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| Appnet Systems, Inc. |
| 6707 Democracy Boulevard, Bethesda, MD 20817 * (301) 493-8900 |
| Business Description | AppNet is a leading provider of Internet and electronic commerce professional services and solutions to medium-sized and large businesses. |
| Offering Information Company has | |||
| Trading As | APNT (NASNTL) | Industry | Internet (SIC 7373) |
| Type of Stock Offered | Common Shares | Filing Date | 03/29/1999 |
| Domestic Shares Offered | 6,000,000 | Offer Date | 06/17/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 |
| Company Shares | 6,000,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $72,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 29,914,400 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Charles Schwab & Co. Inc. | Co-manager | (415) 627-7000 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| 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 | 12/31/1998 | ||||||
| Revenues | - | - | - | - | 17.674 | - | - |
| Income from Oper. | - | - | - | - | -12.804 | - | - |
| Net Income | - | - | - | - | -5.252 | - | - |
| E.P.S | - | - | - | - | -0.500 | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -2.63 | - | - | ||||
| Cash Flow - Inv. | -71.66 | - | - | ||||
| Cash Flow - Fin. | 76.74 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 118.37 | Current Assets | 14.80 | Current Ratio | 1.23 |
| Total Liab. | 57.12 | Current Liab. | 12.07 | Debt Ratio | 48.25% |
| Total Equity | 61.25 | Working Cap. | 2.73 | Debt to Equity Ratio | 0.93 |
| Cash | 2.45 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay debt under existing credit facilities, redeem preferred stock, fund general corporate purposes, repay other debt and make contingent payments to the former stockholders of certain companies acquired. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Fried, Frank, Harris, Shriver & Jacobson |
| Bank's Law Firm | Cravath, Swaine & Moore |
| Auditor | Arthur Andersen |
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| Industry Competition |
The markets for Internet and electronic commerce professional services are relatively new, intensely competitive, quickly evolving and subject to rapid technological change. The company expects competition to continue and intensify in the foreseeable future. The company's competitors fall into five major categories: (i) Internet professional services providers, such as Agency.com, iXL, Proxicom, Razorfish, Scient, Think New Ideas, US Interactive, USWeb/CKS and Viant; (ii) large information technology consulting services providers, such as Andersen Consulting, Cambridge Technology Partners, CSC, EDS, IBM and Sapient; (iii) interactive advertising agencies, such as Darwin Digital, Giant Step, Grey Interactive, Modem Media . Poppe Tyson and Thunderhouse; (iv) electronic commerce software and service providers, such as BroadVision, Harbinger, Open Market and Sterling Commerce; and (v) Internet access and value-added service providers, such as Abovenet, Exodus and Frontier/ Global. The company believes it can distinguish itself from its competitors by offering their clients end-to-end Internet and electronic commerce solutions. The company believes it can compete effectively on the basis of our comprehensive range of services, technical expertise, creative talent, brand or name recognition and the speed, reliability and price of the services we provide. The company also believes the services it provides at its electronic commerce outsourcing centers further distinguishes them from their competitors. |
| Business Plan |
The company's goal is to become the most recognized and sought-after provider of Internet and electronic commerce services to medium-sized and large business clients. To achieve this goal the company plans to: (i) Expand Client Relationships, (ii) Increase Repeat and Recurring Revenues, (iii) Build and Enhance Complementary Skill Sets and Maintain Technological Expertise, (iii) Expand and Strengthen Strategic Partnerships with Leading Technology Vendors, (iv) Pursue Client-Driven Geographic Expansion, (v) Expand and Develop Vertical Market Expertise and (vi) Attract and Retain a Highly Specialized Workforce. |