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| Be Free, Inc. |
| 154 Crane Meadow Road, Marlborough, MA 01752 * (508) 357-8888 |
| Business Description | The company is a leading provider of services that enable electronic commerce merchants and Internet portals to market their products and services in tens of thousands of locations on the Internet and to pay for these promotions based on performance. |
| Offering Information Company has | |||
| Trading As | BFRE (NASNTL) | Industry | Internet (SIC 7374) |
| Type of Stock Offered | Common Shares | Filing Date | 8/5/99 |
| Domestic Shares Offered | 5,600,000 | Offer Date | 11/2/99 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $10.00 |
| Company Shares | 5,600,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $67,200,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 26,218,400 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/96 | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 | ||
| Revenues | - | - | 0.196 | 0.216 | 1.319 | 0.617 | 1.396 |
| Income from Oper. | - | - | -1.265 | -0.935 | -3.467 | -0.205 | -6.207 |
| Net Income | - | - | -1.291 | -1.034 | -3.691 | -0.266 | -6.375 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 10.20 | 510.648 | 126.26 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -2.36 | 0.05 | -4.69 | ||||
| Cash Flow - Inv. | -0.61 | -0.03 | -3.53 | ||||
| Cash Flow - Fin. | 7.22 | -0.07 | 25.26 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 30.18 | Current Assets | 25.80 | Current Ratio | 5.41 |
| Total Liab. | 46.68 | Current Liab. | 4.77 | Debt Ratio | 154.65% |
| Total Equity | -16.49 | Working Cap. | 21.03 | Debt to Equity Ratio | - |
| Cash | 21.37 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Registrar/Transfer Agent | Continental Stock Transfer & Trust Co |
| Auditor | Pricewaterhouse Coopers LLC |
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