Despite a subscriber base increase of 23% from a year ago, PNV said in its quarterly report filed Nov 14, 2000, it will not meet its capital needs beyond February 2001 without additional financing. The report also said that the company would not meet a $4.9 million interest payment due Nov 15, 2000.
PNV said it could have difficulty obtaining additional debt financing, and that it may be unable to implement certain operational and financial strategies because of the terms of its loans.
PNV reported a first-quarter net loss of $18.2 million, which is slightly lower than the $18.3-million loss posted a year ago. It lost $13 million last quarter and has less than $20 million in cash remaining despite reporting $5.5 million in revenue, according to the quarterly report.
Meanwhile, company director Bob May announced that Casey Gunnell has been named chief operating officer, a job he will hold along in conjunction with his chief financial officer position. Gunnell replaces Jeff Hendrickson, who recently resigned from the company.