Pink Sheets

This company (website) is the classic race against time between growing revenues and impending doom. Who will win? At this point, I have no idea. It just caught my attention.

CaminoSoft provides "Information Lifecycle Management" solutions: intelligent backup services with high availability. The key is moving infrequently-accessed files to lower cost storage areas.

A quick look at some key financial numbers over time tells the story:

Year ended Sept 30, 2003:
current ratio: 1.29
net revenues: $0.79 million
net income: ($2.2 million) loss
cash flow from operations: ($1.8 million) burned
shares outstanding: 9.9 million

Year ended Sept 30, 2004:
current ratio: 1.3
net revenues: $1.3 million
net income: ($2.1 million) loss
cash flow from operations: ($1.9 million) burned
shares outstanding: 13.5 million (plus gobs of options and warrants)

Q1 2005 (ending Dec 31, 2004):
current ratio: 0.21 (lots of debt maturing in Nov 2005 as expected)
net revenues: $572K (vs $314K prior year)
net income: ($258K) vs prior year ($478K) losses
cash flow from operations: ($321K) vs prior year ($402K) burned
shares outstanding: 13.5 million (plus 10 million options and warrants)

Q2 2005:
current ratio: 0.23
net revenues: $628K (vs $278K prior year)
net income: ($208K) vs prior year ($523K) losses
cash flow from operations: $13K vs prior year ($468K)
shares outstanding: 13.5 million (plus 10 million options and warrants)

Q3 2005 (announced):
current ratio: 0.45
net revenues: $853K (vs $326K prior year)
net income: ($59K) vs prior year ($579K) losses
cash flow from operations: $246 provided
shares outstanding: 13.6 million (plus 10 million options and warrants)