Returning to my theme of a few days ago, it seems clear that the Blinkx management team is determined to get out there and spread the news - which is of course all to the good - but only a rather selective news.
For examples, this piece from the San Francisco Business Times:
"Revenue has been growing rapidly and is expected to reach $12 million to $13 million for this fiscal year, which ends in April, said company founder and CEO Suranga Chandratillake. Revenue was about $6 million the previous year, and $2.5 million the year before that."
Not a word about costs, you'll notice. What did it cost to increase revenue by that amount? We know that Blinkx have been hiring staff (they doubled their sales team last year) and expect to hire more. How much are those staff costing? How close is Blinkx to profitability with that increased revenue? These are the questions shareholders want answered.
Again, in this piece from MediaPost News
"Derived almost entirely by advertising, revenue doubled year-over-year to about $13 million last year, according to Chandratillake"
Once more, good news on the face of it, but not the whole story.
I believe there is now a compelling case for a full trading update from the company stating revenues, costs, progress towards profitability and all other pertinent matters. I believe this is even more important after the Miva fiasco, to restore confidence in the company and its officers moving forwards.
Because from where I'm standing it looks like the company is playing show-and-tell. They'll tell us everything, but they don't want to show us anything...
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