten!
aber aus fehlern kann man lernen und wie heißt es so schön: " die hoffnung stirbt zu letzt!"
gerade bei tbu.
ich hoffe auf die Q3-zahlen und dem trend zum besseren, auf amadeus, travel 24 und und und
gruss
bill bo
die wissen genau was sie tun. sicherlich haben sie auch viele
fehler in der vergangenheit gemacht, aber wer macht das nicht? tbu ist ein
langzeitinvest, das war immer meine meinung.
ich bin der meinung, dass gerade in den bullboards professionelle miesmacher
am werke sind (Donnie M & consorten. oder auch bei uns regten sich manche leute auf, dass die
veröffentlichungen nur in englisch kamen. nun tbu/trip = amis & canadier und die arbeiten
vornehmlich dort. dass es auch in deutschland (zurecht verärgerte) aktionäre gibt,
interessiert die erstmal gar nicht. fehlinterpretationen sind da nicht ausgeschlossen und
bis das geklärt ist, ist der kurs auch schon wieder unten!
aber aus fehlern kann man lernen und wie heißt es so schön: " die hoffnung stirbt zu letzt!"
gerade bei tbu.
ich hoffe auf die Q3-zahlen und dem trend zum besseren, auf amadeus, travel 24 und und und
gruss
bill bo
aus Stockhouse.com
mfg Don Schneider
For those who missed this:... the only correction is we are trading at about 1/40 of tvly or expe
......................................
Interview
William Kerby, Chairman and Chief Executive Officer, spoke with Wall
Street Reporter Magazine.
WSR: Would you briefly introduce Travelbyus for us?
TRIP: Travelbyus is a company that was started about one and a half
years ago. We actually went out and acquired 21 separate companies and
brought them together under one roof.
WSR: What is the focus and core products now being offered by these
combined 21 companies?
TRIP: We’ve actually applied for an intellectual patent on the model,
which is referred to as a 360-degree vertically integrated marketing
model. We find our own unique products, which we then supply through
our own distribution systems including our 800-I Travel phone numbers,
our Web site and a group of approximately 2,700 travel agencies that
are members of our particular system. We take data information and
process it through our SiteRabbit engine (now called "Echo") which
target-markets the right product to the right customer at the right
time. The model in itself is designed to help our preferred suppliers
or our product suppliers such as hotels and airlines to better
communicate in order to get their product out to the customer at the
times they are likeliest to travel.
WSR: You spoke of patenting this model. Who else has this model along
with the distribution channels and the multiple points of entry as you
have?
TRIP: No one in the marketplace, to our knowledge. Companies may
emulate the model and do part of what we do, and vice versa, but not
how we put this together—we are probably the most comprehensive travel
company there is.
WSR: Give us an example of what an end-user might experience using
your services and products.
TRIP: We have a slogan for the customer that comes up after you click
call or come in. A typical scenario for anyone who is thinking about a
vacation or is looking at taking a trip is to go to the Web site for
research. Studies indicate that 85 percent of Web site visitors use it
for research. But when it comes to placing an online order for a
leisure vacation, then we feel uncomfortable because that’s something
that really ranks up there in importance to many of us. In the case of
Travelbyus, customers have the option of clicking from the Web site
into the 800-I travel number that is answered at our call center. Or
they can choose to run over personally to one of the 2,700 agencies
and complete the transaction there and pick up the ticket.
WSR: You recently completed the merger with Aviation Group, Inc.
TRIP: Yes, that’s right. We were looking for a launchpad into the U.S.
marketplace. Aviation Group was involved in the paint and battery
manufacturing businesses, which are in the process of being sold off.
That will leave the existing company a pure Travelbyus entity.
WSR: So what exactly was the rationale behind that merger? What has it
done for Travelbyus?
TRIP: The rationale for it was really several fold. It gave us a small
cap listing as a starting point. It brought together all the
U.S.-based acquisitions under a U.S-based company in Dallas, Texas. It
gave us the ability to strip out $7 to $10 million in assets that
could be sold off. With the current state of the market, the cash
certainly doesn’t hurt.
WSR: Let’s turn to the travel business. How much of a percentage does
the pure-play online travel company segment take up? Also, how do you
plan to capitalize on this?
TRIP: What most people fail to realize, as I indicated, is that while
the Internet generates excitement for the travel industry, most people
are not prepared to trust important events like, say their
25th-anniversary vacation to an online transaction. Only about 5
percent of the bookings actually take place on the Internet. So what
it comes down to is that the travel agent truly is the dominant force
here, handling in some cases such as in the cruise lines close to
everything, upwards of 98 percent of all of the bookings. It’s not
surprising therefore that our model is very agent-friendly. Our
products go through the agent. Regardless of how the customer decides
to book, the agent receives an annuity fee that ensures that the
commission always is back to him. That is, whether the booking is
online, whether it goes through the agent’s offices or whether it
comes through one of our call centers or over a wireless device or
several other multiple points of entry the company has.
WSR: So then, what can we draw from this, that you are not
disintermediating the travel agent and providing an incentive for them
to actually use your service?
TRIP: No, absolutely not. The program that we’ve put together has the
effect of bringing the travel agency into the 21st century. We believe
people will still want that personal-touch interaction with the agent
but what we’re adding is advanced tools that enable agents to be far
more efficient when they’re working with their customer.
WSR: Do you see 2001 as the big breakout year for Travelbyus?
TRIP: Yes I see the company emerging from more than a year and a half
of consolidation, acquisition, and filing. We’ve been lawyered and
accountanted to death over the past 18 months or so to the point where
Travelbyus is at the starting gate and ready for the race.
WSR: What kind of growth are you expecting?
TRIP: Let’s go back and look at our first year of operations, when we
came in with net revenue of about $26 million. We feel that by
bringing the agencies into our program that we have an almost
exponential growth curve ahead of us. We would be very disappointed if
we didn’t see gross revenues come out this year in the range of six to
eight times that number.
WSR: That’s an impressive indication of what’s happening there. What
is your plan to maximize shareholder value? As an investor, why should
I be interested in Travelbyus?
TRIP: Well, the most interest I would have would be in the fact that
Travelbyus has designed a better mousetrap for the capture of a lot of
travel business. Recent reports show travel as a key vector this year
on the Internet. Our company trades at literally one-fifteenth the
value of, say, an Expedia or Travelocity, people that we would look at
as competitors. We feel that, with the opportunities we have, that we
can match and then surpass these companies’ revenue base. So investors
should also take into account that we sell at a fraction of the cost
of an Expedia or a Travelocity. One of the best actions we can take on
behalf of our shareholders is to start getting the story out, and
we’re starting to do just that. We are acquainting people with the
story of the company and letting them decide.
mfg Don Schneider
For those who missed this:... the only correction is we are trading at about 1/40 of tvly or expe
......................................
Interview
William Kerby, Chairman and Chief Executive Officer, spoke with Wall
Street Reporter Magazine.
WSR: Would you briefly introduce Travelbyus for us?
TRIP: Travelbyus is a company that was started about one and a half
years ago. We actually went out and acquired 21 separate companies and
brought them together under one roof.
WSR: What is the focus and core products now being offered by these
combined 21 companies?
TRIP: We’ve actually applied for an intellectual patent on the model,
which is referred to as a 360-degree vertically integrated marketing
model. We find our own unique products, which we then supply through
our own distribution systems including our 800-I Travel phone numbers,
our Web site and a group of approximately 2,700 travel agencies that
are members of our particular system. We take data information and
process it through our SiteRabbit engine (now called "Echo") which
target-markets the right product to the right customer at the right
time. The model in itself is designed to help our preferred suppliers
or our product suppliers such as hotels and airlines to better
communicate in order to get their product out to the customer at the
times they are likeliest to travel.
WSR: You spoke of patenting this model. Who else has this model along
with the distribution channels and the multiple points of entry as you
have?
TRIP: No one in the marketplace, to our knowledge. Companies may
emulate the model and do part of what we do, and vice versa, but not
how we put this together—we are probably the most comprehensive travel
company there is.
WSR: Give us an example of what an end-user might experience using
your services and products.
TRIP: We have a slogan for the customer that comes up after you click
call or come in. A typical scenario for anyone who is thinking about a
vacation or is looking at taking a trip is to go to the Web site for
research. Studies indicate that 85 percent of Web site visitors use it
for research. But when it comes to placing an online order for a
leisure vacation, then we feel uncomfortable because that’s something
that really ranks up there in importance to many of us. In the case of
Travelbyus, customers have the option of clicking from the Web site
into the 800-I travel number that is answered at our call center. Or
they can choose to run over personally to one of the 2,700 agencies
and complete the transaction there and pick up the ticket.
WSR: You recently completed the merger with Aviation Group, Inc.
TRIP: Yes, that’s right. We were looking for a launchpad into the U.S.
marketplace. Aviation Group was involved in the paint and battery
manufacturing businesses, which are in the process of being sold off.
That will leave the existing company a pure Travelbyus entity.
WSR: So what exactly was the rationale behind that merger? What has it
done for Travelbyus?
TRIP: The rationale for it was really several fold. It gave us a small
cap listing as a starting point. It brought together all the
U.S.-based acquisitions under a U.S-based company in Dallas, Texas. It
gave us the ability to strip out $7 to $10 million in assets that
could be sold off. With the current state of the market, the cash
certainly doesn’t hurt.
WSR: Let’s turn to the travel business. How much of a percentage does
the pure-play online travel company segment take up? Also, how do you
plan to capitalize on this?
TRIP: What most people fail to realize, as I indicated, is that while
the Internet generates excitement for the travel industry, most people
are not prepared to trust important events like, say their
25th-anniversary vacation to an online transaction. Only about 5
percent of the bookings actually take place on the Internet. So what
it comes down to is that the travel agent truly is the dominant force
here, handling in some cases such as in the cruise lines close to
everything, upwards of 98 percent of all of the bookings. It’s not
surprising therefore that our model is very agent-friendly. Our
products go through the agent. Regardless of how the customer decides
to book, the agent receives an annuity fee that ensures that the
commission always is back to him. That is, whether the booking is
online, whether it goes through the agent’s offices or whether it
comes through one of our call centers or over a wireless device or
several other multiple points of entry the company has.
WSR: So then, what can we draw from this, that you are not
disintermediating the travel agent and providing an incentive for them
to actually use your service?
TRIP: No, absolutely not. The program that we’ve put together has the
effect of bringing the travel agency into the 21st century. We believe
people will still want that personal-touch interaction with the agent
but what we’re adding is advanced tools that enable agents to be far
more efficient when they’re working with their customer.
WSR: Do you see 2001 as the big breakout year for Travelbyus?
TRIP: Yes I see the company emerging from more than a year and a half
of consolidation, acquisition, and filing. We’ve been lawyered and
accountanted to death over the past 18 months or so to the point where
Travelbyus is at the starting gate and ready for the race.
WSR: What kind of growth are you expecting?
TRIP: Let’s go back and look at our first year of operations, when we
came in with net revenue of about $26 million. We feel that by
bringing the agencies into our program that we have an almost
exponential growth curve ahead of us. We would be very disappointed if
we didn’t see gross revenues come out this year in the range of six to
eight times that number.
WSR: That’s an impressive indication of what’s happening there. What
is your plan to maximize shareholder value? As an investor, why should
I be interested in Travelbyus?
TRIP: Well, the most interest I would have would be in the fact that
Travelbyus has designed a better mousetrap for the capture of a lot of
travel business. Recent reports show travel as a key vector this year
on the Internet. Our company trades at literally one-fifteenth the
value of, say, an Expedia or Travelocity, people that we would look at
as competitors. We feel that, with the opportunities we have, that we
can match and then surpass these companies’ revenue base. So investors
should also take into account that we sell at a fraction of the cost
of an Expedia or a Travelocity. One of the best actions we can take on
behalf of our shareholders is to start getting the story out, and
we’re starting to do just that. We are acquainting people with the
story of the company and letting them decide.
Hier die Zahlen von Peter Adam:Bruttoumsatz:
Here is the answer I received from Finance:
>
> The amount was Cdn$33,197,000 for the 6 months ended 3/31/01, vs
> Cdn$23,316,000 for same period last year. It is listed in the
Canadian
> quarterly report on the bottom of the operating statement
>
> Regards,
> Peter Adam
>
Realhot
Here is the answer I received from Finance:
>
> The amount was Cdn$33,197,000 for the 6 months ended 3/31/01, vs
> Cdn$23,316,000 for same period last year. It is listed in the
Canadian
> quarterly report on the bottom of the operating statement
>
> Regards,
> Peter Adam
>
Realhot
Hi,
wollte mich auch mal wieder zu Wort melden.
Aber nur um alle "Alten" Weggefährten ein frohes Pfingstfest zu wünschen.
Seit ich mich gedanklich darauf eingestellt habe, dass TBU ein Langzeitinvest geworden ist und ich nicht jeden Tag ins Board schaue , gehts mir viel besser.
Allerdings bin ich auch nicht mehr so auf dem Laufenden.
In einigen Jahren werde ich ja sehen, ob dieser Wert es wert war ihn zu kaufen.
Ach ja, doch noch eine Frage: Was ist eigentlich aus TRIP geworden? Sind die noch irgendwo gelistet?
Also, in diesem Sinne - auf bessere Kurse
.....frohe Pfingsten
cu DrLuck
wollte mich auch mal wieder zu Wort melden.
Aber nur um alle "Alten" Weggefährten ein frohes Pfingstfest zu wünschen.
Seit ich mich gedanklich darauf eingestellt habe, dass TBU ein Langzeitinvest geworden ist und ich nicht jeden Tag ins Board schaue , gehts mir viel besser.
Allerdings bin ich auch nicht mehr so auf dem Laufenden.
In einigen Jahren werde ich ja sehen, ob dieser Wert es wert war ihn zu kaufen.
Ach ja, doch noch eine Frage: Was ist eigentlich aus TRIP geworden? Sind die noch irgendwo gelistet?
Also, in diesem Sinne - auf bessere Kurse
.....frohe Pfingsten
cu DrLuck
Hallo,
Tbu ist ja wirklich ein Trauerspiel, kaum Handel und der
Kurs kommt nicht vom Fleck.
Wenn ich Expedia sehe ,wie der Kurs in den letzten Tagen
angezogen hat ,dann frage ich mich ist diese Firma zukünf-
tig so viel besser wie Tbu.
Vielleicht müssen die Amis Tbu erst noch entdecken oder
eine große Firma (wie Microsoft bei Expedia) eine Beteiligung eingehen.
Tbu ist ja wirklich ein Trauerspiel, kaum Handel und der
Kurs kommt nicht vom Fleck.
Wenn ich Expedia sehe ,wie der Kurs in den letzten Tagen
angezogen hat ,dann frage ich mich ist diese Firma zukünf-
tig so viel besser wie Tbu.
Vielleicht müssen die Amis Tbu erst noch entdecken oder
eine große Firma (wie Microsoft bei Expedia) eine Beteiligung eingehen.
@ass 3000
Tja, so langsam sollte sich etwas tun.
Hast Du mal direkt mit den USA oder mit Herrn Adam
gesprochen ??
Würde mich interessieren, was er euch oder Dir so sagt..
Realhot
Tja, so langsam sollte sich etwas tun.
Hast Du mal direkt mit den USA oder mit Herrn Adam
gesprochen ??
Würde mich interessieren, was er euch oder Dir so sagt..
Realhot
Hallo,
@realhot
Wenn mein Englisch besser wäre, dann hätte ich Herrn Adam
schon längst mal angerufen und ihm viele unangenehme Fragen
gestellt.
Was mich wundert ist die ständig gegenläufige Kursentwick-
lung in Kanada und in den USA wie gestern wieder.
Uns bleibt also nichts weiter übrig, als auf die nächsten
Zahlen in 3 Monaten zu warten.
@realhot
Wenn mein Englisch besser wäre, dann hätte ich Herrn Adam
schon längst mal angerufen und ihm viele unangenehme Fragen
gestellt.
Was mich wundert ist die ständig gegenläufige Kursentwick-
lung in Kanada und in den USA wie gestern wieder.
Uns bleibt also nichts weiter übrig, als auf die nächsten
Zahlen in 3 Monaten zu warten.
Hallo,
T-online gründet zusammen mit Preussag und C&N ein Online
Reisebüro.
Alle drei Unternehmen versprechen sich einen riesigen
Zukunftsmarkt in dieser Branche.
Tbu sollte sich schnellstens auch ein Unternehmen der Oldökonomie ins Boot holen, ansonsten wird es gegen die
zunehmende Konkurenz sehr schwer werden.
T-online gründet zusammen mit Preussag und C&N ein Online
Reisebüro.
Alle drei Unternehmen versprechen sich einen riesigen
Zukunftsmarkt in dieser Branche.
Tbu sollte sich schnellstens auch ein Unternehmen der Oldökonomie ins Boot holen, ansonsten wird es gegen die
zunehmende Konkurenz sehr schwer werden.
trip in usa kräftig runter!
tbu in canada langsam rauf?
kann mir das einer erklären?
gruss
bill bo
tbu in canada langsam rauf?
kann mir das einer erklären?
gruss
bill bo
Hallo
@bill bo
Mittlerweile auch in Kanada runter, bei ziemlich hohen Um-
sätzen.
Wenn man wenigstens mal Gründe für den erneuten Kursverfall
erfahren würde.
@bill bo
Mittlerweile auch in Kanada runter, bei ziemlich hohen Um-
sätzen.
Wenn man wenigstens mal Gründe für den erneuten Kursverfall
erfahren würde.
Ask themselve and give a call to Peter Adam otherwise
you never know.
Realhot
you never know.
Realhot
You asked why the share price is where it is?
Noone has the exact answer but a couple of reasons might be:
1. This morning there appeared to be strong selling on the TRIP side. The
good news is there was buying.
2. A poster on Stockhouse speculated and I stress speculated that the
increase in selling might be because the financing had fallen through. This
was pure speculation, not even couched as an unsubstantiated rumour.
However, Mr. Kerby`s assistant did reach him in a meeting and he said the
rumour was unfounded.
Hope this helps.
Sincerely,
Peter Adam
Noone has the exact answer but a couple of reasons might be:
1. This morning there appeared to be strong selling on the TRIP side. The
good news is there was buying.
2. A poster on Stockhouse speculated and I stress speculated that the
increase in selling might be because the financing had fallen through. This
was pure speculation, not even couched as an unsubstantiated rumour.
However, Mr. Kerby`s assistant did reach him in a meeting and he said the
rumour was unfounded.
Hope this helps.
Sincerely,
Peter Adam
Hallo,
@mis
Übersetz doch bitte mal deinen Text ganz grob.
Was mir auffällt sind die hohen Umsätze in den letzten
Tagen in Amerika bei fallendem Kurs.
Soll man überhaupt noch an TBU glauben?
@mis
Übersetz doch bitte mal deinen Text ganz grob.
Was mir auffällt sind die hohen Umsätze in den letzten
Tagen in Amerika bei fallendem Kurs.
Soll man überhaupt noch an TBU glauben?
Hier das Fax, welches ich heute an Herr Adam geschrieben
habe:
TBU
Mr.Peter Adam
cc:Guido Pickert
cc:www.wallstreet-online.de
Fax:001-6045412450
Dear Peter,
I don´t think I got to tell you that I really feel disappointed about not
to hear something from you, although you promised me to let me know..
Some words about NO-financing came through, stock lost another 30 %.
As you know I always stood to your company and informed people as much
I could, yesterday I got 4 calls from different people who were asking what
happened.
I can´t follow -that in case rumors are going on- you are not interested to
correct it.
Do you think after 5/1 split up to 3,00 $ and now still with the split down
another 90 % to 0,3 $ is correct and TBU shouldn´t give any statement to
your
shareholders ??
There´s one (I don´t know how to translate it correctly...) saying in
germany that I would like to tell you.
"You forget soon what happened but you never forget how you have been
treatend".
habe:
TBU
Mr.Peter Adam
cc:Guido Pickert
cc:www.wallstreet-online.de
Fax:001-6045412450
Dear Peter,
I don´t think I got to tell you that I really feel disappointed about not
to hear something from you, although you promised me to let me know..
Some words about NO-financing came through, stock lost another 30 %.
As you know I always stood to your company and informed people as much
I could, yesterday I got 4 calls from different people who were asking what
happened.
I can´t follow -that in case rumors are going on- you are not interested to
correct it.
Do you think after 5/1 split up to 3,00 $ and now still with the split down
another 90 % to 0,3 $ is correct and TBU shouldn´t give any statement to
your
shareholders ??
There´s one (I don´t know how to translate it correctly...) saying in
germany that I would like to tell you.
"You forget soon what happened but you never forget how you have been
treatend".
@mis
None soll es doch wohl heißen oder meinst du Peter Noone, Sänger der herman`s hermits?
Im Übrigen: wenn du glaubwürdig sein willst, dann veröffentliche die Anworten im Original.
None soll es doch wohl heißen oder meinst du Peter Noone, Sänger der herman`s hermits?
Im Übrigen: wenn du glaubwürdig sein willst, dann veröffentliche die Anworten im Original.
Hallo,
Ich habe heute mit hr. Pickert von VR gesprochen und er teilte mir mit das der neuerliche Kursrutsch von TBU durch
ein Gerücht ,welches in den USA gestreut wurde , zustande kam.
Indem Gerücht wurde mitgeteilt ,das die Bankenfinanzierung
von TBU nicht zustande kommen würde.
Hr. Pickert hat darauf hin Hr. Adam bei TBU angerufen und
dieser hat ihm versichert,das die Finanzierung abgesichert
sei.
Zu vermuten ist ,das jemand in Amerika bewußt den Kurs drü-
cken will, was ja auch die relativ hohen Umsätze in den
letzten Tagen erklären würde.
Also verschleudert eure Aktien jetzt nicht zu diesem Spott-
preis, denn selbst im Fall einer Übernahme gibt es für TBU
einen viel besseren Preis.
Ich habe heute mit hr. Pickert von VR gesprochen und er teilte mir mit das der neuerliche Kursrutsch von TBU durch
ein Gerücht ,welches in den USA gestreut wurde , zustande kam.
Indem Gerücht wurde mitgeteilt ,das die Bankenfinanzierung
von TBU nicht zustande kommen würde.
Hr. Pickert hat darauf hin Hr. Adam bei TBU angerufen und
dieser hat ihm versichert,das die Finanzierung abgesichert
sei.
Zu vermuten ist ,das jemand in Amerika bewußt den Kurs drü-
cken will, was ja auch die relativ hohen Umsätze in den
letzten Tagen erklären würde.
Also verschleudert eure Aktien jetzt nicht zu diesem Spott-
preis, denn selbst im Fall einer Übernahme gibt es für TBU
einen viel besseren Preis.
wenn tbu weiß dass die finanzierung gesichert ist,
und der kurs aufgrund eines gerüchts runtergenüppelt wird, warum
verdammt nochmal geben die keine offizielle stellungnahme
dazu ab? ist doch kein wunder dass selbst die hartgesottensten
aktionäre den glauben ans managment verlieren.
gruss
bill bo
und der kurs aufgrund eines gerüchts runtergenüppelt wird, warum
verdammt nochmal geben die keine offizielle stellungnahme
dazu ab? ist doch kein wunder dass selbst die hartgesottensten
aktionäre den glauben ans managment verlieren.
gruss
bill bo
Weil TBU sich nicht auf jede Spekulation oder auf jedes
Gerücht äußern kann oder will.
So zumindest sagte es mir Herr Adam.
Die können nicht den ganzen Tag am Rechner sitzen und
irgendwelche Gerüchte verfolgen.
Welches Unternehmen macht das schon ??
Außerdem sollen die sich auf Ihr Geschäft konzentrieren
und uns guten Zahlen liefern.
Der Kurs sollte klar und deutlich über 2-3 Euro laufen,
wenn sich die Zahlen als gut herausstellen.
Realhot
Gerücht äußern kann oder will.
So zumindest sagte es mir Herr Adam.
Die können nicht den ganzen Tag am Rechner sitzen und
irgendwelche Gerüchte verfolgen.
Welches Unternehmen macht das schon ??
Außerdem sollen die sich auf Ihr Geschäft konzentrieren
und uns guten Zahlen liefern.
Der Kurs sollte klar und deutlich über 2-3 Euro laufen,
wenn sich die Zahlen als gut herausstellen.
Realhot
Sehr geehrter Herr ........,
Auf vielfachen Wunsch haben wir Ihnen im unteren Teil der Mail einige
Highlights der vor kurzem veröffentlichten Quartalszahlen zusammengestellt
(im Vergleich Quartal 2 zu Quartal 1 des Jahres 2001).
Zusammenfassend sei zu sagen, daß sich das Unternehmen auf dem richtigen Weg
befindet und mit genügend liquiden Mitteln ausgestattet ist.
Wir hoffen, Ihnen mit diesen Informationen weitergeholfen zu haben.
Mit elektronischer Empfehlung,
Guido Pickert
Value Relations IR Services
+49 (6196) 8800-214
Hier die Highlights:
Netto Verkäufe wurden um 44% gesteigert;
Kosten und damit Nettoverluste werden um 33% abgebaut;
Betriebsverlust wurde um 19% verringert;
Nicht reisebezogene Unternehmensteile stehen zum Verkauf (Aero Design und
Battery Shop);
Die Kreditlinie von USD 23 Millionen auf die nächsten 10 Jahre besteht
unverändert;
Der Mittelzufluß von USD 8 Millionen findet statt;
Hohe Investitionen in die Technologie (speziell in die Site Rabbit
Plattform) sind abgeschlossen;
Verluste speziell der Global Leisure-Tochter sollen abgebaut werden;
Bei durchschnittlich 22.970.978 ausstehenden Aktien (voll verwässert) wurde
der Nettoverlust pro Aktie um 33% von USD -0,73 auf USD -0,49 abgebaut;
6M 01 Q2 01
Q1 01
Netto Verkäufe 5.813,00 3.434,00 2.379,00
Betriebsverlust -20.480,00 -9.165,00 -11.315,00
Nettoverlust -28.044,00 -11.215,00 -16.829,00
Aktien (voll verwässert) 22.970.978 22.970.978 22.970.978
EPS (Nettoverlust) -1,22 -0,49 -0,73
Bruttoumsatz für die 6 Monate (in CAD) wurde zum 31.3.2001 auf 33.197.000 im
Vergleich zu 23.316.000 zum 31.3.2000 gesteigert (+42%).
Auf vielfachen Wunsch haben wir Ihnen im unteren Teil der Mail einige
Highlights der vor kurzem veröffentlichten Quartalszahlen zusammengestellt
(im Vergleich Quartal 2 zu Quartal 1 des Jahres 2001).
Zusammenfassend sei zu sagen, daß sich das Unternehmen auf dem richtigen Weg
befindet und mit genügend liquiden Mitteln ausgestattet ist.
Wir hoffen, Ihnen mit diesen Informationen weitergeholfen zu haben.
Mit elektronischer Empfehlung,
Guido Pickert
Value Relations IR Services
+49 (6196) 8800-214
Hier die Highlights:
Netto Verkäufe wurden um 44% gesteigert;
Kosten und damit Nettoverluste werden um 33% abgebaut;
Betriebsverlust wurde um 19% verringert;
Nicht reisebezogene Unternehmensteile stehen zum Verkauf (Aero Design und
Battery Shop);
Die Kreditlinie von USD 23 Millionen auf die nächsten 10 Jahre besteht
unverändert;
Der Mittelzufluß von USD 8 Millionen findet statt;
Hohe Investitionen in die Technologie (speziell in die Site Rabbit
Plattform) sind abgeschlossen;
Verluste speziell der Global Leisure-Tochter sollen abgebaut werden;
Bei durchschnittlich 22.970.978 ausstehenden Aktien (voll verwässert) wurde
der Nettoverlust pro Aktie um 33% von USD -0,73 auf USD -0,49 abgebaut;
6M 01 Q2 01
Q1 01
Netto Verkäufe 5.813,00 3.434,00 2.379,00
Betriebsverlust -20.480,00 -9.165,00 -11.315,00
Nettoverlust -28.044,00 -11.215,00 -16.829,00
Aktien (voll verwässert) 22.970.978 22.970.978 22.970.978
EPS (Nettoverlust) -1,22 -0,49 -0,73
Bruttoumsatz für die 6 Monate (in CAD) wurde zum 31.3.2001 auf 33.197.000 im
Vergleich zu 23.316.000 zum 31.3.2000 gesteigert (+42%).
So Leute, wenn das nicht ok ist, weiß ich´s nicht !!
Bitte mal einige Kommentare dazu bitte.
Realhot
Bitte mal einige Kommentare dazu bitte.
Realhot
"Bruttoumsatz für die 6 Monate (in CAD) wurde zum 31.3.2001 auf 33.197.000 im
Vergleich zu 23.316.000 zum 31.3.2000 gesteigert (+42%)"
Finde ich nicht so beindruckend und liegt weit unterhalb der Erwartungen!
Ich sehe offen gestanden noch nicht, wie bei dieser Steigerzungsrate der Break Even im 3. Quartal erreicht werden soll.
Wie sieht das Zukunftskonzept aus? Um aufzuschließen zu Expedia und anderen: wie sieht es mit der Internationalisierung aus? Ich bekomme da leider keine Antwort von VR.
Frito
Vergleich zu 23.316.000 zum 31.3.2000 gesteigert (+42%)"
Finde ich nicht so beindruckend und liegt weit unterhalb der Erwartungen!
Ich sehe offen gestanden noch nicht, wie bei dieser Steigerzungsrate der Break Even im 3. Quartal erreicht werden soll.
Wie sieht das Zukunftskonzept aus? Um aufzuschließen zu Expedia und anderen: wie sieht es mit der Internationalisierung aus? Ich bekomme da leider keine Antwort von VR.
Frito
@frito
Sag einmal, was erwartest Du denn eigentlich ??
Finde mal eine andere Firma so schnell, die OHNE
aufgenommenes Geld (TBU hat es bis heute nicht in
Anspruch genommen..) Verluste so umstrukturiert und
den Umsatz mal eben um 30 % steigert ??
Verstehe ich etwas falsch oder was meinst Du konkret ?
Außerdem, vergleiche bitte nicht Expedia zu TBU.
Die haben Microsoft im Nacken, die jedes Jahr etliche
Millionen $ locker machen..
Realhot
Sag einmal, was erwartest Du denn eigentlich ??
Finde mal eine andere Firma so schnell, die OHNE
aufgenommenes Geld (TBU hat es bis heute nicht in
Anspruch genommen..) Verluste so umstrukturiert und
den Umsatz mal eben um 30 % steigert ??
Verstehe ich etwas falsch oder was meinst Du konkret ?
Außerdem, vergleiche bitte nicht Expedia zu TBU.
Die haben Microsoft im Nacken, die jedes Jahr etliche
Millionen $ locker machen..
Realhot
@realhot1
Der ganze Internet Reisemarkt wächst schneller als 42%. Das meine ich. Ich meine, der Umsatz muß sich sicher noch mächtig steigern, so daß in den Kurs wieder Vertrauen und Phantasie hineinkommt. Und mal eben so haben sie den Umsatz nun auch nicht gerade gesteigert! Ich hätte nach den enormen Aufwänden schon erwartet, daß die Steigerung 3 stellig sein sollte.
Glaubst Du daran, daß der Laden tatsächlich im nächsten Quartal break even oder soger positiv ist? Ich habe da meine Zweifel, sorry.
An dieser Stelle würde ich erwarten, daß zumindest eine mächtige Werbekampagne anläuft um den Namen richtig zu etablieren.
Was ist mit den in der Luft hängenden Aktivitäten und Ankündigungen: Travel24 und Amadeus?
Monatelang wurde Zeit und Geld investiert um an den Nasdaq zu kommen: warum? Am Ende kann man keine Unterstützung bekommen um gelistet zu bleiben. Und das ist doch wohl ein sehr schlechtes Zeichen.
Was läßt Dich/Euch eigentlich noch an das Investment glauben?
Frito
Der ganze Internet Reisemarkt wächst schneller als 42%. Das meine ich. Ich meine, der Umsatz muß sich sicher noch mächtig steigern, so daß in den Kurs wieder Vertrauen und Phantasie hineinkommt. Und mal eben so haben sie den Umsatz nun auch nicht gerade gesteigert! Ich hätte nach den enormen Aufwänden schon erwartet, daß die Steigerung 3 stellig sein sollte.
Glaubst Du daran, daß der Laden tatsächlich im nächsten Quartal break even oder soger positiv ist? Ich habe da meine Zweifel, sorry.
An dieser Stelle würde ich erwarten, daß zumindest eine mächtige Werbekampagne anläuft um den Namen richtig zu etablieren.
Was ist mit den in der Luft hängenden Aktivitäten und Ankündigungen: Travel24 und Amadeus?
Monatelang wurde Zeit und Geld investiert um an den Nasdaq zu kommen: warum? Am Ende kann man keine Unterstützung bekommen um gelistet zu bleiben. Und das ist doch wohl ein sehr schlechtes Zeichen.
Was läßt Dich/Euch eigentlich noch an das Investment glauben?
Frito
@ frito
Hast Du Dir mal auf deren alten Website angeschaut, was
die alles so an Werbung machen oder gemacht haben ??
Schick mal eine e-mail an Herr Adam und frage einmal,
ob er Dir bitte einen kleinen Auszug der Werbeaktionen,etc.
via Post zukommen läst.
Mach das einmal, erwarte die Post und melde dich dann.
Nochmals:
Ich selbst bin NICHT zufrieden mit dem Kurs, sicher nicht,
bleibe hier auf dem Schiff bis es untergeht oder als
goldener Stern erwacht.
Sei mir nicht böse, aber ich denke nicht, daß Du Dich
jemals mit denen dort in verbindung gesetzt hast oder
dich einmal intensiv um diese TBU Story gekümmert hast.
Ist nur mein Feeling.
Ich will Dich nicht angreifen, Kritik ist sicherlich
rechtens, zumal TBU viele Fehler eingesteht aber sage mir
einmal, wo Du bei TBU oder Exedia mehr Chancen auf
1000% oder noch mehr siehst ??
Dies ist eine Möglichkeit innerhalb der nächsten 2-3 Jahre
eventuell 1000 oder mehrer %-te zu machen.
Was wären 1000 % von heute ??
1,7 oder 1,9 euro, meiner Meinung nach innerhalb dieser
Zeit kein Problem,las die jedes Q- verluste abbauen,dann
werden wir es sehen.
Ob die nächsten Q-Zahlen positiv sind, ist mehr ehrlich
gesagt egal, da ich den Kurs langfristig sehe.
Außerdem bräuchte ich Wochen, wenn ich jetzt verkaufen
sollte.
Nur mal am Rande
Guten nacht
Hast Du Dir mal auf deren alten Website angeschaut, was
die alles so an Werbung machen oder gemacht haben ??
Schick mal eine e-mail an Herr Adam und frage einmal,
ob er Dir bitte einen kleinen Auszug der Werbeaktionen,etc.
via Post zukommen läst.
Mach das einmal, erwarte die Post und melde dich dann.
Nochmals:
Ich selbst bin NICHT zufrieden mit dem Kurs, sicher nicht,
bleibe hier auf dem Schiff bis es untergeht oder als
goldener Stern erwacht.
Sei mir nicht böse, aber ich denke nicht, daß Du Dich
jemals mit denen dort in verbindung gesetzt hast oder
dich einmal intensiv um diese TBU Story gekümmert hast.
Ist nur mein Feeling.
Ich will Dich nicht angreifen, Kritik ist sicherlich
rechtens, zumal TBU viele Fehler eingesteht aber sage mir
einmal, wo Du bei TBU oder Exedia mehr Chancen auf
1000% oder noch mehr siehst ??
Dies ist eine Möglichkeit innerhalb der nächsten 2-3 Jahre
eventuell 1000 oder mehrer %-te zu machen.
Was wären 1000 % von heute ??
1,7 oder 1,9 euro, meiner Meinung nach innerhalb dieser
Zeit kein Problem,las die jedes Q- verluste abbauen,dann
werden wir es sehen.
Ob die nächsten Q-Zahlen positiv sind, ist mehr ehrlich
gesagt egal, da ich den Kurs langfristig sehe.
Außerdem bräuchte ich Wochen, wenn ich jetzt verkaufen
sollte.
Nur mal am Rande
Guten nacht
@realhot1
Zu Deiner Info: ich bin seit 1999 investiert. In dieser Zeit habe ich sicher einiges an Recherche angestellt.
Die Möglichkeit zur direkten Kontaktaufnahme ist ein nettes Feature, aber nicht unbedingt der Weg zur objektiven Information. Ich schaue mir beispielsweise an was an Ankündigungen gemacht wird und was dann umgesetzt wird. Da hat TBU keine gute Bilanz, oder!?
Klar könnte ich es gelassen sehen, wenn im 3Q keine schwarzen Zahlen geschrieben würden. Allerdings wäre dann mal wieder eine Ankündigung nicht eingehalten worden.
Mit dem Verluste abbauen kann man sich allerdings nicht unendlich Zeit lassen: irgendwann ist das Geld alle. Und Kredite in Anspruch zu nehmen macht nur dann Sinn, wenn ich das Geld auch sinnvoll investiere. Im Gegensatz zu Aktionären haben die Gläubiger ein Recht sich ihre Kohle wieder zu holen.
Ich denke TBU hat sich zu lange damit beschäftigt Geld aufzutreiben anstatt es zu verdienen. Meine ganz private Meinung.
Mit den Wochen fürs Verkaufen hast Du sicher Recht. Ich meine 5000 Stück sind heute in Frankfurt gehandelt worden ... na gut, in Canada würde ich sie möglicher Weise los.
Ich will Dir Deinen Optimismus auch gar nicht rauben. Letztlich ist es ein Hop oder Top Investment. Abschreiben und hoffen.
Frito
Zu Deiner Info: ich bin seit 1999 investiert. In dieser Zeit habe ich sicher einiges an Recherche angestellt.
Die Möglichkeit zur direkten Kontaktaufnahme ist ein nettes Feature, aber nicht unbedingt der Weg zur objektiven Information. Ich schaue mir beispielsweise an was an Ankündigungen gemacht wird und was dann umgesetzt wird. Da hat TBU keine gute Bilanz, oder!?
Klar könnte ich es gelassen sehen, wenn im 3Q keine schwarzen Zahlen geschrieben würden. Allerdings wäre dann mal wieder eine Ankündigung nicht eingehalten worden.
Mit dem Verluste abbauen kann man sich allerdings nicht unendlich Zeit lassen: irgendwann ist das Geld alle. Und Kredite in Anspruch zu nehmen macht nur dann Sinn, wenn ich das Geld auch sinnvoll investiere. Im Gegensatz zu Aktionären haben die Gläubiger ein Recht sich ihre Kohle wieder zu holen.
Ich denke TBU hat sich zu lange damit beschäftigt Geld aufzutreiben anstatt es zu verdienen. Meine ganz private Meinung.
Mit den Wochen fürs Verkaufen hast Du sicher Recht. Ich meine 5000 Stück sind heute in Frankfurt gehandelt worden ... na gut, in Canada würde ich sie möglicher Weise los.
Ich will Dir Deinen Optimismus auch gar nicht rauben. Letztlich ist es ein Hop oder Top Investment. Abschreiben und hoffen.
Frito
haaallo????????? keiner mehr da?
was ist denn los hier?
tbu geht in canada runter, trip in usa und hier im board
herrscht totenstille! lebt tbu nicht mehr!? no news, no rumours!
es scheint es helfen wirklich nur noch gute Q3-Zahlen, damit
tbu wieder lebt.
bill bo grüßt alle die noch das sind!
was ist denn los hier?
tbu geht in canada runter, trip in usa und hier im board
herrscht totenstille! lebt tbu nicht mehr!? no news, no rumours!
es scheint es helfen wirklich nur noch gute Q3-Zahlen, damit
tbu wieder lebt.
bill bo grüßt alle die noch das sind!
hab heute mit value relations telefoniert. herr pickert ist im urlaub
auch ansonsten gibt es nichts neues von tbu. weder im positiven oder
negativen. da fällt mir ein zitat meiner frau ein:" keine post ist die beste post!"
na denn.
gruss
bill bo
auch ansonsten gibt es nichts neues von tbu. weder im positiven oder
negativen. da fällt mir ein zitat meiner frau ein:" keine post ist die beste post!"
na denn.
gruss
bill bo
WIE TIEF DENN NOCH
TRIP.OB 10:05AM 0.27 -0.18 -40.00%
TBU.TO 10:20AM 0.160 0.000 0.00%
TRIP.OB 10:05AM 0.27 -0.18 -40.00%
TBU.TO 10:20AM 0.160 0.000 0.00%
Hallo,
Gestern wurde wieder ein Mitbwerber von TBU, nämlich
Travelocity in Amerika hoch gelobt und als eine der
besten 100 Internetfirmen betitelt. Das Geschäftsmodell
sei hervorragend und die Aktie wurde mit strongby einge-
stuft. Was machen die anders als TBU frage ich mich?
TBU wird in Amerika an der Börse wie ein Spielball mit
ganz geringen Umsätzen ständig um 30-40% rauf und runter
bewegt.
Der Kurs in Kanada ist so runtergekommen, als hätte die
Firma schon Insolvenz beantragt. Entweder wissen die Leute
dort mehr oder aber sie erkennen das zukünftige Potenzial
der Internetreisebranche nicht.
Falls TBU jemals schwarze Zahlen schreibt,dann wird unsere
Geduld reichlich belohnt werden.
Gestern wurde wieder ein Mitbwerber von TBU, nämlich
Travelocity in Amerika hoch gelobt und als eine der
besten 100 Internetfirmen betitelt. Das Geschäftsmodell
sei hervorragend und die Aktie wurde mit strongby einge-
stuft. Was machen die anders als TBU frage ich mich?
TBU wird in Amerika an der Börse wie ein Spielball mit
ganz geringen Umsätzen ständig um 30-40% rauf und runter
bewegt.
Der Kurs in Kanada ist so runtergekommen, als hätte die
Firma schon Insolvenz beantragt. Entweder wissen die Leute
dort mehr oder aber sie erkennen das zukünftige Potenzial
der Internetreisebranche nicht.
Falls TBU jemals schwarze Zahlen schreibt,dann wird unsere
Geduld reichlich belohnt werden.
???????????????????????????
Wer glaubt noch an TBU ???
Wer ist noch dabei ???????
???????????????????????????
Wer glaubt noch an TBU ???
Wer ist noch dabei ???????
???????????????????????????
Zwangsläufig, mit wenig Optimismus.
Gruß,
Frito
Gruß,
Frito
Dabeisein schon noch, aber daran glauben!!??
Warten wir es doch einfach ab. Was macht es für einen Sinn, jetzt zu verkaufen.
Liegen lassen und warten. Entweder Hopp oder Topp !!
Don Schneider
Liegen lassen und warten. Entweder Hopp oder Topp !!
Don Schneider
Hallo,
Es fällt zwar schwer noch an Firma wie TBU zu glauben,
weil man ja jeden Tag neu mit irdendwelchen Betrügereien
und Abzockereien anderer börsennotierter Firmen konfontiert
wird.
Was mich noch hoffen lässt, ist die Tatsache das der Inter-
netreisebranche eine rosige Zukunft vorausgesagt wird und
soviele Firmen gibt es weltweit nun auch nicht in dieser
Branche.
Ich glaube das TBU sich mit einer großen Firma der Altöko-
nomie verbünden muß ,um die Sache finanziell durchzustehen,
siehe Expedia und Microsoft.
Das schlimmste für mich ist eigentlich das man fast keine
Informationen von TBU bekommt.
Es fällt zwar schwer noch an Firma wie TBU zu glauben,
weil man ja jeden Tag neu mit irdendwelchen Betrügereien
und Abzockereien anderer börsennotierter Firmen konfontiert
wird.
Was mich noch hoffen lässt, ist die Tatsache das der Inter-
netreisebranche eine rosige Zukunft vorausgesagt wird und
soviele Firmen gibt es weltweit nun auch nicht in dieser
Branche.
Ich glaube das TBU sich mit einer großen Firma der Altöko-
nomie verbünden muß ,um die Sache finanziell durchzustehen,
siehe Expedia und Microsoft.
Das schlimmste für mich ist eigentlich das man fast keine
Informationen von TBU bekommt.
Symbol Name Last Trade Change Volume Bid Ask Prev Cls Open Day`s Range 52-week Range Mkt Cap
EXPE EXPEDIA INC 12:52PM 39.18 +1.93 +5.18% 354,200 38.91 39.18 37.25 36.66 36.60 - 39.90 7.7500 - 38.2000 1.907B
TVLY TRAVELOCITY.COM 12:52PM 29.49 +0.51 +1.76% 320,200 29.41 29.49 28.98 28.985 28.50 - 30.58 8.7500 - 38.7900 1.464B
TRIP.OB TRAVELBYUS INC 10:43AM 0.30 0.00 0.00% 5,600 0.28 0.30 0.30 0.30 0.30 - 0.30 0.2500 - 3.0000 6.1M
@Frito+Fallout
Ihr hört euch nicht so begeißtert an
Manchmal glaube ich auch nicht dran,daß TBU es schafft aber wenn ich mir die MK von TRVL oder EXPE ansehe wird mir schlecht.
EXPEDIA IST ca. 300 MAL HÖHER BEWERTET ALS TRIP
Wenn TBU es wirklich schafft sich bis Ende/Anfang 2002 ins Schwarze zu retten und auch noch eine kleine Empfehlung rausgegeben wird ....dann ..... 1 € oder 5 € oder vielleicht auch 10 € ....?????!!!!
Naja - Ich will jetzt nicht übertreiben
Auf jeden Fall sind die Chancen GELD zu machen ENORM
Oder alles ist FUTSCH
Wo TBU damals bei fast 4 € stand waren die bstimmt nicht halb so viel Wert wie Heute und deshalb hab ich meine TBU`s
auf 50 000 aufgestockt Durchschnitt ca. 1 €
Good LUCK
mis
EXPE EXPEDIA INC 12:52PM 39.18 +1.93 +5.18% 354,200 38.91 39.18 37.25 36.66 36.60 - 39.90 7.7500 - 38.2000 1.907B
TVLY TRAVELOCITY.COM 12:52PM 29.49 +0.51 +1.76% 320,200 29.41 29.49 28.98 28.985 28.50 - 30.58 8.7500 - 38.7900 1.464B
TRIP.OB TRAVELBYUS INC 10:43AM 0.30 0.00 0.00% 5,600 0.28 0.30 0.30 0.30 0.30 - 0.30 0.2500 - 3.0000 6.1M
@Frito+Fallout
Ihr hört euch nicht so begeißtert an
Manchmal glaube ich auch nicht dran,daß TBU es schafft aber wenn ich mir die MK von TRVL oder EXPE ansehe wird mir schlecht.
EXPEDIA IST ca. 300 MAL HÖHER BEWERTET ALS TRIP
Wenn TBU es wirklich schafft sich bis Ende/Anfang 2002 ins Schwarze zu retten und auch noch eine kleine Empfehlung rausgegeben wird ....dann ..... 1 € oder 5 € oder vielleicht auch 10 € ....?????!!!!
Naja - Ich will jetzt nicht übertreiben
Auf jeden Fall sind die Chancen GELD zu machen ENORM
Oder alles ist FUTSCH
Wo TBU damals bei fast 4 € stand waren die bstimmt nicht halb so viel Wert wie Heute und deshalb hab ich meine TBU`s
auf 50 000 aufgestockt Durchschnitt ca. 1 €
Good LUCK
mis
Ende 2001/Anfang 2002 nehme ich an ... ich sehe nur nicht, daß TRIP noch so lange Zeit hat.
@mis
Von Begeisterung kann man wirklich nicht sprechen! Aber verkaufen tu ich die Dinger sowieso nicht. Die Hofnung stirbt als letztes.
Wenigstes lassen mich solche Postings wie von dir, realhot 1, ass3000, etc. nicht alles so schwarz sehen. Dafür möchte ich mich auch herzlich bedanken, da ich nicht so viel Zeit habe um mich um News zu kümmern.
>Fallout<
Von Begeisterung kann man wirklich nicht sprechen! Aber verkaufen tu ich die Dinger sowieso nicht. Die Hofnung stirbt als letztes.
Wenigstes lassen mich solche Postings wie von dir, realhot 1, ass3000, etc. nicht alles so schwarz sehen. Dafür möchte ich mich auch herzlich bedanken, da ich nicht so viel Zeit habe um mich um News zu kümmern.
>Fallout<
@fallout...
Komme soeben aus dem Urlaub und habe selbst dort versucht,
kein Scherz !!, mit Peter Adam wg.der Travelocity Geschichte
zu sprechen, er ware aber unterwegs und kommt erst nächste
Woche wieder.
Werde dann mit Ihm sprechen..
@ass 3000,
sag einmal, wenn Du Dich "beschwerst", daß Du keine
Info erhälst, dann teile mir mal mit, was Du tust, um als
Aktionär informiert zu sein.
Ich kann soetwas irgendwie nicht ganz verstehn,nicht
böse gemeint aber sag mal was dazu..
Falls Du darauf warten solltest, daß außer den üblichen
Press Releases etwas kommen sollte, was denn bitte ??
Wozu hat TBU Value Relations ?
Wenn nichts neues kommt, dann können die auch nichts
machen, die Jungs bei TBU sollen sich auf Ihr Geschäft
konzentrieren, dann wird das auch was...
Melde mich die Tage
Realhot
Komme soeben aus dem Urlaub und habe selbst dort versucht,
kein Scherz !!, mit Peter Adam wg.der Travelocity Geschichte
zu sprechen, er ware aber unterwegs und kommt erst nächste
Woche wieder.
Werde dann mit Ihm sprechen..
@ass 3000,
sag einmal, wenn Du Dich "beschwerst", daß Du keine
Info erhälst, dann teile mir mal mit, was Du tust, um als
Aktionär informiert zu sein.
Ich kann soetwas irgendwie nicht ganz verstehn,nicht
böse gemeint aber sag mal was dazu..
Falls Du darauf warten solltest, daß außer den üblichen
Press Releases etwas kommen sollte, was denn bitte ??
Wozu hat TBU Value Relations ?
Wenn nichts neues kommt, dann können die auch nichts
machen, die Jungs bei TBU sollen sich auf Ihr Geschäft
konzentrieren, dann wird das auch was...
Melde mich die Tage
Realhot
Hallo,
@realhot
Ich würde mich sehr gern direct bei TBU melden, aber bei
meinen Englischkenntnissen Herrn Adams anzurufen ,bringt
mir garnichts. Ich kritisiere vor allem das TBU die ein
Globelplayer werden wollen und in Deutschland gelistet sind,
keinerlei Meldungen in deutscher Sprache veröffentlicht.
Selbst VR hat Probleme die Mitteilungen zu übersetzen.
Es kann die IR- Arbeit genauso wie der Kurs nur besser werden.
Ich verabschiede mich jetzt 2 Wochen in den Urlaub und
hoffe nach dieser Zeit einen besseren Kurs zu sehen.
@realhot
Ich würde mich sehr gern direct bei TBU melden, aber bei
meinen Englischkenntnissen Herrn Adams anzurufen ,bringt
mir garnichts. Ich kritisiere vor allem das TBU die ein
Globelplayer werden wollen und in Deutschland gelistet sind,
keinerlei Meldungen in deutscher Sprache veröffentlicht.
Selbst VR hat Probleme die Mitteilungen zu übersetzen.
Es kann die IR- Arbeit genauso wie der Kurs nur besser werden.
Ich verabschiede mich jetzt 2 Wochen in den Urlaub und
hoffe nach dieser Zeit einen besseren Kurs zu sehen.
@ass3000
Ich gebe Dir Recht, aber vergesse nicht, daß TBU ein
absolut Amerikanisches Unternehmen ist und mit
Deutschland nichts zu tun hat...
Die Geschichte mit Value Relation dient lediglich einem
Informationsfluß (wenn es etwas gibt..), mehr nicht.
Außerdem werden die in Deutschland kein Geld für solche
Dinge ausgeben.
Bitte vergess die lezten Zahlen nicht.
Umsatz plus 33 % und die Verluste von 17-11 Millionen
(40%) abgebaut..
Meiner Meinung nach sagt das aus, wohin der Zug fährt....
Es kann sicherlich noch etwas dauern, aber die müssen
mit höchster Priorität Ihr Geschäft zum Laufen bringen,
um die erwarteten Zahlen zu erfüllen.
Meiner Meinung nach sollten wir nicht immer super
pessimistisch sein, schau Dir andere Firmen wie Ariba
an, die standen (meine ich...) über 240 Euro und stehn
aktuell bei 4 oder so.
Das ist ein Unternehmen, was dicke Gewinne macht....
TBU wird irgendwann sicherlich entdeckt werden und
meiner Meinung nach sollten wir dann letztendlich
Kurse um 5-10 Euro sehen (wäre meiner Meinung nach
realitisch...)
Ich wünsche Dir einen schönen Urlaub
Realhot
Ich gebe Dir Recht, aber vergesse nicht, daß TBU ein
absolut Amerikanisches Unternehmen ist und mit
Deutschland nichts zu tun hat...
Die Geschichte mit Value Relation dient lediglich einem
Informationsfluß (wenn es etwas gibt..), mehr nicht.
Außerdem werden die in Deutschland kein Geld für solche
Dinge ausgeben.
Bitte vergess die lezten Zahlen nicht.
Umsatz plus 33 % und die Verluste von 17-11 Millionen
(40%) abgebaut..
Meiner Meinung nach sagt das aus, wohin der Zug fährt....
Es kann sicherlich noch etwas dauern, aber die müssen
mit höchster Priorität Ihr Geschäft zum Laufen bringen,
um die erwarteten Zahlen zu erfüllen.
Meiner Meinung nach sollten wir nicht immer super
pessimistisch sein, schau Dir andere Firmen wie Ariba
an, die standen (meine ich...) über 240 Euro und stehn
aktuell bei 4 oder so.
Das ist ein Unternehmen, was dicke Gewinne macht....
TBU wird irgendwann sicherlich entdeckt werden und
meiner Meinung nach sollten wir dann letztendlich
Kurse um 5-10 Euro sehen (wäre meiner Meinung nach
realitisch...)
Ich wünsche Dir einen schönen Urlaub
Realhot
Travel24 hat auf der heutigen HV bei der Erläuterung der Zahlen erklärt, daß man das Engagement bei TBU auf 1 DM
wertberichtigt habe.
Das solle allerdings nicht bedeuten, daß TBU nichts mehr wert sei, im Gegenteil, man habe gerade erst Zinsen in der
Größenordnung einer halben Million erhalten.
Man wolle damit demonstrieren, daß man sehr konservativ
bilanziert und sämtliche Risiken abgeschrieben habe.
Aktuelle Kurse:
Frankfurt: 0,10 € G
Berlin: 0,15 € B
Gruß
N.
wertberichtigt habe.
Das solle allerdings nicht bedeuten, daß TBU nichts mehr wert sei, im Gegenteil, man habe gerade erst Zinsen in der
Größenordnung einer halben Million erhalten.
Man wolle damit demonstrieren, daß man sehr konservativ
bilanziert und sämtliche Risiken abgeschrieben habe.
Aktuelle Kurse:
Frankfurt: 0,10 € G
Berlin: 0,15 € B
Gruß
N.
Hy Nobody,
schön mal wieder etwas von Dir zu hören...
Hast Du zusätzliche Infos über TBU erhalten ??
Wäre nett, wenn Du Dich hier mal wieder häufiger melden
könntest..
Realhot
schön mal wieder etwas von Dir zu hören...
Hast Du zusätzliche Infos über TBU erhalten ??
Wäre nett, wenn Du Dich hier mal wieder häufiger melden
könntest..
Realhot
Hallo realhot,
Habe diese Info eher zufällig bei der Übertragung von der
T24 - HV aufgeschnappt.
Mehr weiß ich auch nicht.
Melde mich gern, wenn ich etwas mitzuteilen habe.
Gruß
N.
Habe diese Info eher zufällig bei der Übertragung von der
T24 - HV aufgeschnappt.
Mehr weiß ich auch nicht.
Melde mich gern, wenn ich etwas mitzuteilen habe.
Gruß
N.
travelbyus Announces Sale of Aviation Service Battery Operations; Sale of Remaining Aviation Service Businesses Under Negotiation
WHITE ROCK, British Columbia, June 26 /PRNewswire/ -- travelbyus, Inc., (OTC Bulletin Board: TRIP - news; TSE: TBU - news) announced today that it has completed the sale of its Aero Design, Inc. aviation battery manufacturing and sale operations to a company based out of Miami, Florida. The Company also announced that it is in discussions with other third parties regarding the sale of its remaining aviation service businesses, and when completed, will have achieved its goal of positioning the Company to focus solely on its core integrated travel operations.
travelbyus received approximately $3 million cash for the assets and operations of its battery division, plus the assumption of certain operating payables by the purchaser. The proceeds were used to repay Company indebtedness, and represent a gain on sale of approximately $1,500,000. Under the terms of the agreement, travelbyus is also entitled to receive up to $1,400,000 in additional compensation and gain based upon certain operating profit levels achieved by the battery business over the next two years, which amount if fully earned could add significantly to the ultimate purchase price.
``We are pleased with the closing of this sale and look forward to the disposition of the Company`s remaining aviation service assets. The proceeds from these sales improve our financial position and allow management to focus all of its efforts on building and growing our fully integrated travel operations``, said Bill Kerby, travelbyus` Chairman.
The Company also announced today that it has continued to integrate its numerous travel operating units acquired during the past two years, and that cost cuts and related reductions in overhead have continued at a strong pace during the current quarter.
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, technological developments, uncertainties of the Internet, changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Company`s public filings under ``Risk Factors.`` The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
SOURCE: travelbyus, Inc.
WHITE ROCK, British Columbia, June 26 /PRNewswire/ -- travelbyus, Inc., (OTC Bulletin Board: TRIP - news; TSE: TBU - news) announced today that it has completed the sale of its Aero Design, Inc. aviation battery manufacturing and sale operations to a company based out of Miami, Florida. The Company also announced that it is in discussions with other third parties regarding the sale of its remaining aviation service businesses, and when completed, will have achieved its goal of positioning the Company to focus solely on its core integrated travel operations.
travelbyus received approximately $3 million cash for the assets and operations of its battery division, plus the assumption of certain operating payables by the purchaser. The proceeds were used to repay Company indebtedness, and represent a gain on sale of approximately $1,500,000. Under the terms of the agreement, travelbyus is also entitled to receive up to $1,400,000 in additional compensation and gain based upon certain operating profit levels achieved by the battery business over the next two years, which amount if fully earned could add significantly to the ultimate purchase price.
``We are pleased with the closing of this sale and look forward to the disposition of the Company`s remaining aviation service assets. The proceeds from these sales improve our financial position and allow management to focus all of its efforts on building and growing our fully integrated travel operations``, said Bill Kerby, travelbyus` Chairman.
The Company also announced today that it has continued to integrate its numerous travel operating units acquired during the past two years, and that cost cuts and related reductions in overhead have continued at a strong pace during the current quarter.
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, technological developments, uncertainties of the Internet, changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Company`s public filings under ``Risk Factors.`` The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
SOURCE: travelbyus, Inc.
Damit ist einer der Schritte, die Peter Adam auf dem meeting
in Schwalbach angekündigt hat, in die Tat umgesetzt worden.
Gott sei Dank!
Der nächste Schritt sollte die Beteiligung von Amadeus sein.
Gibt es dazu Infos?
Dann fehlt nur noch das versprochene Erreichen der Gewinnzone.
In der Reihenfolge abhaken.
Gruß
N.
in Schwalbach angekündigt hat, in die Tat umgesetzt worden.
Gott sei Dank!
Der nächste Schritt sollte die Beteiligung von Amadeus sein.
Gibt es dazu Infos?
Dann fehlt nur noch das versprochene Erreichen der Gewinnzone.
In der Reihenfolge abhaken.
Gruß
N.
anbei finden Sie die neueste Pressemeldung der Travelbyus, Inc in der der
Verkauf des Aviation Service Battery Unternehmens (ehem. Aviation Group)
verlautbart wird.
Der Verkauf bringt 3 Millionen Dollar welche zur Schuldentilgung verwendet
wurden. Des Weiteren hält Travelbyus die Möglichkeit, bei gut verlaufenden
Geschäft des verkauften Unternehmens in den nächsten 2 Jahren bis zu 1,4
Mio. Dollar als zusätzliche Vergütung zu erhalten.
Das verbliebene Unternehmen aus dem Luftfahrt-Servicebereich steht weiterhin
zum Verkauf, worüber zur Zeit bereits Verhandlungen geführt werden.
Travelbyus ist zudem weiterhin bemüht, Kosten zu senken und die in den
letzten zwei Jahren akquirierten Unternehmen zu integrieren und kann in
diesem Quartal auf erhebliche Fortschritte blicken.
Wir hoffen, Ihnen mit diesen Informationen weitergeholfen zu haben.
Mit elektronischer Empfehlung,
Guido Pickert
Value Relations IR Services
+49 (6196) 8800-214
Verkauf des Aviation Service Battery Unternehmens (ehem. Aviation Group)
verlautbart wird.
Der Verkauf bringt 3 Millionen Dollar welche zur Schuldentilgung verwendet
wurden. Des Weiteren hält Travelbyus die Möglichkeit, bei gut verlaufenden
Geschäft des verkauften Unternehmens in den nächsten 2 Jahren bis zu 1,4
Mio. Dollar als zusätzliche Vergütung zu erhalten.
Das verbliebene Unternehmen aus dem Luftfahrt-Servicebereich steht weiterhin
zum Verkauf, worüber zur Zeit bereits Verhandlungen geführt werden.
Travelbyus ist zudem weiterhin bemüht, Kosten zu senken und die in den
letzten zwei Jahren akquirierten Unternehmen zu integrieren und kann in
diesem Quartal auf erhebliche Fortschritte blicken.
Wir hoffen, Ihnen mit diesen Informationen weitergeholfen zu haben.
Mit elektronischer Empfehlung,
Guido Pickert
Value Relations IR Services
+49 (6196) 8800-214
@nobody
Gut, weiter so, ich hoffe, wir sehen mit diesen Taten
hoffentlich eine Wende.
Mal etwas an alle:
Ich habe gestern eine halbe Stunde mit Anna Beukers
von Roche Sec.in Canada telefoniert.
Dieses Haus hatte TBU damals mit 10 can $ empfohlen...
Leider wurde die Verbindung mit TBU eingestellt und wisst
Ihr auch wieso ??
WEIL TRAVELBYUS ZU GROß GEWORDEN IST, durch all die
Übernahmen,Roche Sec.arbeitet nur mit kleinen Firmen
zusammen, so zumindest die Aussage von dieser Dame..
Wenn einer Interesse an einem Gespräch hat,so stelle ich
gerne die Nummer zur Verfügung..
Frau Beukers war sehr sehr positiv gestimmt und teilte
mir mit, daß TBU sicherlich keine 2 mann Bude ist und
absolut unterbewertet sei...
realhot
Gut, weiter so, ich hoffe, wir sehen mit diesen Taten
hoffentlich eine Wende.
Mal etwas an alle:
Ich habe gestern eine halbe Stunde mit Anna Beukers
von Roche Sec.in Canada telefoniert.
Dieses Haus hatte TBU damals mit 10 can $ empfohlen...
Leider wurde die Verbindung mit TBU eingestellt und wisst
Ihr auch wieso ??
WEIL TRAVELBYUS ZU GROß GEWORDEN IST, durch all die
Übernahmen,Roche Sec.arbeitet nur mit kleinen Firmen
zusammen, so zumindest die Aussage von dieser Dame..
Wenn einer Interesse an einem Gespräch hat,so stelle ich
gerne die Nummer zur Verfügung..
Frau Beukers war sehr sehr positiv gestimmt und teilte
mir mit, daß TBU sicherlich keine 2 mann Bude ist und
absolut unterbewertet sei...
realhot
@NOBODY und alle anderen!!!
Wichtig: Bei den 3Mio$ handelt es sich aber um Canadische Dollar!!! Kleine Unterschied! War der Guido schon besoffen?
Opus V
Wichtig: Bei den 3Mio$ handelt es sich aber um Canadische Dollar!!! Kleine Unterschied! War der Guido schon besoffen?
Opus V
Das stimmt doch garnicht - es sind US-Dollar. Wäre auch komisch, wenn ein Unternehmensverkauf zwischen zwei amerikanischen Firmen auf Canadian-Dollar Basis durchgeführt werden würde. Vielleicht hast du zuviel gesoffen? ;-)
Ich weiss nicht, ob diese Meldung untergegangen ist, hier FYI:
travelbyus PARTNERS WITH PASSPORT ONLINE
Agreement Adds Thousands of Vacation Options to travelbyus Member Agencies’ Online Offerings
San Diego—June 21, 2001. travelbyus, inc. (OTC: TRIP; Boston Stock Exchange: TBY; TSE: TBU), one of the country’s leading vertically integrated travel companies, has contracted with Passport Online, Inc. to place VacationPORT™ leisure travel distribution system on all travelbyus member web sites. The distribution system features the very latest in leisure product and pricing, including information on thousands of vacation packages and special promotions from many of the world’s top travel providers.
“By partnering with Passport Online, we are offering another innovative way for our affiliate agencies to attract new business, strengthen existing client relationships and increase sales via their custom travelbyus member web sites,” said Ron Bentley, vice president of web management for travelbyus. “VacationPORT’s comprehensive database of cruises, tours and vacation packages helps make our member sites one-stop shopping experiences for the increasing number of travelers who use the Internet to research, plan and book their vacations.”
VacationPORT adds a robust database of vacation options, photos, and destination and supplier information that travelbyus can modify and/or supplement to meet the needs of its affiliate agencies as well as to promote its preferred travel supplier partners.
“We are pleased to be able to offer travelbyus members and their clients a revolutionary new tool to purchase leisure travel on the Internet,” said Randy Goodrich, chairman of Passport Online and former agency owner. “VacationPORT gives travel agents a fast and efficient way to perform detailed package and price comparisons for their clients. And since it is also available directly to consumers via the agencies’ web sites, it is an effective way for agents to reach the growing group of do-it-yourself travelers, who prefer to do their own research and planning, but still may want to talk to a live person to actually book the trip.”
VacationPORT forwards all consumer booking requests submitted online directly to the member agencies, delivering a pre-qualified lead, and still giving agents the opportunity to provide additional expert travel advice, build relationships and book the trips directly with the selected supplier.
In addition to taking advantage of the standard VacationPORT feature now offered on the travelbyus sites, each affiliate agency can contract with Passport Online, for an additional fee, to have a custom version of VacationPORT created for their site. The custom version allows agencies to control supplier selection and preferences, add their own offers, cross-sell leisure to their corporate clients by adding a branded version of VacationPORT to client websites, and track online activity to see which offers and features are attracting the most attention.
About travelbyus, inc.
travelbyus uses a unique, proprietary software platform to give each of its member agencies a well-designed, agent-customized, content-rich web site they can use to communicate with their customers and help promote their travel agency. travelbyus hosts and maintains the web sites for the travel agents and uses data collected to conduct targeted marketing campaigns and promotions. These promotions are designed to drive traffic back to the local agency, increasing agent commissions and revenues.
travelbyus is a vertically integrated travel company serving more than 2000 member travel agencies and is poised to help design the future of the travel business. Its mission is to become the world’s leading, fully integrated travel network that creates value by providing more information, greater convenience and superior service to both the leisure traveler and the travel agent. It will do this by utilizing unique technology and an advanced distribution system that serves both the travel agent and the consumer to continuously offer the right product to the right customer at the right time.
About Passport Online, Inc.
Passport Online is a business-to-business Internet travel distribution company with a revolutionary point of difference from the competition – a fully portable leisure travel-shopping engine. Passport Online aggregates up-to-the-minute travel content and pricing data from some of the world`s leading travel suppliers – cruise lines, vacation packagers and tour operators – and displays this information online utilizing its proprietary shopping technology. This electronic marketplace may be branded on any website marketing leisure travel, such as travel agency websites, corporate intranets, and association member sites. Passport Online has contracts to supply VacationPORT to over 9,000 agency websites, including over 50% of the top 100 North American travel agencies. In addition, Passport Online has strategic marketing agreements with Hickory Travel Systems, Radius Travel, Commonwealth Travel Group, TMA, TRAMS, and Peragis. For more information about Passport Online, see the web site at www.passportonlineinc.com.
Ich weiss nicht, ob diese Meldung untergegangen ist, hier FYI:
travelbyus PARTNERS WITH PASSPORT ONLINE
Agreement Adds Thousands of Vacation Options to travelbyus Member Agencies’ Online Offerings
San Diego—June 21, 2001. travelbyus, inc. (OTC: TRIP; Boston Stock Exchange: TBY; TSE: TBU), one of the country’s leading vertically integrated travel companies, has contracted with Passport Online, Inc. to place VacationPORT™ leisure travel distribution system on all travelbyus member web sites. The distribution system features the very latest in leisure product and pricing, including information on thousands of vacation packages and special promotions from many of the world’s top travel providers.
“By partnering with Passport Online, we are offering another innovative way for our affiliate agencies to attract new business, strengthen existing client relationships and increase sales via their custom travelbyus member web sites,” said Ron Bentley, vice president of web management for travelbyus. “VacationPORT’s comprehensive database of cruises, tours and vacation packages helps make our member sites one-stop shopping experiences for the increasing number of travelers who use the Internet to research, plan and book their vacations.”
VacationPORT adds a robust database of vacation options, photos, and destination and supplier information that travelbyus can modify and/or supplement to meet the needs of its affiliate agencies as well as to promote its preferred travel supplier partners.
“We are pleased to be able to offer travelbyus members and their clients a revolutionary new tool to purchase leisure travel on the Internet,” said Randy Goodrich, chairman of Passport Online and former agency owner. “VacationPORT gives travel agents a fast and efficient way to perform detailed package and price comparisons for their clients. And since it is also available directly to consumers via the agencies’ web sites, it is an effective way for agents to reach the growing group of do-it-yourself travelers, who prefer to do their own research and planning, but still may want to talk to a live person to actually book the trip.”
VacationPORT forwards all consumer booking requests submitted online directly to the member agencies, delivering a pre-qualified lead, and still giving agents the opportunity to provide additional expert travel advice, build relationships and book the trips directly with the selected supplier.
In addition to taking advantage of the standard VacationPORT feature now offered on the travelbyus sites, each affiliate agency can contract with Passport Online, for an additional fee, to have a custom version of VacationPORT created for their site. The custom version allows agencies to control supplier selection and preferences, add their own offers, cross-sell leisure to their corporate clients by adding a branded version of VacationPORT to client websites, and track online activity to see which offers and features are attracting the most attention.
About travelbyus, inc.
travelbyus uses a unique, proprietary software platform to give each of its member agencies a well-designed, agent-customized, content-rich web site they can use to communicate with their customers and help promote their travel agency. travelbyus hosts and maintains the web sites for the travel agents and uses data collected to conduct targeted marketing campaigns and promotions. These promotions are designed to drive traffic back to the local agency, increasing agent commissions and revenues.
travelbyus is a vertically integrated travel company serving more than 2000 member travel agencies and is poised to help design the future of the travel business. Its mission is to become the world’s leading, fully integrated travel network that creates value by providing more information, greater convenience and superior service to both the leisure traveler and the travel agent. It will do this by utilizing unique technology and an advanced distribution system that serves both the travel agent and the consumer to continuously offer the right product to the right customer at the right time.
About Passport Online, Inc.
Passport Online is a business-to-business Internet travel distribution company with a revolutionary point of difference from the competition – a fully portable leisure travel-shopping engine. Passport Online aggregates up-to-the-minute travel content and pricing data from some of the world`s leading travel suppliers – cruise lines, vacation packagers and tour operators – and displays this information online utilizing its proprietary shopping technology. This electronic marketplace may be branded on any website marketing leisure travel, such as travel agency websites, corporate intranets, and association member sites. Passport Online has contracts to supply VacationPORT to over 9,000 agency websites, including over 50% of the top 100 North American travel agencies. In addition, Passport Online has strategic marketing agreements with Hickory Travel Systems, Radius Travel, Commonwealth Travel Group, TMA, TRAMS, and Peragis. For more information about Passport Online, see the web site at www.passportonlineinc.com.
Folgende Meldung gibt es unter www.nasdaq.com:
Travelbyus Closes Sale Of Aero Design Opers For C$3 Million
WHITE ROCK, B.C. -(Dow Jones)- Travelbyus Inc. (TRIP) has completed the sale of its unit, Aero Design Inc., an aviation battery manufacturing and sale business, to an unidentified Miami-based company for about C$3 million in cash plus the assumption of certain operating payables by the purchaser.
In a news release, Travelbyus said it`s in discussions with other third parties regarding the sale of its remaining aviation service businesses.
Travelbyus said the proceeds will be used to repay company debt. It will record a gain on the sale of about C$1.5 million.
Travelbyus is also entitled to receive up to C$1.4 million in additional compensation based upon certain operating profit levels achieved by the battery business over the next two years, it noted.
Travelbyus is an integrated travel company.
Company Web Site: http://www.travelbyus.com
-Wendy Tsau, Dow Jones Newswires; 416-306-2100
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved
Anm.: C$ dürfte wohl Canadian$ heissen, mag sein das die in Canada veröffentlichte Meldung nicht den Zusatz C enthält, weil es sich um die örtliche Währung handelt. Wäre es US$ würde wahrscheinlich US davor stehen.
Opus V
Travelbyus Closes Sale Of Aero Design Opers For C$3 Million
WHITE ROCK, B.C. -(Dow Jones)- Travelbyus Inc. (TRIP) has completed the sale of its unit, Aero Design Inc., an aviation battery manufacturing and sale business, to an unidentified Miami-based company for about C$3 million in cash plus the assumption of certain operating payables by the purchaser.
In a news release, Travelbyus said it`s in discussions with other third parties regarding the sale of its remaining aviation service businesses.
Travelbyus said the proceeds will be used to repay company debt. It will record a gain on the sale of about C$1.5 million.
Travelbyus is also entitled to receive up to C$1.4 million in additional compensation based upon certain operating profit levels achieved by the battery business over the next two years, it noted.
Travelbyus is an integrated travel company.
Company Web Site: http://www.travelbyus.com
-Wendy Tsau, Dow Jones Newswires; 416-306-2100
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved
Anm.: C$ dürfte wohl Canadian$ heissen, mag sein das die in Canada veröffentlichte Meldung nicht den Zusatz C enthält, weil es sich um die örtliche Währung handelt. Wäre es US$ würde wahrscheinlich US davor stehen.
Opus V
sorry opus V, mein fehler. Ich finde das trotzdem komisch, dass die immer noch in C$ rechnen.
Ciao!
Ciao!
Egal, ob can oder us $,
auf jeden Fall wird der Schuldenberg hiermit
drastisch abgebaut, was sich wiederrum auf die nächsten
Zahlen auswirken müsste...
Realhot
auf jeden Fall wird der Schuldenberg hiermit
drastisch abgebaut, was sich wiederrum auf die nächsten
Zahlen auswirken müsste...
Realhot
@ alle
DIE MILLIONEN SIND US DOLLAR
Hier die Info von Peter Adam, der sollte es wissen,egal,
was die Zeitungen schreiben.
Somit wären wir jetzt bei 11-3 = 8 Millionen von
immerhin 17 vom Vorquartal
Hi xx:
Good news. Amounts are all US dollars.
Articles should start including TBU once funding is completed.
Regards,
Peter Adam
DIE MILLIONEN SIND US DOLLAR
Hier die Info von Peter Adam, der sollte es wissen,egal,
was die Zeitungen schreiben.
Somit wären wir jetzt bei 11-3 = 8 Millionen von
immerhin 17 vom Vorquartal
Hi xx:
Good news. Amounts are all US dollars.
Articles should start including TBU once funding is completed.
Regards,
Peter Adam
Hä?!?
C$3 Mio oder US$1,94Mio oder wieviel Mio US$??? Schlecht von TBU kommuniziert oder von wem?
Opus V
C$3 Mio oder US$1,94Mio oder wieviel Mio US$??? Schlecht von TBU kommuniziert oder von wem?
Opus V
travelbyus.com sells Aero Design, Inc.
travelbyus.com Ltd TBU
Shares issued 75,105,000 Jun 25 2001 close $.170
Jun 26 2001 9:22:19
Mr. Bill Kerby reports
travelbyus.com has completed the sale of its Aero Design, Inc. aviation battery manufacturing and sale operations to a company based out of Miami, Fla. The company also announced that it is in discussions with other third parties regarding the sale of its remaining aviation service businesses, and when completed, will have achieved its goal of positioning the company to focus solely on its core integrated travel operations.
travelbyus received approximately $3-million cash for the assets and operations of its battery division, plus the assumption of certain operating payables by the purchaser. The proceeds were used to repay company indebtedness, and represent a gain on sale of approximately $1.5-million. Under the terms of the agreement, travelbyus is also entitled to receive up to $1.4-million in additional compensation and gain based upon certain operating profit levels achieved by the battery business over the next two years, which amount if fully earned could add significantly to the ultimate purchase price.
"We are pleased with the closing of this sale and look forward to the disposition of the company`s remaining aviation service assets. The proceeds from these sales improve our financial position and allow management to focus all of its efforts on building and growing our fully integrated travel operations," said Bill Kerby, travelbyus`s chairman.
The company also announced today that it has continued to integrate its numerous travel operating units acquired during the past two years, and that cost cuts and related reductions in overhead have continued at a strong pace during the current quarter.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. http://www.canada-stockwatch.com
travelbyus.com Ltd TBU
Shares issued 75,105,000 Jun 25 2001 close $.170
Jun 26 2001 9:22:19
Mr. Bill Kerby reports
travelbyus.com has completed the sale of its Aero Design, Inc. aviation battery manufacturing and sale operations to a company based out of Miami, Fla. The company also announced that it is in discussions with other third parties regarding the sale of its remaining aviation service businesses, and when completed, will have achieved its goal of positioning the company to focus solely on its core integrated travel operations.
travelbyus received approximately $3-million cash for the assets and operations of its battery division, plus the assumption of certain operating payables by the purchaser. The proceeds were used to repay company indebtedness, and represent a gain on sale of approximately $1.5-million. Under the terms of the agreement, travelbyus is also entitled to receive up to $1.4-million in additional compensation and gain based upon certain operating profit levels achieved by the battery business over the next two years, which amount if fully earned could add significantly to the ultimate purchase price.
"We are pleased with the closing of this sale and look forward to the disposition of the company`s remaining aviation service assets. The proceeds from these sales improve our financial position and allow management to focus all of its efforts on building and growing our fully integrated travel operations," said Bill Kerby, travelbyus`s chairman.
The company also announced today that it has continued to integrate its numerous travel operating units acquired during the past two years, and that cost cuts and related reductions in overhead have continued at a strong pace during the current quarter.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. http://www.canada-stockwatch.com
travelbyus Announces Sale of Aviation Service Battery Operations; Sale of Remaining Aviation Service Businesses Under Negotiation
travelbyus Announces Sale of Aviation Service Battery Operations; Sale
of Remaining Aviation Service Businesses Under Negotiation
WHITE ROCK, British Columbia, Jun 26, 2001 /PRNewswire via COMTEX/ --
travelbyus, Inc., (OTC Bulletin Board: TRIP) (TSE: TBU) announced today that it
has completed the sale of its Aero Design, Inc. aviation battery manufacturing
and sale operations to a company based out of Miami, Florida. The Company also
announced that it is in discussions with other third parties regarding the sale
of its remaining aviation service businesses, and when completed, will have
achieved its goal of positioning the Company to focus solely on its core
integrated travel operations.
travelbyus received approximately $3 million cash for the assets and operations
of its battery division, plus the assumption of certain operating payables by
the purchaser. The proceeds were used to repay Company indebtedness, and
represent a gain on sale of approximately $1,500,000. Under the terms of the
agreement, travelbyus is also entitled to receive up to $1,400,000 in additional
compensation and gain based upon certain operating profit levels achieved by the
battery business over the next two years, which amount if fully earned could add
significantly to the ultimate purchase price.
"We are pleased with the closing of this sale and look forward to the
disposition of the Company`s remaining aviation service assets. The proceeds
from these sales improve our financial position and allow management to focus
all of its efforts on building and growing our fully integrated travel
operations", said Bill Kerby, travelbyus` Chairman.
The Company also announced today that it has continued to integrate its numerous
travel operating units acquired during the past two years, and that cost cuts
and related reductions in overhead have continued at a strong pace during the
current quarter.
Except for the historical information contained herein, this press release
contains statements that constitute forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that may cause or
contribute to such differences include, among other things, technological
developments, uncertainties of the Internet, changes in business conditions and
the economy in general, changes in governmental regulations, unforeseen
litigation and other risk factors identified in the Company`s public filings
under "Risk Factors." The Company undertakes no obligation to update these
forward-looking statements for revisions or changes after the date of this press
release.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X34379171
SOURCE travelbyus, Inc.
CONTACT: travelbyus, Inc. Investor Relations, 604-541-2400
URL: http://www.travelbyus.com
http://www.prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.
travelbyus Announces Sale of Aviation Service Battery Operations; Sale
of Remaining Aviation Service Businesses Under Negotiation
WHITE ROCK, British Columbia, Jun 26, 2001 /PRNewswire via COMTEX/ --
travelbyus, Inc., (OTC Bulletin Board: TRIP) (TSE: TBU) announced today that it
has completed the sale of its Aero Design, Inc. aviation battery manufacturing
and sale operations to a company based out of Miami, Florida. The Company also
announced that it is in discussions with other third parties regarding the sale
of its remaining aviation service businesses, and when completed, will have
achieved its goal of positioning the Company to focus solely on its core
integrated travel operations.
travelbyus received approximately $3 million cash for the assets and operations
of its battery division, plus the assumption of certain operating payables by
the purchaser. The proceeds were used to repay Company indebtedness, and
represent a gain on sale of approximately $1,500,000. Under the terms of the
agreement, travelbyus is also entitled to receive up to $1,400,000 in additional
compensation and gain based upon certain operating profit levels achieved by the
battery business over the next two years, which amount if fully earned could add
significantly to the ultimate purchase price.
"We are pleased with the closing of this sale and look forward to the
disposition of the Company`s remaining aviation service assets. The proceeds
from these sales improve our financial position and allow management to focus
all of its efforts on building and growing our fully integrated travel
operations", said Bill Kerby, travelbyus` Chairman.
The Company also announced today that it has continued to integrate its numerous
travel operating units acquired during the past two years, and that cost cuts
and related reductions in overhead have continued at a strong pace during the
current quarter.
Except for the historical information contained herein, this press release
contains statements that constitute forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that may cause or
contribute to such differences include, among other things, technological
developments, uncertainties of the Internet, changes in business conditions and
the economy in general, changes in governmental regulations, unforeseen
litigation and other risk factors identified in the Company`s public filings
under "Risk Factors." The Company undertakes no obligation to update these
forward-looking statements for revisions or changes after the date of this press
release.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X34379171
SOURCE travelbyus, Inc.
CONTACT: travelbyus, Inc. Investor Relations, 604-541-2400
URL: http://www.travelbyus.com
http://www.prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.
Mis,
Du willst mir aber nicht erzählen, daß Du das bist... ??!!
Habe soeben mit Peter A.telefoniert.
In 10-14 Tagen soll die Finanzierung stehen, die arbeiten
mit Megahochdruck dran und dann werden wir Reports in
Magazines,etc.lesen.
Alles soll sich ändern, kein Scherz und kein puschversuch.
Macht was Ihr wollt, ich bleibe drin und falls diese
Geschichte schnellstens durch ist, werden wir defen.
eine Veränderung feststellen.
Die Schulden sind jetzt bereits auf 11-3 = 8 Mill.
abgebaut worden und alles hängt an der Finanzierung.
Ich habe gestern eine heftige e-mail an peter aus
stockhouse.com geschickt, in dem jemand Peter Rooney
total fertig macht, so eine Art Vergleich vor einem
Jahr zu heute, was gesagt wurde und was eingehalten wurde.
Rate mal, was peter dazu sagt:??
Die Leute haben Recht, the management totally fu..up, so
somindest seine Worte.Das war in der Vergangenheit vor
einem Jahr.
Es wird sich etwas änders, meiner Meinung nach zumindest.
TBU long and megastrong
Du willst mir aber nicht erzählen, daß Du das bist... ??!!
Habe soeben mit Peter A.telefoniert.
In 10-14 Tagen soll die Finanzierung stehen, die arbeiten
mit Megahochdruck dran und dann werden wir Reports in
Magazines,etc.lesen.
Alles soll sich ändern, kein Scherz und kein puschversuch.
Macht was Ihr wollt, ich bleibe drin und falls diese
Geschichte schnellstens durch ist, werden wir defen.
eine Veränderung feststellen.
Die Schulden sind jetzt bereits auf 11-3 = 8 Mill.
abgebaut worden und alles hängt an der Finanzierung.
Ich habe gestern eine heftige e-mail an peter aus
stockhouse.com geschickt, in dem jemand Peter Rooney
total fertig macht, so eine Art Vergleich vor einem
Jahr zu heute, was gesagt wurde und was eingehalten wurde.
Rate mal, was peter dazu sagt:??
Die Leute haben Recht, the management totally fu..up, so
somindest seine Worte.Das war in der Vergangenheit vor
einem Jahr.
Es wird sich etwas änders, meiner Meinung nach zumindest.
TBU long and megastrong
Hier die mail von gestern an Peter:
Great question tommy,
I wonder where malakies1, stocktrekker, claudc and Peter Rooney are now.
For a year now they have been repeating over and over again how travelbyus.com had the superior business model.
CTIX, PCLN, EXPE, TVLY are making their shareholders a lot of money even in a down market.
PCLN is up 1000 percent. Yes 1000%!!!
Yet travelbyus is trading for around a nickel presplit.
Any explanations? Peter Rooney where is all the money you were promising? Where are all those analysts that were going to cover this stock? How about that "Category Killer" baloney you were feeding people on your boiler room discussion board this time last year?
Have any of you no shame whatsoever?
There is no excuse for this. Either this is due to outright incompetency or this is just been a nice big pump and dump con game.
Worst investment or stock that I was ever invested in!
Hope you enjoy your new mansion in Florida Rooney. Please think of us during your retirement.
Peter,
it´s so frustrating watching other people kick TBU.
What can we do ??
Regards
Great question tommy,
I wonder where malakies1, stocktrekker, claudc and Peter Rooney are now.
For a year now they have been repeating over and over again how travelbyus.com had the superior business model.
CTIX, PCLN, EXPE, TVLY are making their shareholders a lot of money even in a down market.
PCLN is up 1000 percent. Yes 1000%!!!
Yet travelbyus is trading for around a nickel presplit.
Any explanations? Peter Rooney where is all the money you were promising? Where are all those analysts that were going to cover this stock? How about that "Category Killer" baloney you were feeding people on your boiler room discussion board this time last year?
Have any of you no shame whatsoever?
There is no excuse for this. Either this is due to outright incompetency or this is just been a nice big pump and dump con game.
Worst investment or stock that I was ever invested in!
Hope you enjoy your new mansion in Florida Rooney. Please think of us during your retirement.
Peter,
it´s so frustrating watching other people kick TBU.
What can we do ??
Regards
REALHOT,
Noch sehe ich nicht so aus aber wenn es so weitergeht,
werden wir alle TBU`ler so aussehen
mis
Noch sehe ich nicht so aus aber wenn es so weitergeht,
werden wir alle TBU`ler so aussehen
mis
Hallo !
Wann kommen eigentlich die Zahlen des 3 Quartal`s ??
mfg
Don Schneider
Wann kommen eigentlich die Zahlen des 3 Quartal`s ??
mfg
Don Schneider
hab gestern mit herrn pickert von vr telefoniert. er weiß
auch noch nicht wann die zahlen kommen.
gruß
bill bo
auch noch nicht wann die zahlen kommen.
gruß
bill bo
Hier habt ihr was fürs Wochenende
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Filing Date: 11/2/2001 Form Type: 10QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number: 0-10124
travelbyus, Inc.
(Exact name of registrant as specified in its charter)
Texas 75-2631373
----- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
3237 King George Hwy, Suite 204
White Rock, British Columbia Canada V4P
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant`s telephone number, including area code: (604) 541-2400
700 North Pearl Street, Suite 2170 Dallas, Texas 75201
Former name, former address and former fiscal year, if changed since last report
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No __
State the number of shares outstanding of each of the issuer`s classes of common equity, as of the latest practicable date.
29,281,896 shares of common stock were outstanding as of August 27, 2001.
Transitional Small Business Disclosure Format (check one):
Yes No X
--------------------------------------------------------------------------------
2
INDEX
PART I FINANCIAL INFORMATION...........................................3
Item 1. Financial Statements............................................3
Consolidated Balance Sheet at June 30, 2001 (unaudited) ......3
Consolidated Statements of Operations for the three and nine
months ended June 30, 2001 and June 30, 2000 (unaudited)....5
Consolidated Statements of Cash Flows for the nine months
ended June 30, 2001 and June 30, 2000 (unaudited)...........6
Notes to Unaudited Consolidated Financial Statements............7
Item 2. Management`s Discussion and Analysis or Plan
of Operation................................................20
PART II OTHER INFORMATION..............................................26
Item 1. Legal Proceedings..............................................26
Item 2. Changes in Securities and Use of Proceeds......................27
Item 3. Defaults Upon Senior Securities (not applicable)...............29
Item 4. Submission of Matters to a Vote of Security Holders
(not applicable).............................................29
Item 5. Other Information..............................................29
Item 6. Exhibits and Reports on Form 8-K ............................29
SIGNATURES
--------------------------------------------------------------------------------
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
travelbyus, Inc. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
June 30, 2001
ASSETS:
Current assets:
Cash and cash equivalents 591
Accounts receivable, net 2,542
Inventory and barter credits 608
Prepaid expenses and other current assets 893
Marketable securities 178
Receivable from AVR 1,500
Assets of discontinued operations 2,499
--------------
Total current assets 8,811
Goodwill, net 17,000
Assets of discontinued operations 2,151
Software, contracts and other intangible assets 16,106
Deposits and restricted cash 4,109
Property, plant and equipment, net 4,277
Other assets 576
--------------
Total assets 53,030
==============
3
--------------------------------------------------------------------------------
TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
LIABILITIES AND STOCKHOLDERS` DEFICIT:
June 30, 2001
--------------
Current liabilities:
Bank indebtedness 568
Accounts payable and accrued liabilities 9,288
Notes payable and current portion of long-term debt 30,391
Deferred tax liability 892
Preferred dividends payable 480
Other current liabilities 1,482
Liabilities of discontinued operations 5,782
--------------
Total current liabilities 48,883
Long-term debt, net of current maturities 4,799
Due to related parties 222
--------------
Total liabilities 53,904
Stockholders` deficit:
Series B 12% cumulative preferred stock, $10,000 16,000
Liquidation preference
Common stock, $.01 par value; 250,000,000 shares 153,064
Authorized; 28,646,158 shares issued and outstanding
Additional paid-in capital 47,895
Accumulated deficit (217,833)
--------------
Total stockholders` deficit (874)
--------------
Total liabilities and stockholders` deficit 53,030
==============
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4
--------------------------------------------------------------------------------
TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three months ended Nine months ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
Net sales 3,653 2,981 9,466 7,864
----------- ------------ ----------- ------------
Costs and expenses:
Cost of net sales 992 1,169 2,730 3,568
Selling, general and administrative 7,359 6,268 21,973 13,572
Depreciation and amortization 3,629 3,121 13,570 4,316
----------- ------------ ----------- ------------
Total costs and expenses 11,980 10,558 38,273 21,456
----------- ------------ ----------- ------------
Operating loss (8,327) (7,577) (28,807) (13,592)
Other expense:
Interest expense, net 3,718 208 6,057 1,670
Adjustment of Global Leisure goodwill 21,123 21,123
Write-off of programming library Advances 1,500
Employment Contract Settlement 680
----------- ------------ ----------- ------------
Pretax loss (33,168) (7,785) (58,167) (15,262)
Income tax (provision) recovery 2 286 3,196 286
----------- ------------ ----------- ------------
Loss from continuing operations (33,166) (7,499) (54,971) (14,976)
Loss from discontinued operations (91) (20)
----------- ------------ ----------- ------------
Loss before extraordinary item (33,257) (7,499) (54,991) (14,976)
Loss on repayment of debentures (699)
----------- ------------ ----------- ------------
Net loss (33,257) (7,499) (54,991) (15,675)
=========== ============ =========== ============
Loss per common share:
Loss from continuing operations ($1.33) ($0.60) ($2.33) ($1.20)
Loss from discontinued operations
and extraordinary items (0.06)
----------- ------------ ----------- ------------
Net loss per share (basic and diluted) ($1.33) ($0.60) ($2.33) ($1.26)
=========== ============ =========== ============
Weighted average shares outstanding (basic and diluted) 24,945,450 12,445,530 23,629,135 12,445,530
The accompanying notes are an integral part of the unaudited consolidated financial statements.
5
--------------------------------------------------------------------------------
TRAVELBYUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months ended June 30,
---------------------------
2001 2000
---- ----
Cash flow from operating activities:
Net Loss for the period (54,991) (15,675)
Items not affecting cash:
Writedown of marketable securities 51
Depreciation and amortization 13,570 4,378
Reduction of deferred income tax credit (3,200) (201)
Valuation adjustments- goodwill 19,115
Valuation adjustments- intangibles & other assets 3,742
Net change in non-cash working capital items:
Increase in security deposits 192
Accounts receivable and prepaid expenses (869)
Inventory and barter credits (107)
Accounts payable, accrued liabilities, customer
deposits and other current liabilities 3,191 3,554
--------------------- -----------------------
Cash used by operations (19,306) (7,944)
--------------------- -----------------------
Cash flow from investing activities:
Cash paid for acquisitions (12,297)
Receivable from AVR (1,500)
Purchase of property and equipment (1,111) (1,771)
Investments (4,523)
Deposits and restricted cash (1,032)
Acquisition of Aviation Group and related valuation
Adjustments (8,732)
--------------------- -----------------------
Cash used by investing activities (11,343) (19,623)
--------------------- -----------------------
Cash flow from financing activities:
Bank borrowings 290
Non-bank borrowings 27,455
Issuance of notes payable 3,190
Share issue costs (2,050)
Issue of special warrants 13,512
Private placement 11,753
Exercise of options and warrants 3,781
Subscriptions received 707 1,973
Repayments to related parties (366)
--------------------- -----------------------
Cash provided by financing activities 28,086 32,159
Foreign exchange effect on cash 1,152 1,482
--------------------- -----------------------
Increase (decrease) in cash and cash equivalents (1,411) 6,074
Cash and cash equivalents, beginning of period 2,002 2,200
--------------------- -----------------------
Cash and cash equivalents, end of period 591 8,274
===================== =======================
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6
--------------------------------------------------------------------------------
1. Nature of operations and going concern
(a) Nature of operations
travelbyus, Inc. (the "Company") is in the business of providing travel-related products and services targeted primarily at the leisure customer, including airline tickets and tour, cruise and group packages. The Company seeks to become a fully integrated travel network.
On January 25, 2001, Aviation Group, Inc., a Texas corporation, completed an arrangement (the "Arrangement") with travelbyus.com, Ltd., an Ontario corporation. Immediately prior to completion of the Arrangement, Aviation Group, Inc. changed its name to travelbyus, Inc. Under the terms of the Arrangement, Aviation Group, Inc. was the legal acquirer of travelbyus.com, Ltd. and travelbyus.com, Ltd. was the accounting acquirer. Accordingly, the historical financial information set forth herein is that of the accounting acquirer, travelbyus.com., Ltd. Current period financial results presented for the three and nine-month periods ended June 30, 2001 include only the results of travelbyus.com through January 25, 2001, the date the Arrangement was effectuated. For the balance of the three and nine-month periods ended June 30, 2001, the results of both constituent companies to the Arrangement are included.
The Company has disposed or is currently seeking to dispose of its assets that are unrelated to its travel businesses, principally those that were historically a part of Aviation Group, Inc. These non-travel related assets, liabilities and operations are presented as held for sale or discontinued at their estimated liquidation value. See also Note 13.
As used herein, the term the "Company" refers to the combined company or, prior to the Arrangement, either of the constituent companies, unless a distinction between the constituent companies is required. In any instance in which such distinction is required, the term "Aviation Group" refers to Aviation Group, Inc. prior to the Arrangement and the term "travelbyus.com" refers to travelbyus.com, Ltd. prior to the Arrangement.
(b) Going concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP") applicable to a going concern. The Company incurred a net loss, before write-off and amortization of goodwill, of approximately $36 million during the nine months ended June 30, 2001, had an accumulated deficit of approximately $218 million, and a working capital deficiency of approximately $40 million, at the end of the period. The Company has continued to incur losses subsequent to the period end. The Company used cash of approximately $19 million to fund operations during the nine-month period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year. The Company will require new sources of financing, a restructuring of its existing obligations or forbearance of its loan agreements, in order to continue its operations and satisfy its obligations in the normal course. Accordingly, the use of generally accepted accounting principles applicable to a going concern may not be appropriate because substantial doubt exists with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to financially restructure its debt, to raise additional financing, to eliminate redundant and unnecessary costs and to realize the revenue potential of its recent acquisitions, products and services. No assurance can, however, be given that management will be successful in these efforts.
7
--------------------------------------------------------------------------------
These financial statements do not reflect any adjustments to the carrying value of assets and liabilities, the estimated useful lives of assets, the reported revenues and expenses and balance sheet classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material.
2. Programming library
The Company acquired a media library. During the three months ended December 31, 2000, the Company received the balance of the first 40 episodes and has therefore reclassified the remaining balance of advances for programming services to the programming library. In addition, the Company capitalized and accrued for the remaining balance of advances due, $1.5 million with respect to the 40 new episodes. These advances were written off during the period to reducethe carrying value of the programming library down to the estimated fair value.
3. Software and other assets
Pursuant to the terms of the share purchase agreement for Muffin Communications Ltd., the share consideration given for the rights to the wireless contract was subject to adjustment based on the trading price of the common shares of travelbyus.com on December 15, 2000. The combination of shares and/or cash to be paid or given to maintain the total consideration of $6.7 million or $6.70 per share pursuant to the adjustment formula, was to be decided by travelbyus.com. During the quarter ended December 31, 2000, the required value of additional consideration of $6.3 million was expensed due to the continued significant uncertainty about the level of revenues expected to be derived from the underlying wireless customer base. During the quarter ended June 30, 2001, the Company issued 10,355,932 shares of travelbyus.com Ltd. (Canadian) shares (equivalent to 2,071,186 shares of travelbyus Inc. (U.S.) shares) into a trust account, in order to satisfy its additional obligation under the agreement, pending the outcome of related litigation.
4. Termination of Relationship with American Vacation Resorts, Inc.
On April 13, 2001, the United States District Court for the Northern District of Illinois, entered an order granting a motion to approve the sale of certain assets of Med Resorts International, Inc. ("MRI") to American Vacation Resorts, Inc. ("AVR"), a corporation in which the Company and Malcolm Wright each held a 50% beneficial interest, subject to the issuance or reservation of shares representing 17.5% of the AVR`s outstanding common stock under an equity incentive program for current or future management personnel of AVR. The assets of MRI consist principally of notes of MRI`s vacation club members, three hotels and certain condominium units and time-share intervals in hotel and resort properties. MRI was placed in receivership in August, 2000 in an action filed against it by the Federal Trade Commission and the Commonwealth of Virginia in the United States District Court for the Northern District of Illinois.
The Company subsequently purported to exercise an option to acquire the 50% of the common stock of AVR held by Mr. Wright. As previously disclosed in the Company`s quarterly report on Form 10-QSB for the quarter ended March 31, 2001, the Company had neither resolved all issues concerning the terms of the option exercise nor entered into definitive agreements for the transfer of Mr. Wright`s interest in AVR. The Company subsequently concluded that, under the terms of the court`s order, the transfer could not become effective for a 10-year period. In order to resolve this and other issues before the court (under the continuing jurisdiction over the MRI matter that it had retained), the Company elected to relinquish its interest in AVR in consideration of the right to receive a return of its $1.5 million capital contribution to AVR (subject to reduction for legal expenses of the parties incurred in connection with the court proceedings), payable in amounts equal to 50% of any new capital raised by AVR, if any, and otherwise on a subordinated basis from excess cash flow, if any. These payments are to commence only if the Company obtains releases of the liens on the AVR assets securing obligations of the Company in the original principal amount of $5.1 million, which it is presently seeking to do. The Company also agreed to advance an additional $175,000 to an escrow account to pay legal fees in connection with this matter (which payments were made in two installments in July and August 2001). Separately, the Company negotiated agreements with Mr. Wright, AVR and other corporations controlled by Mr. Wright under which the parties agreed to mutual releases and the Company received the right to the return of the $200,000 it had advanced to Mr. Wright and other consideration unrelated to AVR.
Under the terms of a stipulated order of the court, the Company will neither have any continuing ownership rights in AVR (and, therefore, AVR will not be a subsidiary of the Company) nor have any role in the management or operations of AVR, except that the Company will continue to provide travel fulfillment services to AVR on a non-exclusive basis and, until it obtains releases of the liens on AVR assets securing obligations in the original principal amount of $5.1 million, certain of the Company`s guaranties of AVR`s obligations will remain in place. The Company committed to cause these liens to be released no later than September 30, 2001, and AVR will not guarantee or pledge its assets to support or secure any obligations of the Company. At October 31, 2001, the Company had entered into definitive agreements or reached understandings to release the liens respecting $3.6 million principal amount of this indebtedness (although written documentation has not been completed or forwarded to AVR). The holder of the remaining $1.5 million of debt has not agreed to release its liens. The Company has failed to satisfy its obligations under the terms of the order. Among other consequences, unless the Company obtains releases of all liens (as to which no assurance can be given), and a modification to the order is negotiated and entered (as to which there have been no discussions initiated and thus, no indication that a modification will be considered), the Company`s guaranties of AVR`s obligations will not be released and the Company will relinquish its rights to repayment of the amounts it advanced to or on behalf of AVR.
5. Credit facilities, notes and debt
Credit facilities utilized, due and payable at June 30, 2001, are as follows (in thousands):
Bank Indebtedness (a) $ 568
Notes Payable & Current Portion of Long-Term-Debt (b) 30,391
Long-term Debt (net of current maturities) (c) 4,799
Non-current Debt to Related Party 222
----------
TOTAL $35,980
(a) Bank indebtedness consists of a single obligation under a
revolving credit agreement.
(b) The following table summarizes the detail and terms of the various loans comprising the current portion of notes payable and long-term debt:
Lender/ Principal Interest
Description Amount Rate
Senior Redeemable Debentures (i) $ 6,262 12.5%
Pelham Funds Note (ii) 1,887 12.0%
Debt Related to AVR (Note 4) (iii) 5,050 (See iii)
DCM Asylum LLC (iv) 2,400 12.0%
DCM KG LLC Convertible Loan (v) 1,367 12.5%
Convertible Bridge Notes (vi) 10,625 12.0%
Aberdeen Loan (vii) 1,000 12.0%
Amadeus (viii) 1,000 8.0%
Sadler Loan (ix) 300 12.0%
Starside Loan (x) 500 12.0%
(b)(i) In September, 1999, the Company`s Travelbyus.com Incorporated subsidiary issued CND $12.0 million (approximately U.S. $8 million) principal amount of its senior redeemable debentures. In March 2000, the issuer offered early redemption of the debentures of which approximately CND $2.8 million was retired. The debentures bear interest at a rate of 12.5% per annum, payable semi-annually, and matured on September 9, 2001. The Company recently concluded discussions with the Lead Agent, Wellington West Capital, Inc. and has had the repayment date for both principal and interest extended 15 months, to December 2002. The parties are in the process of preparing final documentation, and the Company has agreed to compensate Wellington West with a Rollover Fee equal to 2% of the aggregate principal amount of the debentures outstanding. One-half of this fee will be paid in cash and the other half will be paid for with common stock of the Company, at an issue price equal to the weighted average trading price of the shares for the prior 20 trading days. This will equal approximately 4.0 million shares of the Company`s common stock.
(b)(ii) The Company borrowed $3.0 million from Pelham Investment Fund on May 9, 2000. In June 2001 $1.2 million was paid toward the principal balance from proceeds of the Aero Design sale. The original promissory note required quarterly interest payments at an annual rate of 12%, and matured February 2001. The Company previously entered into a forbearance agreement with the lender that extended the payment date to September 2001. The balance of this note has not been paid and the Company is seeking to negotiate an additional forbearance agreement in conjunction with the debt restructuring described in Note 15. No assurance can be given that a further extension will be granted. In conjunction with the issuance of original promissory note, the Company issued warrants to purchase 50,000 shares of its common stock at an exercise price of $1.00 per share. The fair value of these warrants was previously expensed.
(b)(iii) In late April and May 2001, the Company borrowed $5.1 million in the aggregate evidenced by a series of notes due 120 days after issuance. These notes bear interest at the rate of 25% for the first 30-day period outstanding, increasing by 25% for each 30-day period thereafter. The Company had entered into definitive agreements or reached agreement in principle to restructure $3.6 million principal amount of this indebtedness. The holder of the remaining $1.5 million of debt has not agreed to modify the terms of the loan, which continues to be in default. See Notes 4 and 15.
(b)(iv) In December 2000, the Company executed agreements relating to a $2.5 million loan from DCM Asylum, LLC, a company related to Doerge Capital Management, a division of Balis, Lewites & Coleman, Inc. ("DCM"). This loan matured in February 2001 and was extended until September 2001. Subsequently, this loan was exchanged for the Company`s Series D Preferred Stock (See Note 15). In connection with the original loan, the Company issued warrants to purchase 250,000 shares of its common stock at an exercise price of $2.00 per share, expiring in December 2005. The fair value of the warrants was previously expensed. As consideration for the extension of the maturity date, a further 250,000 warrants were issued with an exercise price of $0.50 per share, expiring in April 2004.
(b)(v) In December 2000, the Company borrowed $1.5 million from DCM KG, LLC, a company related to DCM. Principal payments in the amount of $133,000 were made during this current quarter. The loan originally matured in February 2001 and was extended to June 2001. Subsequently, this loan was exchanged for the Company`s Series D Preferred Stock.
(b)(vi) During the past two quarters the Company has borrowed $10.6 million in aggregate evidenced by a series of convertible notes maturing December 31, 2001. The notes bear interest at the rate of 12% payable quarterly. The notes are convertible at the holder`s option at any time using the 10-day trading average, but at not less than $2.00 per share. In the event the principal is returned prior to an equity conversion, the Company will issue 10,000 warrants for every $100,000 raised, with a strike price of $2.00. Subsequently, $8.6 million of these notes was converted to Series D Preferred Stock, and the remaining $2 million was restructured.
(b)(vii) In January 2001, the Company borrowed $1.0 million from Aberdeen Strategic Capital LP. This loan matured in February 2001. This note has not been paid and the Company is seeking to negotiate an extension or waiver agreement.
(b)(viii) In December 2000, the Company borrowed $2 million from Amadeus NMC Holding, Inc. This loan bears interest at the rate of 8% per year, and is repayable quarterly, commencing June 30, 2001. The Company has not made the most recent quarterly payment and is now negotiating with the lender to modify the repayment terms such that repayments will equal a percentage of travel segment revenue. On that basis, one-half of the original loan amount ($1.0 million) is reflected as current and one-half is reflected in the long-term portion of debt.
(b)(ix) In April 2001, the Company borrowed $300,000 evidenced by a note due in July 2001. This note bears interest at the rate of 12% per annum, payable at maturity. The Company is in discussions with the lender to modify the term of this loan.
(b)(x) In May 2001, the Company borrowed $500,000. This loan has been converted to Series D Preferred Stock (See Note 15).
(c) Long-term debt detail follows:
Lender or Principal Interest
Description Amount Rate
Travel24.com (i) $ 3,750 LIBOR + 3.0%
Amadeus (ii) 1,000 8.0%
Other 49
-----------
TOTAL $ 4,799
(c)(i) Through November 2000, Travel24 had advanced the Company $3.75 million. This indebtedness is evidenced by convertible debentures bearing interest at the rate of LIBOR plus 3.0% The conversion price on the total indebtedness has been reduced to $0.50. These debentures mature in June 2002. Interest has not been paid currently. The Company has entered into a Remediation Agreement with the lender. The Company has been unable to comply with all the terms of the Remediation Agreement.
(c)(ii) In December 2000, the Company borrowed $2 million from Amadeus NMC Holding, Inc. This loan bears interest at the rate of 8% per year, and is repayable quarterly, commencing June 30, 2001. The Company has not made the most recent quarterly payment and is now negotiating with the lender to modify the repayment terms.
6. Common Stock
Effective April 20, 2001, the Company engaged Steven Antebi as a consultant to advise it as to financial and strategic planning matters. In accordance with the terms of the consulting agreement entered into between the Company and Mr. Antebi, the Company issued 2,200,000 shares of its common stock to him on May 18, 2001. These shares were issued and registered under a registration statement on Form S-8 in May 2001. In August 2001, Mr. Antebi agreed to relinquish his right to receive up to 2,000,000 additional shares in the event of specified dilutive events and agreed to certain resale restrictions on the shares he continued to hold.
Following is a table of stock issuances:
Number of Common $ Amount
Shares
Balance September 30, 2000 96,804,569 141,710,000
Shares issued on exercise of warrants 200,000 166,000
Shares issued on exercise of special warrants 7,692,300 7,196,000
--------------------- ----------------------
Balance December 31, 2000 104,696,869 149,072,000
Shares sold 1,417,444 3,982,000
Acquisition of Aviation Group shares 4,956,722 10,000
Conversion of Series A Preferred shares 2,750,000 -0-
Issuance pursuant to acquisition price minimums 4,817,712 -0-
Adjustment for 1:5 reverse share split (94,911,049) -0-
--------------------- ----------------------
Balance March 31, 2001 23,727,698 153,064,000
Shares issued to consultants for services 2,847,274 -0-
Shares issued pursuant to acquisition price minimums
(see Note 3) 2,071,186 -0-
--------------------- ----------------------
Balance June 30, 2001 28,646,158 153,064,000
7. Commitments and contingencies
During June 2000, the Company entered into an agreement with HealthyConnect.com, Inc. (HC.com), a private health care related internet technology company. Pursuant to the terms of the agreement, HC.com will issue 1,200,000 common shares to the Company upon confirmation of necessary technical specifications to establish links between their respective web sites. The Company will issue 1,000,000 common shares in exchange for a further 1,400,000 common shares of HC.com upon certain conditions being met. Under terms of the agreement, HC.com may request the Company to acquire up to 1,200,000 common shares of HC.com at $2.50 per share for a total cash consideration of $3.0 million subject to satisfactory due diligence and board approval of the Company. The completion of these transactions is subject to the necessary regulatory approvals. Through June 30, 2001, 17,500,000 shares have been exchanged. On August 8, 2000, the Company provided a demand loan to HC.com for $175,000 at 6.0% interest. The loan is secured by 1,200,000 common shares of HC.com and is included in advances. HC.com has entered into a letter of intent to merge with Next Generation Technology Holdings, Inc., which will become the surviving entity if and when the merger is completed.
In July 2001, the Company entered into an amendment of an agreement dated December 7, 1999, under which it had purchased the right to the 800-I-TRAVEL numbers and a system which utilizes a telephone switching technology that will route customers` calls to their closest member travel agency or to the company`s call center. Under the amendment, the Company is required to issue 300,000 of its common shares to the Vendors. In addition, the Company may be required to issue up to an additional 200,000 of its common shares to the Vendors, and/or pay the Vendors up to $525,000 in cash, depending on the average daily closing price and trading volume of its common shares during the period from October 8, 2001, to January 15, 2002.
In June, 2001, Michael H. Rosenblum ("Rosenblum") has filed suit against the Company in the Circuit Court of Cook County, Illinois in a case captioned Michael H. Rosenblum vs. Travelbyus.com, Ltd., et al., No. 01 L 0077689, claiming unspecified damages and costs for the Company`s alleged breach of the terms of the sale agreement pursuant to which the Company acquired all of the capital stock of Muffin Communications, Inc ("Muffin"). Under the terms of the agreement, the Company had agreed to a share "top off" provision pursuant to which it would issue additional shares of the Company`s common stock in the event the fair market value of the shares issue at closing was not equal to a certain amount in December 2000. Prior to the date for issuance of this additional consideration, the Company concluded that the assets of Muffin were not as represented and therefore declined to deliver the additional shares to Rosenblum. The Company has filed to remove the suit to Federal court and intends to file a counterclaim seeking recovery of the consideration previously paid to Rosenblum. The Company intends to defend against the plaintiff`s claims and prosecute its own counterclaims vigorously.
In 2001, Travel Magazine 2000 Inc. filed suit against the Company in the Superior Court of Justice of Ontario, Canada in a case captioned Travel Magazine 2000 Inc. vs. Travelbyus.com, Ltd, et al., Court File No. 01-CV-210137CM, claiming unspecified damages and costs for the Company`s alleged breach of the terms of an agreement entered into by the Company with the plaintiff in 1999. Under the terms of this agreement, the Company agreed to purchase up to 120 travel shows to be produced by plaintiffs, subject to the Company`s right to cancel production of 80 shows. The Company cancelled production of 80 shows by so advising plaintiff, both in writing and orally, in a timely manner. Plaintiff alleges that the Company failed to follow requisite formalities in canceling production of these shows, which allegation the Company disputes. The Company intends to vigorously defend this case.
In June, 2001, Apollo Galileo USA Partnership filed suit against the Company in the United States District Court for the Northern District of Illinois Eastern Division in a case captioned Apollo Galileo USA Partnership vs. Travelbyus, Inc. No. 01 C 2781, claiming unspecified damages and costs for the alleged breach of the terms of an agreement between plaintiff and Global Leisure, a wholly owned subsidiary of the Company, pursuant to which Global Leisure subscribed to plaintiff`s computerized reservation system. In its complaint, as amended, plaintiff alleges that the Company caused Global Leisure to breach the agreement by reason of removing assets from Global Leisure which allegedly rendered it unable to perform its obligations to plaintiffs. In addition, plaintiff alleges that the Company is responsible for Global Leisure`s obligations as a successor entity to Global Leisure. The Company disputes these allegations and denies any responsibility for the obligations or liabilities of Global Leisure. The plaintiff has filed a motion to add Global Leisure as a party to this litigation. Prior to initiating this suit, plaintiff made demand on the Company to pay to it $4 million as a result of the damages it is alleged to have suffered. The Company intends to vigorously defend this case.
In 2001, World Business Brokers, Inc. filed suit against the Company in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida in a case captioned World Business Brokers, Inc vs. Aviation Group, Inc. (now known as travelbyus, Inc.), Case No. 00-25918 CA 24, claiming unspecified damages and costs for the Company`s alleged failure to pay brokerage commissions to plaintiff for its services in connection with the Company`s merger with travelbyus.com, Ltd. The Company maintains that the brokerage agreement had expired prior to the consummation of the transaction and intends to vigorously defend this case.
In July, 2001, a former employee of Cheap Seats, Inc. ("Cheap Seats"), a wholly owned subsidiary of the Company, filed suit against Cheap Seats, the Company and three individuals in California state court claiming unspecified damages and costs for alleged sexual harassment. Cheap Seats intends to vigorously defend this case.
In 2001, RSC (Rental Service Corporation) dba Prime Equipment filed suit against Travelbyus.com, Inc. ("TCI") and Aviation Exteriors Portland, Inc. ("AEP"), subsidiaries of the Company, in Circuit Court of the State of Oregon for the County of Multnomah in a case captioned RSC (Rental Service Corporation) dba Prime Equipment vs. Aviation Exteriors Portland, Inc., et al., No. 0104-04460, claiming damages and costs for AEP`s failure to pay an Amended and Restated Exchangeable Promissory Note in the amount of $263,052 and TCI`s failure to honor a guaranty of this note. The note evidenced past due payables of AEP. The Company has initiated settlement discussions with the plaintiff.
In 2001, John Fenyes, a former employee of the Company`s travelbyusUSA.com, Inc. subsidiary ("TBU-USA"), initiated an arbitration action against TBU-USA in Reno, Nevada claiming entitlement to approximately $200,000 in compensation under the terms of his employment agreement with TBU-USA following the Company`s diminution of his responsibly and his subsequent resignation. In September 2001, the arbitrator ruled in favor of Mr. Fenyes and awarded damages in the amount of approximately $69,000. TBU-USA is in negotiations with Mr. Fenyes with regard to a compromise settlement of such award. interest in the predecessor of TBU-USA, and to vigorously defend against his claims in the arbitration.
In August, 2001, JoAnn Smith, a former employee of the Company`s TBU-USA subsidiary, has advised that she intends to initiate an arbitration action against TBU-USA in Reno, Nevada claiming entitlement to an unspecified amount of compensation based upon TBU-USA`s alleged breach of its obligations to her under her employment agreement. The Company intends to vigorously defend this case.
The Company is a party to routine contract and employment-related litigation matters in the ordinary course of its business. No such pending matters, individually or in the aggregate, if adversely determined, are believed by management to be material to the business or financial condition of the Company. The Company maintains general liability insurance, property insurance, automobile insurance, employee benefit liability insurance, fidelity insurance, errors and omissions insurance and directors` and officers` liability insurance. The Company is generally self-insured with respect to workers` compensation, but maintains umbrella workers` compensation coverage to limit its maximum exposure to such claims.
8. Segment information
The Company operates in three operating segments: Travel, Technology and Other. The Travel segment provides a broad range of travel products, targeted primarily at the leisure customer, including airfare, hotel rooms, cruise packages, and ground packages. Products and services are offered through and to the traditional travel agency base, 1-800 call centers and the Internet. Included in the Travel segment are the operations of the following subsidiaries: Mr. Cheaps Travel, International Tours, GalaxSea Cruises and Tours, Express Vacations, Cheap Seats, Bell Travel, Global Leisure and Travelbyus Cruise Operations.
The Technology segment designs and manufactures electronic data storage systems, develops Internet accessible travel reservations systems, custom programming services, and a distributed website marketing system. Included in this segment are the operations of Legacy, Epoch, Prosoft and SiteRabbit.com.
Included in the Other segment are advertising and associate marketing operations of International Tours Inc., GalaxSea Cruises and Tours, and Travelbyus Cruise Operations.
The accounting policies of the segments are the same as those described in Note 1(b). The Company evaluates the performance of its segments and allocates resources to them based on operating contribution, which represents segment revenues less direct costs of operations, excluding the allocation of corporate general and administrative expenses. Assets of the operating segments reflect primarily net accounts receivable associated with segment activities; all other assets are included as corporate assets. The Company does not track expenditures for long-lived assets on a segment basis.
The table below presents information on the revenues and operating contribution for each segment for the three and nine months ended June 30, 2001 and 2000, and items that reconcile segment operating contribution to the Company`s reported pre-tax income (loss) from continuing operations (in thousands).
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, June 30,
--------- --------
2001 2000 2001 2000
---- ---- ---- ----
Net sales of services:
Travel 1,544 2,247 5,622 5,928
Technology 1,024 199 2,374 526
Other 1,085 535 1,470 1,410
--------------- ------------- ------------- ---------------
3,653 2,981 9,466 7,864
--------------- ------------- ------------- ---------------
Operating contribution:
Travel (7,894) (22,640) (14,463)
(7,592)
Technology (736) (43) (2,499) (87)
Other 360 (1,760) 952
1
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
(8,327) (7,577) (26,899) (13,598)
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
Consolidated expenses:
Interest expense 3,718 208 5,942 1,664
Investment Reduction 21,123 25,326
--------------- ------------- ------------- ---------------
Pretax loss from
continuing operations (33,168) (7,785) (58,167) (15,262)
=============== ============= ============= ===============
9. Stock options and warrants
The Company has a Stock Option Plan that provides for the granting of options to purchase common shares to directors, officers, employees and consultants of the Company. The number of common shares reserved for issuance under the Stock Option Plan shall not exceed 10,000,000 common shares or a greater number as approved by the shareholders of the Company. Terms of the options shall not be for a period less than one year or longer than ten years. The option price shall be fixed by the directors of the Company subject to price restrictions imposed by the regulators. All options were granted at or above market value at the date of grant. Accordingly, no current or deferred compensation expense has been recorded in the periods presented.
Stock option transactions
The following table summarizes information about the Company`s stock option activity:
Options exercisable Number of Exercise price
at Options $
end of period
Balance September 30, 2000 7,448,800 0.12 - 4.50
Options granted during the period 547,000 0.90 - 4.28
Options exercised during the period -0- -0-
Options expired during the period (406,500) 1.15 - 4.28
Options exercisable at end of period 3,483,967 0.12 - 4.50
--------------------- -----------------
Balance December 31, 2000 7,589,300 0.12 - 4.50
Options expired during the period (50,000) 3.75
Adjust for reverse split (2,787,174) (6,031,440)
Options issued to Aviation Group 27,000 8.44 - 9.28
Options exercisable at end of period 700,633 0.40 - 16.26
--------------------- -----------------
Balance March 31, 2001 1,534,860 0.40 - 16.26
Options expired during the period (666,300) 1.53 - 16.26
Options exercisable at end of period 334,625 0.40 - 14.93
--------------------- -----------------
Balance June 30, 2001 870,960 0.40 - 14.93
===================== =================
The following table summarizes stock options outstanding at June 30, 2001:
Range of Number Number
exercise prices Outstanding exercisable
$0.40 - $3.32 312,760 226,049
$5.38 - $5.64 255,400 -0-
$7.80 - $10.62 147,000 60,000
$10.79 - $13.54 47,300 15,510
$14.20 - $14.93 108,500 33,066
870,960 334,625
============== ==========
Warrant transactions
Warrants granted in Travelbyus.com are convertible for exchangeable shares of the Company at the ratio before the reverse split effected in January 2001. The following table summarizes information about the warrant activity in the travelbyus.com warrant pool:
Number of Exercise price
underlying $
shares
Balance September 30, 2000 11,077,520 0.45 - 2.38
Issued on exercise of special warrants (Note 9) 3,496,500 1.67
Issued on debt financings (Note 5 (b) and (c) 550,000 1.00 - 2.00
Special warrants exercised (6,993,000) 1.67
Debenture warrants exercised (200,000) 0.45
----------------- ---------------
Balance December 31, 2000 7,931,020 0.45 - 2.33
Issued on debt financings (Note 5 (b) and (c) 300,000 1.00
Debenture warrants expired (6,778,250) 2.50 - 3.50
----------------- ----------------
Balance March 31, 2001 1,452,770 0.45 - 3.50
Issued on debt financings (Note 5) 2,771,890 0.62 - 1.00
----------------- ----------------
Balance June 30, 2001 4,224,660 0.45 - 3.50
================= ================
The following table summarizes information about the warrant
activity in the Aviation Group warrant pool:
Number of Exercise price
underlying $
shares
Beginning balance at acquisition date 1,825,882 5.00 - 47.44
Issued on debt financings 10,410,000 0.50 - 7.00
Issued to management 2,100,000 0.50 - 0.75
----------------- ----------------
Balance June 30, 2001 14,335,882 0.50 - 47.44
================= ================
10. Series A preferred stock
In conjunction with the purchase of Global Leisure on May 10, 2000, the Company issued 1,650 shares of its 9% cumulative convertible Series A preferred stock for $10,000 per share ($16.5 million in the aggregate). The Series A shares are convertible into common shares at the Company`s option. As additional consideration, warrants to purchase 750,000 shares of common stock at an exercise price of $5.00 per share were issued to the former owners of Global. The Series A shares were converted to common shares in January, 2001.
11. Change of auditors
As reported in the Company`s current report on Form 8-K filed April 23, 2001, PricewaterhouseCoopers LLP ("PWC") resigned as the Company`s independent accountants on April 17, 2001. PWC had served as the independent accountants for travelbyus.com, which, under the terms of the Arrangement, was the accounting acquirer of Aviation Group. Aviation Group`s independent accountants, Hein + Associates LLP ("Hein"), had ceased serving as Aviation Group`s independent accountants following the completion of the Arrangement. Hein subsequently notified the Company that it had ceased serving in this role. As reported in its current report on Form 8-K filed August 16, 2001, on August 9, 2001, the Company engaged Grobstein, Horwath & Company LLP to serve as its independent accountants.
12. Delisting
Effective April 10, 2001, the Company`s publicly-traded securities were delisted from The Nasdaq Stock Market due to the inability of the Company to satisfy the initial listing criteria, including maintenance of a $4.00 bid price for the specified period. In the United States, the Company`s publicly-traded common stock and warrants continue to trade on the OTC Bulletin Board under the trading symbols TRIP and TRIPW, respectively.
Sale of assets
On June 26, 2001, the Company completed the sale of the assets of its Aero Design, Inc. subsidiary, which manufactured aircraft batteries, for $3.0 million. After selling expenses, the Company received net cash amounting to $2.4 million, which it used to pay down existing debt. The Company recorded a $23,000 gain on sale.
14. New accounting standards
In June 2001, the FASB issued Statement No. 141, Business Combinations, and Statement No. 142, Goodwill and Other Intangible Assets. Statement 141 requires that the purchase method of accounting be used for all business combinations initiated after June 30, 2001 as well as all purchase method business combinations completed after June 30, 2001. Statement 141 also specifies criteria intangible assets acquired in a purchase method business combination must meet to be recognized and reported apart from goodwill, noting that any purchase price allocable to an assembled workforce may not be accounted for separately. Statement 142 will require that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead tested for impairment at least annually in accordance with the provisions of Statement 142. Statement 142 will also require that intangible assets with definite useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.
The Company is required to adopt the provisions of Statement 141 immediately, and to adopt Statement 142 effective January 1, 2002. Furthermore, any goodwill and any intangible asset determined to have an indefinite useful life that are acquired in a purchase business combination completed after June 30, 2001 will not be amortized, but will continue to be evaluated for impairment in accordance with the appropriate pre-Statement 142 accounting literature. Goodwill and intangible assets acquired in business combinations completed before July 1, 2001 will continue to be amortized prior to the adoption of Statement 142.
Statement 141 will require upon adoption of Statement 142, that the Company evaluate its existing intangible assets and goodwill that were acquired in a prior purchase business combination, and to make any necessary reclassifications in order to conform with the new criteria in Statement 141 for recognition apart from goodwill. Upon adoption of Statement 142, the Company will be required to reassess the useful lives and residual values of all intangible assets acquired in purchase business combinations, and make any necessary amortization period adjustments by the end of the first interim period after adoption. In addition, to the extent an intangible asset is identified as having an indefinite useful life, the Company will be required to test the intangible asset for impairment in accordance with the provisions of Statement 142 within the first interim period. Any impairment loss will be measured as of the date of adoption and recognized as the cumulative effect of a change in accounting principle in the first interim period.
In connection with the transitional goodwill impairment evaluation, Statement 142 will require the Company to perform an assessment of whether there is an indication that goodwill is impaired as of the date of adoption. To accomplish this the Company must identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangi
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Filing Date: 11/2/2001 Form Type: 10QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number: 0-10124
travelbyus, Inc.
(Exact name of registrant as specified in its charter)
Texas 75-2631373
----- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
3237 King George Hwy, Suite 204
White Rock, British Columbia Canada V4P
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(Address of principal executive offices) (Zip Code)
Registrant`s telephone number, including area code: (604) 541-2400
700 North Pearl Street, Suite 2170 Dallas, Texas 75201
Former name, former address and former fiscal year, if changed since last report
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No __
State the number of shares outstanding of each of the issuer`s classes of common equity, as of the latest practicable date.
29,281,896 shares of common stock were outstanding as of August 27, 2001.
Transitional Small Business Disclosure Format (check one):
Yes No X
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2
INDEX
PART I FINANCIAL INFORMATION...........................................3
Item 1. Financial Statements............................................3
Consolidated Balance Sheet at June 30, 2001 (unaudited) ......3
Consolidated Statements of Operations for the three and nine
months ended June 30, 2001 and June 30, 2000 (unaudited)....5
Consolidated Statements of Cash Flows for the nine months
ended June 30, 2001 and June 30, 2000 (unaudited)...........6
Notes to Unaudited Consolidated Financial Statements............7
Item 2. Management`s Discussion and Analysis or Plan
of Operation................................................20
PART II OTHER INFORMATION..............................................26
Item 1. Legal Proceedings..............................................26
Item 2. Changes in Securities and Use of Proceeds......................27
Item 3. Defaults Upon Senior Securities (not applicable)...............29
Item 4. Submission of Matters to a Vote of Security Holders
(not applicable).............................................29
Item 5. Other Information..............................................29
Item 6. Exhibits and Reports on Form 8-K ............................29
SIGNATURES
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
travelbyus, Inc. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
June 30, 2001
ASSETS:
Current assets:
Cash and cash equivalents 591
Accounts receivable, net 2,542
Inventory and barter credits 608
Prepaid expenses and other current assets 893
Marketable securities 178
Receivable from AVR 1,500
Assets of discontinued operations 2,499
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Total current assets 8,811
Goodwill, net 17,000
Assets of discontinued operations 2,151
Software, contracts and other intangible assets 16,106
Deposits and restricted cash 4,109
Property, plant and equipment, net 4,277
Other assets 576
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Total assets 53,030
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3
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands except per share amounts)
(unaudited)
LIABILITIES AND STOCKHOLDERS` DEFICIT:
June 30, 2001
--------------
Current liabilities:
Bank indebtedness 568
Accounts payable and accrued liabilities 9,288
Notes payable and current portion of long-term debt 30,391
Deferred tax liability 892
Preferred dividends payable 480
Other current liabilities 1,482
Liabilities of discontinued operations 5,782
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Total current liabilities 48,883
Long-term debt, net of current maturities 4,799
Due to related parties 222
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Total liabilities 53,904
Stockholders` deficit:
Series B 12% cumulative preferred stock, $10,000 16,000
Liquidation preference
Common stock, $.01 par value; 250,000,000 shares 153,064
Authorized; 28,646,158 shares issued and outstanding
Additional paid-in capital 47,895
Accumulated deficit (217,833)
--------------
Total stockholders` deficit (874)
--------------
Total liabilities and stockholders` deficit 53,030
==============
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three months ended Nine months ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
Net sales 3,653 2,981 9,466 7,864
----------- ------------ ----------- ------------
Costs and expenses:
Cost of net sales 992 1,169 2,730 3,568
Selling, general and administrative 7,359 6,268 21,973 13,572
Depreciation and amortization 3,629 3,121 13,570 4,316
----------- ------------ ----------- ------------
Total costs and expenses 11,980 10,558 38,273 21,456
----------- ------------ ----------- ------------
Operating loss (8,327) (7,577) (28,807) (13,592)
Other expense:
Interest expense, net 3,718 208 6,057 1,670
Adjustment of Global Leisure goodwill 21,123 21,123
Write-off of programming library Advances 1,500
Employment Contract Settlement 680
----------- ------------ ----------- ------------
Pretax loss (33,168) (7,785) (58,167) (15,262)
Income tax (provision) recovery 2 286 3,196 286
----------- ------------ ----------- ------------
Loss from continuing operations (33,166) (7,499) (54,971) (14,976)
Loss from discontinued operations (91) (20)
----------- ------------ ----------- ------------
Loss before extraordinary item (33,257) (7,499) (54,991) (14,976)
Loss on repayment of debentures (699)
----------- ------------ ----------- ------------
Net loss (33,257) (7,499) (54,991) (15,675)
=========== ============ =========== ============
Loss per common share:
Loss from continuing operations ($1.33) ($0.60) ($2.33) ($1.20)
Loss from discontinued operations
and extraordinary items (0.06)
----------- ------------ ----------- ------------
Net loss per share (basic and diluted) ($1.33) ($0.60) ($2.33) ($1.26)
=========== ============ =========== ============
Weighted average shares outstanding (basic and diluted) 24,945,450 12,445,530 23,629,135 12,445,530
The accompanying notes are an integral part of the unaudited consolidated financial statements.
5
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TRAVELBYUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months ended June 30,
---------------------------
2001 2000
---- ----
Cash flow from operating activities:
Net Loss for the period (54,991) (15,675)
Items not affecting cash:
Writedown of marketable securities 51
Depreciation and amortization 13,570 4,378
Reduction of deferred income tax credit (3,200) (201)
Valuation adjustments- goodwill 19,115
Valuation adjustments- intangibles & other assets 3,742
Net change in non-cash working capital items:
Increase in security deposits 192
Accounts receivable and prepaid expenses (869)
Inventory and barter credits (107)
Accounts payable, accrued liabilities, customer
deposits and other current liabilities 3,191 3,554
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Cash used by operations (19,306) (7,944)
--------------------- -----------------------
Cash flow from investing activities:
Cash paid for acquisitions (12,297)
Receivable from AVR (1,500)
Purchase of property and equipment (1,111) (1,771)
Investments (4,523)
Deposits and restricted cash (1,032)
Acquisition of Aviation Group and related valuation
Adjustments (8,732)
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Cash used by investing activities (11,343) (19,623)
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Cash flow from financing activities:
Bank borrowings 290
Non-bank borrowings 27,455
Issuance of notes payable 3,190
Share issue costs (2,050)
Issue of special warrants 13,512
Private placement 11,753
Exercise of options and warrants 3,781
Subscriptions received 707 1,973
Repayments to related parties (366)
--------------------- -----------------------
Cash provided by financing activities 28,086 32,159
Foreign exchange effect on cash 1,152 1,482
--------------------- -----------------------
Increase (decrease) in cash and cash equivalents (1,411) 6,074
Cash and cash equivalents, beginning of period 2,002 2,200
--------------------- -----------------------
Cash and cash equivalents, end of period 591 8,274
===================== =======================
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6
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1. Nature of operations and going concern
(a) Nature of operations
travelbyus, Inc. (the "Company") is in the business of providing travel-related products and services targeted primarily at the leisure customer, including airline tickets and tour, cruise and group packages. The Company seeks to become a fully integrated travel network.
On January 25, 2001, Aviation Group, Inc., a Texas corporation, completed an arrangement (the "Arrangement") with travelbyus.com, Ltd., an Ontario corporation. Immediately prior to completion of the Arrangement, Aviation Group, Inc. changed its name to travelbyus, Inc. Under the terms of the Arrangement, Aviation Group, Inc. was the legal acquirer of travelbyus.com, Ltd. and travelbyus.com, Ltd. was the accounting acquirer. Accordingly, the historical financial information set forth herein is that of the accounting acquirer, travelbyus.com., Ltd. Current period financial results presented for the three and nine-month periods ended June 30, 2001 include only the results of travelbyus.com through January 25, 2001, the date the Arrangement was effectuated. For the balance of the three and nine-month periods ended June 30, 2001, the results of both constituent companies to the Arrangement are included.
The Company has disposed or is currently seeking to dispose of its assets that are unrelated to its travel businesses, principally those that were historically a part of Aviation Group, Inc. These non-travel related assets, liabilities and operations are presented as held for sale or discontinued at their estimated liquidation value. See also Note 13.
As used herein, the term the "Company" refers to the combined company or, prior to the Arrangement, either of the constituent companies, unless a distinction between the constituent companies is required. In any instance in which such distinction is required, the term "Aviation Group" refers to Aviation Group, Inc. prior to the Arrangement and the term "travelbyus.com" refers to travelbyus.com, Ltd. prior to the Arrangement.
(b) Going concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP") applicable to a going concern. The Company incurred a net loss, before write-off and amortization of goodwill, of approximately $36 million during the nine months ended June 30, 2001, had an accumulated deficit of approximately $218 million, and a working capital deficiency of approximately $40 million, at the end of the period. The Company has continued to incur losses subsequent to the period end. The Company used cash of approximately $19 million to fund operations during the nine-month period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year. The Company will require new sources of financing, a restructuring of its existing obligations or forbearance of its loan agreements, in order to continue its operations and satisfy its obligations in the normal course. Accordingly, the use of generally accepted accounting principles applicable to a going concern may not be appropriate because substantial doubt exists with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to financially restructure its debt, to raise additional financing, to eliminate redundant and unnecessary costs and to realize the revenue potential of its recent acquisitions, products and services. No assurance can, however, be given that management will be successful in these efforts.
7
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These financial statements do not reflect any adjustments to the carrying value of assets and liabilities, the estimated useful lives of assets, the reported revenues and expenses and balance sheet classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material.
2. Programming library
The Company acquired a media library. During the three months ended December 31, 2000, the Company received the balance of the first 40 episodes and has therefore reclassified the remaining balance of advances for programming services to the programming library. In addition, the Company capitalized and accrued for the remaining balance of advances due, $1.5 million with respect to the 40 new episodes. These advances were written off during the period to reducethe carrying value of the programming library down to the estimated fair value.
3. Software and other assets
Pursuant to the terms of the share purchase agreement for Muffin Communications Ltd., the share consideration given for the rights to the wireless contract was subject to adjustment based on the trading price of the common shares of travelbyus.com on December 15, 2000. The combination of shares and/or cash to be paid or given to maintain the total consideration of $6.7 million or $6.70 per share pursuant to the adjustment formula, was to be decided by travelbyus.com. During the quarter ended December 31, 2000, the required value of additional consideration of $6.3 million was expensed due to the continued significant uncertainty about the level of revenues expected to be derived from the underlying wireless customer base. During the quarter ended June 30, 2001, the Company issued 10,355,932 shares of travelbyus.com Ltd. (Canadian) shares (equivalent to 2,071,186 shares of travelbyus Inc. (U.S.) shares) into a trust account, in order to satisfy its additional obligation under the agreement, pending the outcome of related litigation.
4. Termination of Relationship with American Vacation Resorts, Inc.
On April 13, 2001, the United States District Court for the Northern District of Illinois, entered an order granting a motion to approve the sale of certain assets of Med Resorts International, Inc. ("MRI") to American Vacation Resorts, Inc. ("AVR"), a corporation in which the Company and Malcolm Wright each held a 50% beneficial interest, subject to the issuance or reservation of shares representing 17.5% of the AVR`s outstanding common stock under an equity incentive program for current or future management personnel of AVR. The assets of MRI consist principally of notes of MRI`s vacation club members, three hotels and certain condominium units and time-share intervals in hotel and resort properties. MRI was placed in receivership in August, 2000 in an action filed against it by the Federal Trade Commission and the Commonwealth of Virginia in the United States District Court for the Northern District of Illinois.
The Company subsequently purported to exercise an option to acquire the 50% of the common stock of AVR held by Mr. Wright. As previously disclosed in the Company`s quarterly report on Form 10-QSB for the quarter ended March 31, 2001, the Company had neither resolved all issues concerning the terms of the option exercise nor entered into definitive agreements for the transfer of Mr. Wright`s interest in AVR. The Company subsequently concluded that, under the terms of the court`s order, the transfer could not become effective for a 10-year period. In order to resolve this and other issues before the court (under the continuing jurisdiction over the MRI matter that it had retained), the Company elected to relinquish its interest in AVR in consideration of the right to receive a return of its $1.5 million capital contribution to AVR (subject to reduction for legal expenses of the parties incurred in connection with the court proceedings), payable in amounts equal to 50% of any new capital raised by AVR, if any, and otherwise on a subordinated basis from excess cash flow, if any. These payments are to commence only if the Company obtains releases of the liens on the AVR assets securing obligations of the Company in the original principal amount of $5.1 million, which it is presently seeking to do. The Company also agreed to advance an additional $175,000 to an escrow account to pay legal fees in connection with this matter (which payments were made in two installments in July and August 2001). Separately, the Company negotiated agreements with Mr. Wright, AVR and other corporations controlled by Mr. Wright under which the parties agreed to mutual releases and the Company received the right to the return of the $200,000 it had advanced to Mr. Wright and other consideration unrelated to AVR.
Under the terms of a stipulated order of the court, the Company will neither have any continuing ownership rights in AVR (and, therefore, AVR will not be a subsidiary of the Company) nor have any role in the management or operations of AVR, except that the Company will continue to provide travel fulfillment services to AVR on a non-exclusive basis and, until it obtains releases of the liens on AVR assets securing obligations in the original principal amount of $5.1 million, certain of the Company`s guaranties of AVR`s obligations will remain in place. The Company committed to cause these liens to be released no later than September 30, 2001, and AVR will not guarantee or pledge its assets to support or secure any obligations of the Company. At October 31, 2001, the Company had entered into definitive agreements or reached understandings to release the liens respecting $3.6 million principal amount of this indebtedness (although written documentation has not been completed or forwarded to AVR). The holder of the remaining $1.5 million of debt has not agreed to release its liens. The Company has failed to satisfy its obligations under the terms of the order. Among other consequences, unless the Company obtains releases of all liens (as to which no assurance can be given), and a modification to the order is negotiated and entered (as to which there have been no discussions initiated and thus, no indication that a modification will be considered), the Company`s guaranties of AVR`s obligations will not be released and the Company will relinquish its rights to repayment of the amounts it advanced to or on behalf of AVR.
5. Credit facilities, notes and debt
Credit facilities utilized, due and payable at June 30, 2001, are as follows (in thousands):
Bank Indebtedness (a) $ 568
Notes Payable & Current Portion of Long-Term-Debt (b) 30,391
Long-term Debt (net of current maturities) (c) 4,799
Non-current Debt to Related Party 222
----------
TOTAL $35,980
(a) Bank indebtedness consists of a single obligation under a
revolving credit agreement.
(b) The following table summarizes the detail and terms of the various loans comprising the current portion of notes payable and long-term debt:
Lender/ Principal Interest
Description Amount Rate
Senior Redeemable Debentures (i) $ 6,262 12.5%
Pelham Funds Note (ii) 1,887 12.0%
Debt Related to AVR (Note 4) (iii) 5,050 (See iii)
DCM Asylum LLC (iv) 2,400 12.0%
DCM KG LLC Convertible Loan (v) 1,367 12.5%
Convertible Bridge Notes (vi) 10,625 12.0%
Aberdeen Loan (vii) 1,000 12.0%
Amadeus (viii) 1,000 8.0%
Sadler Loan (ix) 300 12.0%
Starside Loan (x) 500 12.0%
(b)(i) In September, 1999, the Company`s Travelbyus.com Incorporated subsidiary issued CND $12.0 million (approximately U.S. $8 million) principal amount of its senior redeemable debentures. In March 2000, the issuer offered early redemption of the debentures of which approximately CND $2.8 million was retired. The debentures bear interest at a rate of 12.5% per annum, payable semi-annually, and matured on September 9, 2001. The Company recently concluded discussions with the Lead Agent, Wellington West Capital, Inc. and has had the repayment date for both principal and interest extended 15 months, to December 2002. The parties are in the process of preparing final documentation, and the Company has agreed to compensate Wellington West with a Rollover Fee equal to 2% of the aggregate principal amount of the debentures outstanding. One-half of this fee will be paid in cash and the other half will be paid for with common stock of the Company, at an issue price equal to the weighted average trading price of the shares for the prior 20 trading days. This will equal approximately 4.0 million shares of the Company`s common stock.
(b)(ii) The Company borrowed $3.0 million from Pelham Investment Fund on May 9, 2000. In June 2001 $1.2 million was paid toward the principal balance from proceeds of the Aero Design sale. The original promissory note required quarterly interest payments at an annual rate of 12%, and matured February 2001. The Company previously entered into a forbearance agreement with the lender that extended the payment date to September 2001. The balance of this note has not been paid and the Company is seeking to negotiate an additional forbearance agreement in conjunction with the debt restructuring described in Note 15. No assurance can be given that a further extension will be granted. In conjunction with the issuance of original promissory note, the Company issued warrants to purchase 50,000 shares of its common stock at an exercise price of $1.00 per share. The fair value of these warrants was previously expensed.
(b)(iii) In late April and May 2001, the Company borrowed $5.1 million in the aggregate evidenced by a series of notes due 120 days after issuance. These notes bear interest at the rate of 25% for the first 30-day period outstanding, increasing by 25% for each 30-day period thereafter. The Company had entered into definitive agreements or reached agreement in principle to restructure $3.6 million principal amount of this indebtedness. The holder of the remaining $1.5 million of debt has not agreed to modify the terms of the loan, which continues to be in default. See Notes 4 and 15.
(b)(iv) In December 2000, the Company executed agreements relating to a $2.5 million loan from DCM Asylum, LLC, a company related to Doerge Capital Management, a division of Balis, Lewites & Coleman, Inc. ("DCM"). This loan matured in February 2001 and was extended until September 2001. Subsequently, this loan was exchanged for the Company`s Series D Preferred Stock (See Note 15). In connection with the original loan, the Company issued warrants to purchase 250,000 shares of its common stock at an exercise price of $2.00 per share, expiring in December 2005. The fair value of the warrants was previously expensed. As consideration for the extension of the maturity date, a further 250,000 warrants were issued with an exercise price of $0.50 per share, expiring in April 2004.
(b)(v) In December 2000, the Company borrowed $1.5 million from DCM KG, LLC, a company related to DCM. Principal payments in the amount of $133,000 were made during this current quarter. The loan originally matured in February 2001 and was extended to June 2001. Subsequently, this loan was exchanged for the Company`s Series D Preferred Stock.
(b)(vi) During the past two quarters the Company has borrowed $10.6 million in aggregate evidenced by a series of convertible notes maturing December 31, 2001. The notes bear interest at the rate of 12% payable quarterly. The notes are convertible at the holder`s option at any time using the 10-day trading average, but at not less than $2.00 per share. In the event the principal is returned prior to an equity conversion, the Company will issue 10,000 warrants for every $100,000 raised, with a strike price of $2.00. Subsequently, $8.6 million of these notes was converted to Series D Preferred Stock, and the remaining $2 million was restructured.
(b)(vii) In January 2001, the Company borrowed $1.0 million from Aberdeen Strategic Capital LP. This loan matured in February 2001. This note has not been paid and the Company is seeking to negotiate an extension or waiver agreement.
(b)(viii) In December 2000, the Company borrowed $2 million from Amadeus NMC Holding, Inc. This loan bears interest at the rate of 8% per year, and is repayable quarterly, commencing June 30, 2001. The Company has not made the most recent quarterly payment and is now negotiating with the lender to modify the repayment terms such that repayments will equal a percentage of travel segment revenue. On that basis, one-half of the original loan amount ($1.0 million) is reflected as current and one-half is reflected in the long-term portion of debt.
(b)(ix) In April 2001, the Company borrowed $300,000 evidenced by a note due in July 2001. This note bears interest at the rate of 12% per annum, payable at maturity. The Company is in discussions with the lender to modify the term of this loan.
(b)(x) In May 2001, the Company borrowed $500,000. This loan has been converted to Series D Preferred Stock (See Note 15).
(c) Long-term debt detail follows:
Lender or Principal Interest
Description Amount Rate
Travel24.com (i) $ 3,750 LIBOR + 3.0%
Amadeus (ii) 1,000 8.0%
Other 49
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TOTAL $ 4,799
(c)(i) Through November 2000, Travel24 had advanced the Company $3.75 million. This indebtedness is evidenced by convertible debentures bearing interest at the rate of LIBOR plus 3.0% The conversion price on the total indebtedness has been reduced to $0.50. These debentures mature in June 2002. Interest has not been paid currently. The Company has entered into a Remediation Agreement with the lender. The Company has been unable to comply with all the terms of the Remediation Agreement.
(c)(ii) In December 2000, the Company borrowed $2 million from Amadeus NMC Holding, Inc. This loan bears interest at the rate of 8% per year, and is repayable quarterly, commencing June 30, 2001. The Company has not made the most recent quarterly payment and is now negotiating with the lender to modify the repayment terms.
6. Common Stock
Effective April 20, 2001, the Company engaged Steven Antebi as a consultant to advise it as to financial and strategic planning matters. In accordance with the terms of the consulting agreement entered into between the Company and Mr. Antebi, the Company issued 2,200,000 shares of its common stock to him on May 18, 2001. These shares were issued and registered under a registration statement on Form S-8 in May 2001. In August 2001, Mr. Antebi agreed to relinquish his right to receive up to 2,000,000 additional shares in the event of specified dilutive events and agreed to certain resale restrictions on the shares he continued to hold.
Following is a table of stock issuances:
Number of Common $ Amount
Shares
Balance September 30, 2000 96,804,569 141,710,000
Shares issued on exercise of warrants 200,000 166,000
Shares issued on exercise of special warrants 7,692,300 7,196,000
--------------------- ----------------------
Balance December 31, 2000 104,696,869 149,072,000
Shares sold 1,417,444 3,982,000
Acquisition of Aviation Group shares 4,956,722 10,000
Conversion of Series A Preferred shares 2,750,000 -0-
Issuance pursuant to acquisition price minimums 4,817,712 -0-
Adjustment for 1:5 reverse share split (94,911,049) -0-
--------------------- ----------------------
Balance March 31, 2001 23,727,698 153,064,000
Shares issued to consultants for services 2,847,274 -0-
Shares issued pursuant to acquisition price minimums
(see Note 3) 2,071,186 -0-
--------------------- ----------------------
Balance June 30, 2001 28,646,158 153,064,000
7. Commitments and contingencies
During June 2000, the Company entered into an agreement with HealthyConnect.com, Inc. (HC.com), a private health care related internet technology company. Pursuant to the terms of the agreement, HC.com will issue 1,200,000 common shares to the Company upon confirmation of necessary technical specifications to establish links between their respective web sites. The Company will issue 1,000,000 common shares in exchange for a further 1,400,000 common shares of HC.com upon certain conditions being met. Under terms of the agreement, HC.com may request the Company to acquire up to 1,200,000 common shares of HC.com at $2.50 per share for a total cash consideration of $3.0 million subject to satisfactory due diligence and board approval of the Company. The completion of these transactions is subject to the necessary regulatory approvals. Through June 30, 2001, 17,500,000 shares have been exchanged. On August 8, 2000, the Company provided a demand loan to HC.com for $175,000 at 6.0% interest. The loan is secured by 1,200,000 common shares of HC.com and is included in advances. HC.com has entered into a letter of intent to merge with Next Generation Technology Holdings, Inc., which will become the surviving entity if and when the merger is completed.
In July 2001, the Company entered into an amendment of an agreement dated December 7, 1999, under which it had purchased the right to the 800-I-TRAVEL numbers and a system which utilizes a telephone switching technology that will route customers` calls to their closest member travel agency or to the company`s call center. Under the amendment, the Company is required to issue 300,000 of its common shares to the Vendors. In addition, the Company may be required to issue up to an additional 200,000 of its common shares to the Vendors, and/or pay the Vendors up to $525,000 in cash, depending on the average daily closing price and trading volume of its common shares during the period from October 8, 2001, to January 15, 2002.
In June, 2001, Michael H. Rosenblum ("Rosenblum") has filed suit against the Company in the Circuit Court of Cook County, Illinois in a case captioned Michael H. Rosenblum vs. Travelbyus.com, Ltd., et al., No. 01 L 0077689, claiming unspecified damages and costs for the Company`s alleged breach of the terms of the sale agreement pursuant to which the Company acquired all of the capital stock of Muffin Communications, Inc ("Muffin"). Under the terms of the agreement, the Company had agreed to a share "top off" provision pursuant to which it would issue additional shares of the Company`s common stock in the event the fair market value of the shares issue at closing was not equal to a certain amount in December 2000. Prior to the date for issuance of this additional consideration, the Company concluded that the assets of Muffin were not as represented and therefore declined to deliver the additional shares to Rosenblum. The Company has filed to remove the suit to Federal court and intends to file a counterclaim seeking recovery of the consideration previously paid to Rosenblum. The Company intends to defend against the plaintiff`s claims and prosecute its own counterclaims vigorously.
In 2001, Travel Magazine 2000 Inc. filed suit against the Company in the Superior Court of Justice of Ontario, Canada in a case captioned Travel Magazine 2000 Inc. vs. Travelbyus.com, Ltd, et al., Court File No. 01-CV-210137CM, claiming unspecified damages and costs for the Company`s alleged breach of the terms of an agreement entered into by the Company with the plaintiff in 1999. Under the terms of this agreement, the Company agreed to purchase up to 120 travel shows to be produced by plaintiffs, subject to the Company`s right to cancel production of 80 shows. The Company cancelled production of 80 shows by so advising plaintiff, both in writing and orally, in a timely manner. Plaintiff alleges that the Company failed to follow requisite formalities in canceling production of these shows, which allegation the Company disputes. The Company intends to vigorously defend this case.
In June, 2001, Apollo Galileo USA Partnership filed suit against the Company in the United States District Court for the Northern District of Illinois Eastern Division in a case captioned Apollo Galileo USA Partnership vs. Travelbyus, Inc. No. 01 C 2781, claiming unspecified damages and costs for the alleged breach of the terms of an agreement between plaintiff and Global Leisure, a wholly owned subsidiary of the Company, pursuant to which Global Leisure subscribed to plaintiff`s computerized reservation system. In its complaint, as amended, plaintiff alleges that the Company caused Global Leisure to breach the agreement by reason of removing assets from Global Leisure which allegedly rendered it unable to perform its obligations to plaintiffs. In addition, plaintiff alleges that the Company is responsible for Global Leisure`s obligations as a successor entity to Global Leisure. The Company disputes these allegations and denies any responsibility for the obligations or liabilities of Global Leisure. The plaintiff has filed a motion to add Global Leisure as a party to this litigation. Prior to initiating this suit, plaintiff made demand on the Company to pay to it $4 million as a result of the damages it is alleged to have suffered. The Company intends to vigorously defend this case.
In 2001, World Business Brokers, Inc. filed suit against the Company in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida in a case captioned World Business Brokers, Inc vs. Aviation Group, Inc. (now known as travelbyus, Inc.), Case No. 00-25918 CA 24, claiming unspecified damages and costs for the Company`s alleged failure to pay brokerage commissions to plaintiff for its services in connection with the Company`s merger with travelbyus.com, Ltd. The Company maintains that the brokerage agreement had expired prior to the consummation of the transaction and intends to vigorously defend this case.
In July, 2001, a former employee of Cheap Seats, Inc. ("Cheap Seats"), a wholly owned subsidiary of the Company, filed suit against Cheap Seats, the Company and three individuals in California state court claiming unspecified damages and costs for alleged sexual harassment. Cheap Seats intends to vigorously defend this case.
In 2001, RSC (Rental Service Corporation) dba Prime Equipment filed suit against Travelbyus.com, Inc. ("TCI") and Aviation Exteriors Portland, Inc. ("AEP"), subsidiaries of the Company, in Circuit Court of the State of Oregon for the County of Multnomah in a case captioned RSC (Rental Service Corporation) dba Prime Equipment vs. Aviation Exteriors Portland, Inc., et al., No. 0104-04460, claiming damages and costs for AEP`s failure to pay an Amended and Restated Exchangeable Promissory Note in the amount of $263,052 and TCI`s failure to honor a guaranty of this note. The note evidenced past due payables of AEP. The Company has initiated settlement discussions with the plaintiff.
In 2001, John Fenyes, a former employee of the Company`s travelbyusUSA.com, Inc. subsidiary ("TBU-USA"), initiated an arbitration action against TBU-USA in Reno, Nevada claiming entitlement to approximately $200,000 in compensation under the terms of his employment agreement with TBU-USA following the Company`s diminution of his responsibly and his subsequent resignation. In September 2001, the arbitrator ruled in favor of Mr. Fenyes and awarded damages in the amount of approximately $69,000. TBU-USA is in negotiations with Mr. Fenyes with regard to a compromise settlement of such award. interest in the predecessor of TBU-USA, and to vigorously defend against his claims in the arbitration.
In August, 2001, JoAnn Smith, a former employee of the Company`s TBU-USA subsidiary, has advised that she intends to initiate an arbitration action against TBU-USA in Reno, Nevada claiming entitlement to an unspecified amount of compensation based upon TBU-USA`s alleged breach of its obligations to her under her employment agreement. The Company intends to vigorously defend this case.
The Company is a party to routine contract and employment-related litigation matters in the ordinary course of its business. No such pending matters, individually or in the aggregate, if adversely determined, are believed by management to be material to the business or financial condition of the Company. The Company maintains general liability insurance, property insurance, automobile insurance, employee benefit liability insurance, fidelity insurance, errors and omissions insurance and directors` and officers` liability insurance. The Company is generally self-insured with respect to workers` compensation, but maintains umbrella workers` compensation coverage to limit its maximum exposure to such claims.
8. Segment information
The Company operates in three operating segments: Travel, Technology and Other. The Travel segment provides a broad range of travel products, targeted primarily at the leisure customer, including airfare, hotel rooms, cruise packages, and ground packages. Products and services are offered through and to the traditional travel agency base, 1-800 call centers and the Internet. Included in the Travel segment are the operations of the following subsidiaries: Mr. Cheaps Travel, International Tours, GalaxSea Cruises and Tours, Express Vacations, Cheap Seats, Bell Travel, Global Leisure and Travelbyus Cruise Operations.
The Technology segment designs and manufactures electronic data storage systems, develops Internet accessible travel reservations systems, custom programming services, and a distributed website marketing system. Included in this segment are the operations of Legacy, Epoch, Prosoft and SiteRabbit.com.
Included in the Other segment are advertising and associate marketing operations of International Tours Inc., GalaxSea Cruises and Tours, and Travelbyus Cruise Operations.
The accounting policies of the segments are the same as those described in Note 1(b). The Company evaluates the performance of its segments and allocates resources to them based on operating contribution, which represents segment revenues less direct costs of operations, excluding the allocation of corporate general and administrative expenses. Assets of the operating segments reflect primarily net accounts receivable associated with segment activities; all other assets are included as corporate assets. The Company does not track expenditures for long-lived assets on a segment basis.
The table below presents information on the revenues and operating contribution for each segment for the three and nine months ended June 30, 2001 and 2000, and items that reconcile segment operating contribution to the Company`s reported pre-tax income (loss) from continuing operations (in thousands).
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, June 30,
--------- --------
2001 2000 2001 2000
---- ---- ---- ----
Net sales of services:
Travel 1,544 2,247 5,622 5,928
Technology 1,024 199 2,374 526
Other 1,085 535 1,470 1,410
--------------- ------------- ------------- ---------------
3,653 2,981 9,466 7,864
--------------- ------------- ------------- ---------------
Operating contribution:
Travel (7,894) (22,640) (14,463)
(7,592)
Technology (736) (43) (2,499) (87)
Other 360 (1,760) 952
1
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
(8,327) (7,577) (26,899) (13,598)
--------------- ------------- ------------- ---------------
--------------- ------------- ------------- ---------------
Consolidated expenses:
Interest expense 3,718 208 5,942 1,664
Investment Reduction 21,123 25,326
--------------- ------------- ------------- ---------------
Pretax loss from
continuing operations (33,168) (7,785) (58,167) (15,262)
=============== ============= ============= ===============
9. Stock options and warrants
The Company has a Stock Option Plan that provides for the granting of options to purchase common shares to directors, officers, employees and consultants of the Company. The number of common shares reserved for issuance under the Stock Option Plan shall not exceed 10,000,000 common shares or a greater number as approved by the shareholders of the Company. Terms of the options shall not be for a period less than one year or longer than ten years. The option price shall be fixed by the directors of the Company subject to price restrictions imposed by the regulators. All options were granted at or above market value at the date of grant. Accordingly, no current or deferred compensation expense has been recorded in the periods presented.
Stock option transactions
The following table summarizes information about the Company`s stock option activity:
Options exercisable Number of Exercise price
at Options $
end of period
Balance September 30, 2000 7,448,800 0.12 - 4.50
Options granted during the period 547,000 0.90 - 4.28
Options exercised during the period -0- -0-
Options expired during the period (406,500) 1.15 - 4.28
Options exercisable at end of period 3,483,967 0.12 - 4.50
--------------------- -----------------
Balance December 31, 2000 7,589,300 0.12 - 4.50
Options expired during the period (50,000) 3.75
Adjust for reverse split (2,787,174) (6,031,440)
Options issued to Aviation Group 27,000 8.44 - 9.28
Options exercisable at end of period 700,633 0.40 - 16.26
--------------------- -----------------
Balance March 31, 2001 1,534,860 0.40 - 16.26
Options expired during the period (666,300) 1.53 - 16.26
Options exercisable at end of period 334,625 0.40 - 14.93
--------------------- -----------------
Balance June 30, 2001 870,960 0.40 - 14.93
===================== =================
The following table summarizes stock options outstanding at June 30, 2001:
Range of Number Number
exercise prices Outstanding exercisable
$0.40 - $3.32 312,760 226,049
$5.38 - $5.64 255,400 -0-
$7.80 - $10.62 147,000 60,000
$10.79 - $13.54 47,300 15,510
$14.20 - $14.93 108,500 33,066
870,960 334,625
============== ==========
Warrant transactions
Warrants granted in Travelbyus.com are convertible for exchangeable shares of the Company at the ratio before the reverse split effected in January 2001. The following table summarizes information about the warrant activity in the travelbyus.com warrant pool:
Number of Exercise price
underlying $
shares
Balance September 30, 2000 11,077,520 0.45 - 2.38
Issued on exercise of special warrants (Note 9) 3,496,500 1.67
Issued on debt financings (Note 5 (b) and (c) 550,000 1.00 - 2.00
Special warrants exercised (6,993,000) 1.67
Debenture warrants exercised (200,000) 0.45
----------------- ---------------
Balance December 31, 2000 7,931,020 0.45 - 2.33
Issued on debt financings (Note 5 (b) and (c) 300,000 1.00
Debenture warrants expired (6,778,250) 2.50 - 3.50
----------------- ----------------
Balance March 31, 2001 1,452,770 0.45 - 3.50
Issued on debt financings (Note 5) 2,771,890 0.62 - 1.00
----------------- ----------------
Balance June 30, 2001 4,224,660 0.45 - 3.50
================= ================
The following table summarizes information about the warrant
activity in the Aviation Group warrant pool:
Number of Exercise price
underlying $
shares
Beginning balance at acquisition date 1,825,882 5.00 - 47.44
Issued on debt financings 10,410,000 0.50 - 7.00
Issued to management 2,100,000 0.50 - 0.75
----------------- ----------------
Balance June 30, 2001 14,335,882 0.50 - 47.44
================= ================
10. Series A preferred stock
In conjunction with the purchase of Global Leisure on May 10, 2000, the Company issued 1,650 shares of its 9% cumulative convertible Series A preferred stock for $10,000 per share ($16.5 million in the aggregate). The Series A shares are convertible into common shares at the Company`s option. As additional consideration, warrants to purchase 750,000 shares of common stock at an exercise price of $5.00 per share were issued to the former owners of Global. The Series A shares were converted to common shares in January, 2001.
11. Change of auditors
As reported in the Company`s current report on Form 8-K filed April 23, 2001, PricewaterhouseCoopers LLP ("PWC") resigned as the Company`s independent accountants on April 17, 2001. PWC had served as the independent accountants for travelbyus.com, which, under the terms of the Arrangement, was the accounting acquirer of Aviation Group. Aviation Group`s independent accountants, Hein + Associates LLP ("Hein"), had ceased serving as Aviation Group`s independent accountants following the completion of the Arrangement. Hein subsequently notified the Company that it had ceased serving in this role. As reported in its current report on Form 8-K filed August 16, 2001, on August 9, 2001, the Company engaged Grobstein, Horwath & Company LLP to serve as its independent accountants.
12. Delisting
Effective April 10, 2001, the Company`s publicly-traded securities were delisted from The Nasdaq Stock Market due to the inability of the Company to satisfy the initial listing criteria, including maintenance of a $4.00 bid price for the specified period. In the United States, the Company`s publicly-traded common stock and warrants continue to trade on the OTC Bulletin Board under the trading symbols TRIP and TRIPW, respectively.
Sale of assets
On June 26, 2001, the Company completed the sale of the assets of its Aero Design, Inc. subsidiary, which manufactured aircraft batteries, for $3.0 million. After selling expenses, the Company received net cash amounting to $2.4 million, which it used to pay down existing debt. The Company recorded a $23,000 gain on sale.
14. New accounting standards
In June 2001, the FASB issued Statement No. 141, Business Combinations, and Statement No. 142, Goodwill and Other Intangible Assets. Statement 141 requires that the purchase method of accounting be used for all business combinations initiated after June 30, 2001 as well as all purchase method business combinations completed after June 30, 2001. Statement 141 also specifies criteria intangible assets acquired in a purchase method business combination must meet to be recognized and reported apart from goodwill, noting that any purchase price allocable to an assembled workforce may not be accounted for separately. Statement 142 will require that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead tested for impairment at least annually in accordance with the provisions of Statement 142. Statement 142 will also require that intangible assets with definite useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.
The Company is required to adopt the provisions of Statement 141 immediately, and to adopt Statement 142 effective January 1, 2002. Furthermore, any goodwill and any intangible asset determined to have an indefinite useful life that are acquired in a purchase business combination completed after June 30, 2001 will not be amortized, but will continue to be evaluated for impairment in accordance with the appropriate pre-Statement 142 accounting literature. Goodwill and intangible assets acquired in business combinations completed before July 1, 2001 will continue to be amortized prior to the adoption of Statement 142.
Statement 141 will require upon adoption of Statement 142, that the Company evaluate its existing intangible assets and goodwill that were acquired in a prior purchase business combination, and to make any necessary reclassifications in order to conform with the new criteria in Statement 141 for recognition apart from goodwill. Upon adoption of Statement 142, the Company will be required to reassess the useful lives and residual values of all intangible assets acquired in purchase business combinations, and make any necessary amortization period adjustments by the end of the first interim period after adoption. In addition, to the extent an intangible asset is identified as having an indefinite useful life, the Company will be required to test the intangible asset for impairment in accordance with the provisions of Statement 142 within the first interim period. Any impairment loss will be measured as of the date of adoption and recognized as the cumulative effect of a change in accounting principle in the first interim period.
In connection with the transitional goodwill impairment evaluation, Statement 142 will require the Company to perform an assessment of whether there is an indication that goodwill is impaired as of the date of adoption. To accomplish this the Company must identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangi
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Hallooooo
Hat denn gar kein TBU Aktionär Ahnung was Zahlen angeht ?
Also ich sehe keine Besserung .
Und sollten die Zahlen nicht bis ende September sein
allen ein schönes Wochenende
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Hallooooo
Hat denn gar kein TBU Aktionär Ahnung was Zahlen angeht ?
Also ich sehe keine Besserung .
Und sollten die Zahlen nicht bis ende September sein
allen ein schönes Wochenende
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
@mis
Da steige ich auch nicht durch.
Ich hoffe, eine Zusammenfassung von TBU zu erhalten.
Da steige ich auch nicht durch.
Ich hoffe, eine Zusammenfassung von TBU zu erhalten.
@mis,
ich sehe folgendes aus den Zahlen:
Im Vergleich zum zweiten Quartal des Geschäftsjahres ist der Umsatz
leicht gesteigert worden, und zwar um 6,3 %.
Im gleichen Zeitraum sind der operative Verlust und der Netto-
verlust ERHEBLICH angewachsen, und zwar von 11,215 Mio. $ im
zweiten Quartal auf 33,257 Mio. $ im dritten Quartal.
Der Verlust pro Aktie stieg von 0,49$ auf 1,33 $.
Quelle: die Quartalsberichte für das zweite und das dritte Quartal
----------------------------
Unter dem Punkt "Going Concern" findet man folgendes:
Zweites Quartal:
"(b) Going Concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP) applicable to a going concern. The Company
incurred a net loss before write-off and amortization of goodwill of approximately $18.1 million during the six months ended March 31, 2001, had an
accumulated deficit of approximately $190.4 million and a working capital deficiency of approximately $39.4 million at the end of the period, and
continued to incur losses subsequent to the period end. The Company used cash of approximately $11.3 million to fund operations during the six month
period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that financing
facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year and the Company will
require new sources of financing in order to continue its operations and satisfy its obligations in the normal course. Accordingly, the use of accounting
principles generally accepted in the United States of America applicable to a going concern may not be appropriate because substantial doubt exists
with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to raise additional financing, by eliminating redundant and unnecessary costs following its recent
acquisitions and by working to realize the revenue potential of its recent acquisitions and products and services. However, the Company`s current
business model has a limited operating history and its recent acquisitions have yet to be fully integrated. Subsequent to period-end, the Company raised
a total of $31.0 million in various debt financings (note 12).
Although there is no assurance that the Company will be successful in these actions, management believes that it will be able to secure the necessary
financing and improvement in operating cash flow to enable it to continue as a going concern. Accordingly, these financial statements do not reflect
adjustments to the carrying value of assets and liabilities, the estimated useful lives of assets, the reported revenues and expenses and balance sheet
classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material."
Dazu der Vergleich drittes Quartal:
"(b) Going concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP) applicable to a going concern. The Company
incurred a net loss, before write-off and amortization of goodwill, of approximately $36 million during the nine months ended June 30, 2001, had an
accumulated deficit of approximately $218 million, and a working capital deficiency of approximately $40 million, at the end of the period. The Company
has continued to incur losses subsequent to the period end. The Company used cash of approximately $19 million to fund operations during the
nine-month period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that
financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year. The Company
will require new sources of financing, a restructuring of its existing obligations or forbearance of its loan agreements, in order to continue its operations
and satisfy its obligations in the normal course. Accordingly, the use of generally accepted accounting principles applicable to a going concern may not
be appropriate because substantial doubt exists with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to financially restructure its debt, to raise additional financing, to eliminate redundant and
unnecessary costs and to realize the revenue potential of its recent acquisitions, products and services. No assurance can, however, be given that
management will be successful in these efforts."
Gruß
hanwelm
ich sehe folgendes aus den Zahlen:
Im Vergleich zum zweiten Quartal des Geschäftsjahres ist der Umsatz
leicht gesteigert worden, und zwar um 6,3 %.
Im gleichen Zeitraum sind der operative Verlust und der Netto-
verlust ERHEBLICH angewachsen, und zwar von 11,215 Mio. $ im
zweiten Quartal auf 33,257 Mio. $ im dritten Quartal.
Der Verlust pro Aktie stieg von 0,49$ auf 1,33 $.
Quelle: die Quartalsberichte für das zweite und das dritte Quartal
----------------------------
Unter dem Punkt "Going Concern" findet man folgendes:
Zweites Quartal:
"(b) Going Concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP) applicable to a going concern. The Company
incurred a net loss before write-off and amortization of goodwill of approximately $18.1 million during the six months ended March 31, 2001, had an
accumulated deficit of approximately $190.4 million and a working capital deficiency of approximately $39.4 million at the end of the period, and
continued to incur losses subsequent to the period end. The Company used cash of approximately $11.3 million to fund operations during the six month
period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that financing
facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year and the Company will
require new sources of financing in order to continue its operations and satisfy its obligations in the normal course. Accordingly, the use of accounting
principles generally accepted in the United States of America applicable to a going concern may not be appropriate because substantial doubt exists
with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to raise additional financing, by eliminating redundant and unnecessary costs following its recent
acquisitions and by working to realize the revenue potential of its recent acquisitions and products and services. However, the Company`s current
business model has a limited operating history and its recent acquisitions have yet to be fully integrated. Subsequent to period-end, the Company raised
a total of $31.0 million in various debt financings (note 12).
Although there is no assurance that the Company will be successful in these actions, management believes that it will be able to secure the necessary
financing and improvement in operating cash flow to enable it to continue as a going concern. Accordingly, these financial statements do not reflect
adjustments to the carrying value of assets and liabilities, the estimated useful lives of assets, the reported revenues and expenses and balance sheet
classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material."
Dazu der Vergleich drittes Quartal:
"(b) Going concern
These financial statements have been prepared using generally accepted accounting principles ("GAAP) applicable to a going concern. The Company
incurred a net loss, before write-off and amortization of goodwill, of approximately $36 million during the nine months ended June 30, 2001, had an
accumulated deficit of approximately $218 million, and a working capital deficiency of approximately $40 million, at the end of the period. The Company
has continued to incur losses subsequent to the period end. The Company used cash of approximately $19 million to fund operations during the
nine-month period. In addition, substantially all of the Company`s assets are provided as security for various financings. Management estimates that
financing facilities currently available are insufficient to maintain operations and repay obligations due or coming due in the coming year. The Company
will require new sources of financing, a restructuring of its existing obligations or forbearance of its loan agreements, in order to continue its operations
and satisfy its obligations in the normal course. Accordingly, the use of generally accepted accounting principles applicable to a going concern may not
be appropriate because substantial doubt exists with respect to the Company`s ability to continue as a going concern.
Management is addressing this situation by attempting to financially restructure its debt, to raise additional financing, to eliminate redundant and
unnecessary costs and to realize the revenue potential of its recent acquisitions, products and services. No assurance can, however, be given that
management will be successful in these efforts."
Gruß
hanwelm
Hallo,
Dieses Zahlenchaos ist nicht durchschaubar, wie alles bei
TBU nicht mehr durchschaubar ist. Ich bin mir nicht sicher
ob das Managment unfähig ist eine gute Arbeit zu leisten
oder eine organisierte Betrügerbande ist. Ich hoffe keines
von beiden.
Bei derjetzigen Marktkapitalisierung vo ca. 1,8 Mill. Dollar
ist die Pleite sowieso schon eingepreist, deswegen habe ich
heute wieder 20000 Stücke nachgekauft und werde auch in
Zukunft meinen Einstiegspreis weiter drücken.
Eine Übernahme von TBU wird also immer wahrscheinlicher und
schon deswegen sollte sich dieser Zock lohnen.
Dieses Zahlenchaos ist nicht durchschaubar, wie alles bei
TBU nicht mehr durchschaubar ist. Ich bin mir nicht sicher
ob das Managment unfähig ist eine gute Arbeit zu leisten
oder eine organisierte Betrügerbande ist. Ich hoffe keines
von beiden.
Bei derjetzigen Marktkapitalisierung vo ca. 1,8 Mill. Dollar
ist die Pleite sowieso schon eingepreist, deswegen habe ich
heute wieder 20000 Stücke nachgekauft und werde auch in
Zukunft meinen Einstiegspreis weiter drücken.
Eine Übernahme von TBU wird also immer wahrscheinlicher und
schon deswegen sollte sich dieser Zock lohnen.
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