Bell Begins to Toll for Interwoven?

While falling cash reserves at Vignette and (especially) Broadvision have understandably raised alarms among investors and customers alike, Interwoven's performance has eroded rather quietly over successive quarters as well. But Interwoven's just-released Q3 numbers rang our bell. The company stresses its only moderately dimishing "pro forma" numbers, but in this post-Enron age, let's all consider the GAAP figures as well. The latter show $33m revenues against a startling $89m in losses. To be fair, the GAAP results reflect restructuring costs and a huge mark-down of non-cash "goodwill" from previous acquisitions -- a potential red flag for other CMS vendors as well who are trying to diversify income through the M&A route. Our final take: Interwoven was slower to adjust to market realities and is now paying the price...
IWOV puts a nice face on Q3 results   Compare to VIGN, also reporting $33m income


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Gil, Partner, Cancentric Solutions Inc.
iStudio Canada Inc.

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