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| AdForce, Inc. |
| 10101 North De Anza Boulevard, Suite 210, Cupertino, CA 95014 * (408) 873-3680 |
| Business Description | The company is a leading provider of centralized, outsource and management and delivery services on the Internet. The company's highly reliable, scalable technology infrastructure and data center currently delivers up to 160 million ads per day. |
| Offering Information Company has | |||
| Trading As | ADFC (NASNTL) | Industry | Internet (SIC 7374) |
| Type of Stock Offered | Common Shares | Filing Date | 03/02/1999 |
| Domestic Shares Offered | 4,500,000 | Offer Date | 05/07/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 4,500,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $67,500,000 | Selling | $0.600 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 19,169,429 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Hambrecht & Quist Incorporated | Lead Manager | (415) 439-3626 |
| Charles Schwab & Co. Inc. | Co-manager | (415) 627-7000 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Volpe Brown Whelan & Company | Co-manager | (415) 274-4463 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||||
| Revenues | - | - | 0.000 | 0.320 | 4.286 | - | - |
| Income from Oper. | - | - | -3.383 | -5.596 | -14.869 | - | - |
| Net Income | - | - | -3.452 | -5.704 | -15.020 | - | - |
| E.P.S | - | - | -1.400 | -3.480 | -5.280 | - | - |
| Revenue Growth (%) | - | - | - | 1,239.375 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -9.59 | - | - | ||||
| Cash Flow - Inv. | -1.19 | - | - | ||||
| Cash Flow - Fin. | 19.14 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 19.88 | Current Assets | 11.78 | Current Ratio | 3.10 |
| Total Liab. | 6.89 | Current Liab. | 3.81 | Debt Ratio | 34.69% |
| Total Equity | 12.98 | Working Cap. | 7.98 | Debt to Equity Ratio | 0.53 |
| Cash | 10.05 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes and working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Fenwick & West |
| Bank's Law Firm | Gunderson Dettmer Stough Villeneuve Franklin |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Ernst & Young |
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| Industry Competition |
The market for Internet advertising and related products and services is still evolving and is subject to intense competition as companies attempt to establish a market presence. We expect that competition will increase as industry consolidation causes certain early entrants in the marketplace to merge or be acquired. We currently compete with providers of outsourced ad servers and related services, including DoubleClick and MatchLogic, as well as providers of ad server software and equipment services, such as NetGravity. Many of our current competitors have substantially greater resources and more developed sales and marketing strategies than we do. We cannot assure you that we will be able to compete effectively against such competitors now or in the future. |
| Business Plan |
AdForce's objective is to be the primary technology and service infrastructure for advertising and direct marketing on the Internet. Our strategy to achieve our objective consists of the following key elements: (i) Enhance and Expand Our Core Technology; (ii) Leverage and Expand Our Customer Base; (iii) Maintain Neutrality; (iv) Leverage Database Marketing Capabilities and (v) Target Additional Advertising Media. |