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| Wink Communications, Inc. |
| 1001 Marina Village Parkway, Alameda, CA 94501 * (510) 337-2950 |
| Business Description | Wink Communications provides a complete end-to-end system for low-cost electronic commerce on television. The company's system, Wink Enhanced Broadcasting, allows advertisers, merchants and broadcast and cable networks to create interactive enhancements to traditional television advertisements and programs. |
| Offering Information Company has | |||
| Trading As | WINK (NASNTL) | Industry | High-Tech (SIC 7372) |
| Type of Stock Offered | Common Shares | Filing Date | 06/08/1999 |
| Domestic Shares Offered | 4,750,000 | Offer Date | 08/18/1999 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 4,750,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.120 |
| Gross Proceeds | $76,000,000 | Selling | $0.670 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| 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 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | |
| Revenues | - | 0.100 | 0.348 | 0.619 | 0.517 | 0.141 | 0.339 |
| Income from Oper. | - | -2.220 | -6.136 | -9.656 | -14.695 | -2.835 | -5.712 |
| Net Income | - | -2.148 | -5.884 | -9.166 | -14.036 | -2.656 | -5.497 |
| E.P.S | - | -0.370 | -0.910 | -1.250 | -1.570 | -0.330 | -0.550 |
| Revenue Growth (%) | - | 248.00 | 77.87 | -16.478 | 140.43 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -10.91 | -2.11 | -3.78 | ||||
| Cash Flow - Inv. | -0.36 | -0.40 | 1.17 | ||||
| Cash Flow - Fin. | 19.63 | 1.95 | 0.01 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 19.74 | Current Assets | 17.63 | Current Ratio | 4.77 |
| Total Liab. | 3.95 | Current Liab. | 3.69 | Debt Ratio | 20.01% |
| Total Equity | 15.79 | Working Cap. | 13.93 | Debt to Equity Ratio | 0.25 |
| Cash | 14.29 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and other general corporate purposes including expansion our sales and marketing efforts, our research and development activities and our viewer response system, the Wink Response Network. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Latham & Watkins |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The company faces competition from a number of companies, many of which have significantly greater financial, technical, manufacturing and marketing resources than Wink and may be in a better position to compete in the industry. Current and potential competitors in one or more aspects of the company's business include television and other system software companies, interactive television system providers and multimedia authoring tool providers. The company also faces competition from other providers and companies operating in the direct marketing business, especially operators of toll-free response call centers. A number of companies are developing system software for the general interactive television market, including At Home Corporation, Intel Corporation, Liberate Technologies, Sun Microsystems, OpenTV and Canal Plus. OpenTV and Canal Plus already offer certain products with features similar to Wink Enhanced Broadcasting. Intel and Liberate Technologies have developed technology that enables interactivity over analog or digital broadcasts. Many of these competitors have the support of, or relationships with, industry participants with which the company also has relationships, which could adversely affect the extent of support these market participants give to Wink Enhanced Broadcasting. In addition, Microsoft, which has recently agreed to purchase a substantial equity stake in Wink and to collaborate with us to develop, market and distribute Wink Enhanced Broadcasting on Microsoft television platforms, has been active in a variety of aspects of the interactive television market. |
| Business Plan |
The company's objective is to capitalize on the pervasiveness and popularity of television to create a mass market medium for sales lead generation and electronic commerce. The company's strategy to achieve this objective consists of the following key elements: (i) increase the presence of Wink Enhanced Broadcasting in television households by promoting the deployment of Wink-enabled set-top boxes and television sets and the launch of the Wink service through these devices; (ii) promote usage by offering viewers an easy-to-use, entertaining and informative interactive television experience; (iii) expand the availability of Wink-enhanced direct response offers by working with our broadcast and cable network partners to enlist advertisers to add Wink enhancements to their television advertisements; (iv) benefit multiple participants in the television industry by offering new opportunities for generating revenue and cost savings while preserving traditional revenue streams and customer relationships; (v) leverage relationships to encourage television industry participants to adopt Wink Enhanced Broadcasting and (vi) promote the Wink icon and the Wink brand to attract viewers. |