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| Prodigy Communications Corporation |
| 44 South Broadway, White Plains, NY 10601 * (914) 448-8000 |
| Business Description | The company is a leading nationwide Internet service provider that provides fast and reliable Internet access and related value-added services. |
| Offering Information Company has | |||
| Trading As | PRGY (NASNTL) | Industry | Internet (SIC 7375) |
| Type of Stock Offered | Common Shares | Filing Date | 09/25/1998 |
| Domestic Shares Offered | 8,000,000 | Offer Date | 02/10/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $15.00 |
| Company Shares | 8,000,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.013 |
| Gross Proceeds | $120,000,000 | Selling | $0.610 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 304 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| Volpe Brown Whelan & Company | Co-manager | (415) 274-4463 |
| Wit Capital Corporation | Co-manager | (212) 253-4400 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1995 | 12/31/1996 | 12/31/1997 | 06/30/1997 | 06/30/1998 | ||
| Revenues | - | - | 0.000 | 98.900 | 134.200 | 69.500 | 67.300 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | -3.100 | -114.100 | -129.200 | -52.800 | -31.900 |
| E.P.S | - | - | -0.090 | -2.750 | -1.860 | -1.070 | -0.230 |
| Revenue Growth (%) | - | - | - | 35.693 | -3.17 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -114.04 | -56.42 | -34.84 | ||||
| Cash Flow - Inv. | -15.25 | -8.49 | -0.01 | ||||
| Cash Flow - Fin. | 120.38 | 56.01 | 32.09 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1998 | Financial Ratios | ||||
| Total Assets | 123.40 | Current Assets | 12.34 | Current Ratio | 0.22 |
| Total Liab. | 81.70 | Current Liab. | 55.31 | Debt Ratio | 66.21% |
| Total Equity | 41.70 | Working Cap. | -42.97 | Debt to Equity Ratio | 1.96 |
| Cash | 9.61 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to expand Prodigy's consumer business, introduce new business services, enter new markets and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | O'Sullivan Graev & Karaball, L.LP |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The industry in which the Company competes is intensely competitive and includes a number of significant participants, including ISPs, proprietary online service providers and major international telecommunications companies, as well as Internet-search services and various other telecommunications companies. Moreover, the Company faces competition from companies that provide broadband connections to households, including local and long-distance telephone companies, cable television companies and electric utility companies. Broadband technologies offer significantly faster Internet access than conventional modems, and such companies could include Internet access in their basic service packages, could offer access for a nominal additional charge or could prevent the Company from delivering Internet access through the cable or wire connections that such companies own. The Telecommunications Act of 1996 (the "Telecommunications Act") contains certain provisions that remove, or establish procedures for removing, restrictions on the regional Bell operating companies Internet access business. The Telecommunications Act also makes it easier for national long-distance carriers, such as AT&T;, to offer local telephone service, which would permit such carriers to offer direct local Internet access. Competition from these companies could have a material adverse effect on the Company. The Company cannot predict the extent to which the Telecommunications Act, or strategic alliances or consolidation among ISPs, may result in additional competitive pressures on the Company. Among the larger providers of ISP services are EarthLink Network, Inc. (which has a strategic relationship with Sprint Corporation), MindSpring Enterprises, Inc., Microsoft Network, AT&T; WorldNet, MCI Internet, IBM Internet Connection, PSINet Inc., GTE Internetworking (which includes the former ISP business of BBN Corporation), Netcom On-Line Communications Services, Inc. (owned by ICG Communications, Inc.) and Concentric Network Corporation. |