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| Salon Internet, Inc. |
| 706 Mission Street, San Francisco, CA 94103 * (415) 882-8720 |
| Business Description | The company is a leading Internet media company that produces a network of ten subject-specific, demographically-targeted web sites and a variety of online communities designed to attract premium Internet advertisers and electronic commerce partners. |
| Offering Information Company has | |||
| Trading As | SALN (NASNTL) | Industry | Internet (SIC 7373) |
| Type of Stock Offered | Common Shares | Filing Date | 04/19/1999 |
| Domestic Shares Offered | 2,500,000 | Offer Date | 06/21/1999 |
| Foreign Shares Offered | 0 | Filing Range | $10.50 - $13.50 |
| Company Shares | 2,500,000 | Offer Price | $10.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.525 |
| Gross Proceeds | $26,250,000 | Selling | $0.210 |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 10,730,623 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| WR Hambrecht & Co | Lead Manager | (415) 551-8600 |
| Daiwa Securities America Inc. | Co-manager | (212) 612-6690 |
| 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 | 03/31/1996 | 03/31/1997 | 03/31/1998 | 12/31/1997 | 12/31/1998 | ||
| Revenues | - | - | 0.196 | 0.280 | 1.156 | 0.689 | 2.058 |
| Income from Oper. | - | - | -0.486 | -1.999 | -3.898 | -2.913 | -4.300 |
| Net Income | - | - | -0.476 | -1.944 | -3.825 | -2.861 | -4.298 |
| E.P.S | - | - | -1.260 | -3.840 | -10.200 | -7.630 | -11.200 |
| Revenue Growth (%) | - | - | 42.86 | 312.857 | 198.69 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -3.49 | -2.57 | -3.75 | ||||
| Cash Flow - Inv. | -0.38 | -0.30 | -0.39 | ||||
| Cash Flow - Fin. | 3.16 | 3.19 | 3.83 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 3.39 | Current Assets | 2.76 | Current Ratio | 2.23 |
| Total Liab. | 1.38 | Current Liab. | 1.24 | Debt Ratio | 40.61% |
| Total Equity | 2.01 | Working Cap. | 1.52 | Debt to Equity Ratio | 0.68 |
| Cash | 1.61 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for expansion of sales force, marketing and distribution activities, expansion of business operations and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Gray Cary Ware & Freidenrich |
| Bank's Law Firm | Morrison & Foerster |
| Auditor | Pricewaterhouse Coopers LLC |
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