Credit Suisse First Boston Announces Investment Opinion on Audible Inc.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Aug. 19, 1999-- Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Initiates Coverage of Audible Inc. With a Buy Rating Credit Suisse First Boston Technology Group analyst Michael Kwatinetz initiated coverage today of Audible Inc. (ADBL ADBL Agricultural Development Bank Limited (Nepal) ) with a Buy rating. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. estimates for FY99 and FY00 are $(0.91) and $(1.04), respectively. Audible is the leading provider of spoken-word content via the Internet. Its content, much of which is exclusive, is downloaded securely via the company's Audible Manager software on the desktop, for playback on PCs or audio-enabled mobile devices. The content includes audiobooks, comedy, radio programs, audio versions of newspapers and magazines, training materials, and other proprietary content. Currently, there are three main components of revenue: 1) content and services; 2) hardware; and 3) licensing fees (primarily from Microsoft). "In the future, content and services will be the growth driver, since the company will discontinue selling its hardware and license fee growth is expected to be modest," wrote Kwatinetz in a research note issued this morning. "Although Audible is an early stage company, the opportunity to be the industry leader in a compelling new market leads us to launch coverage at a BUY rating." Credit Suisse First Boston is a leading global investment banking firm, providing comprehensive financial advisory, capital raising, sales and trading, and financial products for users and suppliers of capital around the world. It operates in over 60 offices across more than 30 countries and has over 14,000 employees. For the year ended December 31, 1998, CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank had $6.7 billion in revenues, $7.1 billion in equity and $291 billion in assets. The Firm is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Zurich-based Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. |
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