Lighting company goes dim on Wall Street: value of Dynasty Classics' stock falls to single digit.Lighting company goes dim on Wall Street Dynasty An application development system for enterprise client/server environments from Dynasty Technologies, Inc., Houston, TX (www.dynasty.com). Introduced in 1993, it is a repository-driven system that supports Windows, Mac and Motif clients and NT, OS/2 and major Unix servers and databases. Classics Corp., a Carson-based importer, assembler Software that translates assembly language into machine language. Contrast with compiler, which is used to translate a high-level language, such as COBOL or C, into assembly language first and then into machine language. and manufacturer of lights and lighting systems, has dimmed dim adj. dim·mer, dim·mest 1. a. Lacking in brightness: a dim room. b. Emitting only a small amount of light; faint: a dim lightbulb. on Wall Street since going public last May. Dynasty went public on May 3 at $11.25 a share, and has traded as high as $18 a share, but traded in the $3.00 to $4.00-a-share range last week in over-the-counter action. The stock has been a low-wattage performer ever since a January 11 company announcement that a fourth-quarter loss, of undetermined size, was expected. However, the company statement said Dynasty Classic expected to report profit for all of 1990, despite the fourth-quarter loss. The company blamed the weak economy for the expected fourth-quarter loss, which has not yet been officially reported. In the third quarter, Dynasty Classics reported a net of $1.72 million on revenues of $26.0 million. For the first nine months, the company reported a net of $2.17 million on revenues of $54.6 million. The company's initial $28.5 million public offering -- 2.5 million shares -- was underwritten by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. and Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Inc., the New York-based brokerage houses. The new, public shareholders took a 31.4 percent stake in Dynasty, with existing shareholders retaining a 59.6 percent stake. Largest shareholder is company founder, chairman and chief executive Craig Winn, 35, who owns a 40.7 percent stake in Dynasty. Dwight Stuart, 65, board director, owns an 18.8 percent stake. Much of the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. proceeds -- about $18 million -- were used to virtually wipe out Dynasty's existing long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Nevertheless, Dynasty has had a rough time of late in the stock market, down nearly two-thirds from its all-time high. Company officers last week were unavailable for comment; one receptionist said the officers were locked up in meetings with Sears, Roebuck & Co., the big Chicago-based retailer. At the time Dynasty Classic went public, Sears accounted for 19 percent of Dynasty Classic sales. |
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