pcOrder rockets on Trilogy merger, posts 3Q results
Shares were up 2.72 to 6.16. Under the terms of the merger deal, privately-held Trilogy will acquire all of pcOrder''s outstanding Class A stock at a price of $6.375 per share, in cash. Any remaining shares will be purchased by Trilogy in a subsequent merger transaction at the same offering price.
Trilogy already owns all of the target’s outstanding Class B common stock, which represents 62.5 percent of pcOrder’s outstanding stock.
The deal is expected to go through by November 6, 2000.
In a separate press statement, pcOrder also released its financial results for the third quarter, posting a net loss of $0.2 million or 1 cent a share. This easily beat the First Call Corp.’s estimate of a loss of 18 cents.
The net loss for the period compares with a net loss of $0.7 million or 5 cents a share for the same period in 1999. Excluding special charges, the company''s net loss would have totaled approximately $2.8 million or 17 cents a share for the quarter.
Revenues for the quarter were $13.4 million, a jump of 3 percent growth compared to the same period last year.
The company did say, however, that fourth quarter revenues are expected to drop below $10 million.