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| nFront, Inc. |
| 520 Guthridge Court, NW, Suite 1000, Norcross, GA 30092 * (770) 209-4460 |
| Business Description | The company provides a comprehensive, outsourced solution that enables small to mid-sized banks to offer their retail and commercial customers banking and financial services through the Internet. Our solution consists of our Internet banking products, our Internet banking data center which facilitates use of these products, implementation and web site design services and marketing and support services. Our solution enables our client banks to establish "Internet branches" designed to increase customer retention, acquire new customers, decrease costs and increase fee income. In addition, our Internet banking solution permits banks to more easily expand the financial products and services offered to their customers. |
| Offering Information Company has | |||
| Trading As | NFNT (NASNTL) | Industry | High-Tech (SIC 7375) |
| Type of Stock Offered | Common Shares | Filing Date | 04/23/1999 |
| Domestic Shares Offered | 3,900,000 | Offer Date | 06/28/1999 |
| Foreign Shares Offered | 0 | Filing Range | $9.00 - $11.00 |
| Company Shares | 3,500,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 400,000 | Gross Spread | $0.700 |
| Gross Proceeds | $39,000,000 | Selling | $0.400 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 14,196,152 | Employees | 70 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Hambrecht & Quist Incorporated | Lead Manager | (415) 439-3626 |
| J.C. Bradford & Co. | Co-manager | (615) 748-9347 |
| Raymond James & Associates, Inc. | Co-manager | (813) 573-8108 |
| SoundView Financial Group, Inc. | Co-manager | (203) 462-7242 |
| 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 | 06/30/1997 | 06/30/1998 | 03/31/1998 | 03/31/1999 | |||
| Revenues | - | - | - | 0.851 | 1.082 | 0.834 | 2.835 |
| Income from Oper. | - | - | - | 0.071 | -0.574 | 9.105 | -1.854 |
| Net Income | - | - | - | 0.049 | -0.523 | 9.107 | -1.808 |
| E.P.S | - | - | - | 0.030 | -0.180 | 0.000 | -0.630 |
| Revenue Growth (%) | - | - | - | 27.172 | 240.06 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | 8.34 | - | - | 1,092.11 |
| Net Profit Margin (%) | - | - | - | 5.73 | - | - | 1,092.35 |
| Cash Flow - Oper. | -0.24 | -0.24 | -1.65 | ||||
| Cash Flow - Inv. | -0.12 | -0.07 | -0.72 | ||||
| Cash Flow - Fin. | 2.64 | 0.30 | 1.38 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 3.80 | Current Assets | 2.93 | Current Ratio | 1.24 |
| Total Liab. | 2.79 | Current Liab. | 2.36 | Debt Ratio | 73.49% |
| Total Equity | 1.01 | Working Cap. | 0.57 | Debt to Equity Ratio | 2.77 |
| Cash | 1.53 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of debt and expansion of business, including sales and marketing expenditures, product development and potential future acquisitions and general corporate purposes, including working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morris, Manning & Martin |
| Bank's Law Firm | King & Spalding |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Ernst & Young |
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| Industry Competition |
There is significant competition for qualified employees among Internet companies today. As a result of our rapid growth and expansion, we have in the past experienced, and we expect to continue to experience difficulty in hiring and retaining highly skilled employees with appropriate qualifications. We have been required to hire a significant number of new employees in a short period of time. We may be unable to retain our skilled employees or attract, assimilate or retain other highly qualified employees in the future. Our operating results may be adversely affected if we experience increased expenses related to attracting and retaining qualified employees. If we do not succeed in attracting new personnel or retaining and motivating our current personnel, our business will be adversely affected. |
| Business Plan |
Our objective is to be the leading provider of Internet banking products and services to the small to mid-sized bank market and to create Web-based financial destinations for the millions of banking customers in that market. To achieve our objective, we intend to: capitalize on exclusive strategic marketing partnerships to expand our base of client banks; assist our client banks in converting their customers to our system; build awareness and acceptance of our brands; generate incremental revenue by offering additional services through our system; and extend our technology leadership |