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| ImageX.com |
| 10800 N.E. 8th Street, Suite 200, Bellevue, WA 98004 * (425) 452-0011 |
| Business Description | The company is a leading Internet based business-to-business intermediary in the $55 billion U.S. commercial printing industry. We believe we offer the first integrated electronic commerce solution that automates the error-prone, time-consuming and labor-intensive traditional commercial printing process. |
| Offering Information Company has | |||
| Trading As | IMGX (NASNTL) | Industry | Internet (SIC 2752) |
| Type of Stock Offered | Common Shares | Filing Date | 05/12/1999 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 08/26/1999 |
| Foreign Shares Offered | 0 | Filing Price | $7.00 |
| Company Shares | 3,000,000 | Offer Price | $7.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.490 |
| Gross Proceeds | $21,000,000 | Selling | $0.280 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Volpe Brown Whelan & Company | Lead Manager | (415) 274-4463 |
| E*Trade Securities | Co-manager | (650) 842-8600 |
| Prudential Securities Incorporated | Co-manager | (212) 778-5420 |
| 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 | 12/31/1996 | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | ||
| Revenues | - | - | 0.079 | 0.087 | 0.968 | 0.110 | 0.485 |
| Income from Oper. | - | - | -0.466 | -3.632 | -8.555 | -1.871 | -2.324 |
| Net Income | - | - | -0.463 | -3.570 | -8.601 | -1.872 | -2.340 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 10.13 | 1,012.644 | 340.91 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -7.36 | -1.66 | -2.13 | ||||
| Cash Flow - Inv. | -0.89 | -0.39 | -0.43 | ||||
| Cash Flow - Fin. | 8.94 | 2.89 | 1.80 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 2.05 | Current Assets | 0.48 | Current Ratio | 0.20 |
| Total Liab. | 2.65 | Current Liab. | 2.38 | Debt Ratio | 129.49% |
| Total Equity | -0.60 | Working Cap. | -1.91 | Debt to Equity Ratio | - |
| Cash | 0.12 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital, acquisition of businesses, repayment of debt and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Perkins Coie |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The market for printed business materials is intensely competitive. We compete primarily with local and regional printers, which are either independent or owned by print industry consolidators. The commercial printing industry is highly fragmented, with over 40,000 local and regional commercial printers operating nationwide. These local and regional printers typically have significant excess production capacity. Therefore, they compete aggressively for business printing orders in the markets they serve. Traditional commercial printers often have long-standing relationships with customers. We face substantial challenges in convincing businesses to consider alternatives to their traditional printer. In addition, printers typically have extensive local sales forces that regularly canvass and solicit businesses in the areas they serve. Commercial printers compete primarily on product pricing, product and service quality, and, to a lesser extent, on innovation in printing technologies and techniques. To attract new customers and retain our existing customers, we must compete effectively in each of these areas. We also face substantial competition from printing services brokers--companies that contract with businesses to select and procure printing services from a variety of printers. Brokers are able to offer customers a relatively wide variety of products and services, and are often able to obtain favorable pricing for their customers by soliciting bids from a variety of printers. Like local and regional printers, printing services brokers often have long-standing customer relationships and extensive local direct sales resources. |