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LWN: An analysis of Turbolinux's IPO filing

Oct 31, 2000, 08:56 (0 Talkback[s])
(Other stories by Jonathan Corbet)

"The Linux IPO drought seems to be over. After months of no activity, Turbolinux has filed for an initial public offering of stock, just days after LynuxWorks put in a filing of its own. As usual, the S-1 filing is a lengthy mass of legalese. Here at LWN we've made a pass through the document, so you don't necessarily have to."

"The picture that emerges is that of a fairly straightforward Linux company. Unlike LynuxWorks, Turbolinux (which seems to have downcased the "L" recently) does not see Linux as a loss-leader for proprietary products. We also get a glimpse into the departure of founders Cliff and Iris Miller, which turns out to have been an extraordinarily expensive action on the company's part."

"The company is planning to raise $60 million from this offering, and wants to trade under the symbol TLUX."

"The revenue picture is most interesting - Turbolinux (then Pacific HiTech) made $4.7 million way back in 1995. That fell seriously to $1.5 million in 1997, then climbed back up to $4.9 million in 1999. In the first six months of 2000, revenues have been $2.9 million. In 1998, the company actually turned a profit - $700K worth. No self-respecting high-tech company can go public while making profits, though, and Turbolinux is no exception - the ink turned red in 1999 with a $9.5 million loss, which was outdone by a $31 million loss in the first half of 2000."

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