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| Priceline.Com Incorporated |
| Five High Ridge Park, Stamford, CT 06905 * (203) 705-3000 |
| Business Description | The company has pioneered a unique type of e-commerce known as a "demand collection system" that enables consumers to use the Internet to save money on a wide range of products and services while enabling sellers to generate incremental revenue. |
| Offering Information Company has | |||
| Trading As | PCLN (NASNTL) | Industry | Internet (SIC 7375) |
| Type of Stock Offered | Common Shares | Filing Date | 12/23/1998 |
| Domestic Shares Offered | 10,000,000 | Offer Date | 03/29/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 |
| Company Shares | 10,000,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.120 |
| Gross Proceeds | $160,000,000 | Selling | $0.700 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 142,320,400 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter Discover & Co. | Lead Manager | (212) 761-5900 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 09/30/1998 | |||||
| Revenues | - | - | - | - | 0.000 | - | 16.244 |
| Income from Oper. | - | - | - | - | -2.513 | - | -38.843 |
| Net Income | - | - | - | - | -2.513 | - | -38.539 |
| E.P.S | - | - | - | - | -0.060 | - | -0.620 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -0.78 | - | -30.06 | ||||
| Cash Flow - Inv. | -1.32 | - | -5.92 | ||||
| Cash Flow - Fin. | 2.11 | - | 46.04 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1998 | Financial Ratios | ||||
| Total Assets | 19.68 | Current Assets | 14.02 | Current Ratio | 2.55 |
| Total Liab. | 6.53 | Current Liab. | 5.51 | Debt Ratio | 33.17% |
| Total Equity | 13.15 | Working Cap. | 8.51 | Debt to Equity Ratio | 0.50 |
| Cash | 10.08 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, including capital expenditures and working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm | Davis, Polk & Wardwell |
| Auditor | Deloitte & Touche |
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| Industry Competition |
Priceline.com competes with both online and traditional sellers of the products and services offered on priceline.com. The market for selling products and services over the Internet is new, rapidly evolving and intensely competitive. Current and new competitors can launch new sites at a relatively low cost. In addition, the traditional retail industry for the products and services priceline.com offers is intensely competitive. Priceline.com currently or potentially competes with a variety of companies with respect to each product or service it offers. With respect to travel products, these competitors include Internet travel agents such as Travelocity, Preview Travel and Microsoft's Expedia.com; traditional travel agencies; consolidators and wholesalers of airline tickets and other travel products; individual airlines, hotels, rental car companies, cruise operators and other travel service providers; and operators of travel industry reservation databases such as Worldspan and Sabre.Priceline.com's current or potential competitors with respect to new automobiles include traditional and online auto dealers, including newly developing auto super stores such as Auto Nation, Auto-by-Tel and Microsoft's CarPoint. With respect to financial service products, priceline.com's competitors include: banks and other financial institutions; online and traditional mortgage and insurance brokers, including Quicken Mortgage, E-Loan and Home Shark; and insurance companies.While priceline.com faces competition from all of these current or potential competitors, its business and financial position would be particularly at risk if the airlines chose to establish their own buyer-driven commerce system to sell excess inventory. Priceline.com potentially faces competition from a number of large Internet companies and services that have expertise in developing online commerce and in facilitating Internet traffic, including America Online, Microsoft and Yahoo!, who could choose to compete with priceline.com either directly or indirectly through affiliations with other e-commerce companies. Other large companies with strong brand recognition, technical expertise and experience in Internet commerce could also seek to compete with priceline.com. Competition from these and other sources could have a material adverse effect on priceline.com's business, results of operations and financial condition. Priceline.com believes that the principal competitive factors in its markets are brand recognition, price, Web site accessibility, ability to fulfill offers, customer service, reliability of delivery, ease of use, and technical expertise and capabilities. Many of priceline.com's current and potential competitors, including Internet directories and search engines and large traditional retailers, have longer operating histories, larger customer bases, greater brand recognition and significantly greater financial, marketing, technical and other resources than priceline.com. Some of these competitors may be able to secure products and services on more favorable terms than priceline.com. In addition, many of these competitors may be able to devote significantly greater resources to marketing and promotional campaigns; attracting traffic to their Web sites;- attracting and retaining key employees; and web site and systems development. Increased competition could result in reduced operating margins and loss of market share and could damage priceline.com's brand. There can be no assurance that priceline.com will be able to compete successfully against current and future competitors or that competition will not have a material adverse effect on priceline.com's business, results of operations and financial condition. |