Milestone Unannounced Funding and Profitability

Author: John Honovich, Published on May 08, 2012

Last year, Milestone boldly proclaimed plans to dominate the global VMS market. To better understand how well they are executing this plan, we obtained a copy of their original Danish Financial report, analyzed it and spoke with Milestone management. In this note, we dig into Milestone's Danish financials, examining details of never announced new funding, the company's profitability and the future challenges the company faces as it is executes on the VMS market's most aggressive expansion plan.

Revenue

***** ********* ******** * **% ******** ** ******* ******* ** 2011, *** ******* **** **** ** ***** ******** *****, ******* was ** **%. ***** ******** ***** *** ********* * ****** way ** ***** * *******'* ****** ******, ** **** ****** out ***** **** ******** ******* (*.*., ** ****, **** **** negative *** *********).

********* **** **** ***** ****** **** ****** **** ***** ***** market *******, ****** ********* ****** ******** *******. ***** **** ** heavily ********* ** *** *** ******** *** ******, * ****** rate ** **-**% ** ****** ** **** **** *** ******* market, ******** **** ** ******* *** ******* ** * ******* range.

*************

************* ****** *** ***** ********:

  • ***** ******* **** **** **.*% ** **.*%
  • ****** ******* **** **** **.*% ** **.*%
  • **** (** ***) ******* **** **** *.*% ** *.*%

********* **** * *** ******* ********* *************: ******** ******** ******, expansion **** *** ******* *** ***** ** ****** *************** ******** to ****.

*******, **** **** **** ****, ******** ** **** *********** *****, Milestone *** *** ********** ** ****. ***** ******** ************* ** based ** ************ * *********** ****** ** ***** ******** *********** expenses. ********* *********** ~$* ******* *** ** **** ******** ** 2011, **** **** ***** ******** ***** *** ****** ~$*.* ******* USD *** ******. **** ******** ** *** ******** ** **** as *** **** ************ *********, *********** ***** *** ******** ** the **** ****, *** ***********. ***** **, ********* ***** **** suffered * ****. ********, ******** ** ***** *** ********* ** the ******, *********'* ************* ** ************* *****. [*** **** *** details ** ******* ********* ************* ******.]

*** ** ***** ************* / ****** ** ********* ******?

  • ******** ****: ** ***** **** **** ********* ** ********* **** for ****** ******, ******** ** ** ********** *** ****** ** future *****.
  • ******** ****: ** ***** **** **** ********* ** *********** *** is *********** '******' *******, ***** *** ****** ** * **** if ** ***** ******** ** *******.

********** ******, ****** *********, **** *********, **** ** ********** ******** real ******* (*.*., ******** *********** **** ****). *********, ********** *** see **** **** *** ***** ********* ** *** ******* ***** profitability. ***********, *****, ********* ******* ******* ***** *** ******.

*******

****** ****, ********* ******** ** ~$* ******* *** **********. ***** this *** *** *********, ** ** ******* **** ********* ***** financial *******. ********* ********* **** *** ********** **** **** ***** Ventures, *** **** ** **** ******* ***** $** ******* ********** ** ****. ********* ** *********, *** $* ******* ** *** *** is ******.

****** ** ******** ******** **** * ******-** ********** ** * good **** ** ** ********* ********* *** ******** ** ***** with *** ******** *** ******* *****. ** *** ***** ****, it ********* *** ************ *** *** ******* * ******* **** reach ** ******* *** **********.

Cash ********

*********'* *********** **** ******** *** *********** **** ** ******** ********. Prior ** *** **********, ********* *** ~$* ******* *** **** on ****. ***, **** **** ~$** ******* ***.

*********'* ********* ** **** **** **** *********** ***** ********* *********** free **** **** ** **** **** ************ ******** ** ******* the ********. **** ********* *** * ********* ** ** * very **** *****, ********** ** ********* *** **** ***** ** their***** ********** *****. *******, ** ** ******** *** *** ******, **** **** peers ***** **** **** ********.

******

********* **** ** ** ****** *** ** *** *** * long-term ****** ******* ** **-**%. *******, ** ****, ****** *** less **** **** ** **** (**.*%). ******** ***** ****** *** going ****** ***** ******* ** **** ****** **** **** *** achieve *** **** ******** ****** **** *** ********.

******* ****** ******* ************ **** **** ** **** (**** **% down ** **%). *******, **** ****,********* *********** **** ***** ******* **% ****** *** ***** ** ***** $130 ******* *** ******* ** * *** *****. **** ***** infeasible ***** **** **** *** *** **** ** $** ******* USD *******. *******, *** ******* *** ****** ****** ******* ** be ************, **** ********* *********, *********** ****** ********** *** ********* substitutes (*.*., ************* *********). ***** *** ****, ********* **** ****** be ******** ******* *** **** ** ****** **** ***** ******.

***** ********* ** ******* *******, * *********** ****** ** *** company's ********** ***** *** ********* ***********. ** ***** *****, *** growth *** *** ** *********** ******* ** ************* ***** ** continued ********. ** *** ***** ****, ********* ***** ******* ****** much **** ********** ** ******* **** ******** *** ** ***** most ****** **** ******* ****** ** ***** ******* ** ******** decline.

** *** ** **** ** ********* ******* *** **** ******** from ***** * ***** ******. *** ******* *** ***** **** position, * *****, *********** ******* ****** *** *** **** ***** brand ** *** ****** ** *** *******.

*******, ** ** *** * ***** **** ** ********* ******* far ***** ** *** ***** *** ************. **** **** ******, the ******* *** ** *******. *** ******* ********** ** ********* Micros, * ****** * ****** *** *** **** ***** ** the ****** ***** **** *** *******. ****** **** *********** *** ************,******* *** **** ******* *** *********** ****** **** ********* ** ******* ***** ** * ******* ********** ** **** its *********** *****, ****** ****** **** ***** ******** *** ******** and *********.

******

********* *********** ** ***** ** ****. **** ******** ** **** **** ************* ** ***** in*********'* **** **********.

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