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Preview Systems, Inc.
1601 South DeAnza Boulevard, Suite 100, Cupertino, CA 95014 * (408) 873-3450
Business Description The company develops and markets an Internet-based infrastructure solution that enables networks for the electronic distribution and licensing of digital goods. Digital goods are products such as software, music, images, video and documents that can be produced, delivered and licensed electronically.
Offering
Information

Company has
gone public

Trading As  PRVW (NASNTL) Industry  Internet (SIC 7371)
Type of Stock Offered  Common Shares Filing Date  9/16/99
Domestic Shares Offered  3,800,000 Offer Date  12/7/99
Foreign Shares Offered  0 Filing Range  $16.00 - $18.00
Company Shares  3,800,000 Offer Price  $21.00
Selling Shrhldrs Shares  0 Gross Spread  $1.470
Gross Proceeds  $79,800,000 Selling  $0.890
Expenses  - - Reallowance  $0.100
Post-IPO Shares  15,767,700 Employees  - -
Primary
Underwriting
Group
Underwriter NameParticipationUnderwriter Phone
Robertson, Stephens & Company Lead Manager (415) 989-8500
Dain Rauscher Wessels Co-manager (612) 371-2818
Fidelity Capital Markets Co-manager  
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 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   - - 0.148 0.262 0.610 0.111 1.221
Income from Oper.   - - -0.242 -2.361 -11.367 -3.146 -7.439
Net Income   - - -0.242 -2.380 -11.276 -3.111 -7.436
E.P.S   - - -0.690 -6.450 -7.550 -4.600 -2.750
Revenue Growth (%)      - - 77.03 132.824   1,000.00
Net Income Growth (%)      - - - -   -
Oper. Profit Margin (%)    - - - - - - -
Net Profit Margin (%)    - - - - - - -
Cash Flow - Oper.     -5.93 -2.99 -6.12
Cash Flow - Inv.     0.19 -0.47 -0.29
Cash Flow - Fin.     8.13 2.44 1.95
Balance Sheet
Summary
and
Financial
Ratios
Balance sheet as of: 6/30/99 Financial Ratios
Total Assets    8.15 Current Assets    2.17 Current Ratio    0.38
Total Liab.    7.38 Current Liab.    5.69 Debt Ratio    90.59%
Total Equity    0.77 Working Cap.    -3.53 Debt to Equity Ratio    9.63
Cash    0.43    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  Venture Law Group
Bank's Law Firm  Wilson, Sonsini, Goodrich & Rosati
Registrar/Transfer Agent  American Stock Transfer & Trust Co
Auditor  KPMG LLC
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Last updated: 12/12/99 1:39:27 PM
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