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| Liquid Audio, Inc. |
| 810 Winslow Street, Redwood City, CA 94063 * (650) 549-2000 |
| Business Description | The company provides a leading open platform that enables the digital delivery of music over the Internet. Our software products and services give artists, record companies, websites and retailers the ability to create, syndicate and sell recorded music with copy protection and copyright management. |
| Offering Information Company has | |||
| Trading As | LQID (NASNTL) | Industry | Internet (SIC 7373) |
| Type of Stock Offered | Common Shares | Filing Date | 05/05/1999 |
| Domestic Shares Offered | 4,200,000 | Offer Date | 07/08/1999 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 4,200,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $63,000,000 | Selling | $0.630 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 17,507,100 | Employees | 76 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | |||
| Revenues | - | - | - | 0.256 | 2.803 | 0.224 | 0.531 |
| Income from Oper. | - | - | - | -6.269 | -8.778 | -1.977 | -4.276 |
| Net Income | - | - | - | -6.216 | -8.539 | -1.985 | -4.143 |
| E.P.S | - | - | - | -4.950 | -3.600 | -0.990 | -1.390 |
| Revenue Growth (%) | - | - | - | 994.922 | 137.05 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -6.20 | -1.64 | -2.02 | ||||
| Cash Flow - Inv. | -3.98 | -0.11 | 2.68 | ||||
| Cash Flow - Fin. | 21.94 | -0.02 | 0.70 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 17.73 | Current Assets | 15.97 | Current Ratio | 3.75 |
| Total Liab. | 35.58 | Current Liab. | 4.26 | Debt Ratio | 200.69% |
| Total Equity | -17.85 | Working Cap. | 11.71 | Debt to Equity Ratio | - |
| Cash | 15.50 | Return on Assets | - | ||
| Use Of Proceeds |
We expect to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, enhancing research and development and attracting key personnel. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Fenwick & West |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Pricewaterhouse Coopers LLC |
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