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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)

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"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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