Excite@Home stares down the barrel

Excite@Home Inc. and its auditors Ernst & Young LLP have warned that there is "substantial doubt about the Company's (Excite's) ability to function as a going concern" in a filing to the U.S. Securities & Exchange Commission.

The high-speed Internet access and Web site portal company's share price on the Nasdaq exchange has dropped below US$1, and its stock could be delisted for having less than the minimum required net tangible assets and stockholder equity.

The company raised $100 million in June from the issue of convertible notes and $85 million through the restructuring of its optical fiber-backbone agreement with AT&T Corp.

"If the Company's Series A common stock is delisted, the terms of the ($100 million) convertible notes provide for their acceleration of repayment in cash at that time," Ernst & Young said in the filing Monday.

During the day's trading, Excite@Home's share price (Nasdaq:ATHM) fell a further 46 percent to $0.47 per share.

"The company has incurred repeated operating losses and negative cash flows and has a substantial need for additional funding to support its operations," the filing said. "Our existing cash and other liquid assets may not be sufficient to fund operations through the end of 2001. We cannot guarantee that we will be able to obtain additional funding on acceptable terms, if at all."

The company pulled out of its European operations in June and has been shedding jobs steadily throughout the year.

Join the PC World newsletter!

Error: Please check your email address.

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

David Legard

PC World
Show Comments

Essentials

Microsoft L5V-00027 Sculpt Ergonomic Keyboard Desktop

Learn more >

Lexar® JumpDrive® S57 USB 3.0 flash drive

Learn more >

Mobile

Lexar® JumpDrive® S45 USB 3.0 flash drive 

Learn more >

Exec

Lexar® JumpDrive® C20c USB Type-C flash drive 

Learn more >

Lexar® Professional 1800x microSDHC™/microSDXC™ UHS-II cards 

Learn more >

Audio-Technica ATH-ANC70 Noise Cancelling Headphones

Learn more >

HD Pan/Tilt Wi-Fi Camera with Night Vision NC450

Learn more >

Budget

Back To Business Guide

Click for more ›

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?