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| Broadband Sports, Inc. |
| 1640 South Sepulveda Boulevard, Suite 500, Los Angeles, CA 90025 * (310) 996-0067 |
| Business Description | Broadband Sports is a leading Internet provider of original content and commerce for hundreds of individual sports communities. These geographically dispersed communities are composed of fans who follow individual sports, teams and athletes and are characterized by a passionate demand for content and commerce relating to their particular interests. |
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Filing Information IPO has been | ||||
| To Trade As | FANS (NASNTL) | Industry | Internet (SIC 7375) | |
| Type of Stock Offered | Common Shares | Filing Date | 11/26/99 | |
| Domestic Shares Filed | 3,300,000 | Filing Range | $8.00 - $10.00 | |
| Foreign Shares Filed | 0 | Offering Amount | $29,700,000 | |
| Company Shares | 3,300,000 | Est. Expenses | - - | |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - | |
| Employees | 128 | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Chase H&Q; | Co-manager | (415) 439-3626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 9/30/98 | 9/30/99 | |||
| Revenues | - | - | - | 1.874 | 3.226 | 2.415 | 5.725 |
| Income from Oper. | - | - | - | 0.703 | 4.440 | 3.061 | 9.844 |
| Net Income | - | - | - | 0.700 | 4.513 | 3.101 | 9.889 |
| E.P.S | - | - | - | - | - | - | 0.050 |
| Revenue Growth (%) | - | - | - | 72.145 | 137.06 | ||
| Net Income Growth (%) | - | - | - | 544.71 | 218.90 | ||
| Oper. Profit Margin (%) | - | - | - | 37.51 | 137.63 | 171.95 | 126.75 |
| Net Profit Margin (%) | - | - | - | 37.35 | 139.89 | 172.73 | 128.41 |
| Cash Flow - Oper. | - | - | -7.75 | ||||
| Cash Flow - Inv. | - | - | -2.13 | ||||
| Cash Flow - Fin. | - | - | 18.99 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/99 | Financial Ratios | ||||
| Total Assets | 15.41 | Current Assets | 11.95 | Current Ratio | 4.70 |
| Total Liab. | 9.29 | Current Liab. | 2.54 | Debt Ratio | 60.31% |
| Total Equity | 6.12 | Working Cap. | 9.41 | Debt to Equity Ratio | 1.52 |
| Cash | 9.32 | Return on Assets | 64.18% | ||
| Use Of Proceeds |
To repay outstanding indebtedness of approximately $4.5 million, to redeem outstanding shares of series A preferred stock for $2.3 million, and for general corporate purposes, including the continued development of our Web sites, the enhancement of our technology infrastructure, the expansion into other markets and working capital. We may use a portion of the net proceeds to acquire or invest in complementary businesses, technologies, assets or products. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morrison & Foerster |
| Bank's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Auditor | Ernst & Young |
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| Industry Competition |
We compete for users, advertising, syndication, commerce and subscription revenues, as well as for athletes, sports writers, sports personalities and other content providers, with many other entities, such as: entities that provide access to sports-related content and services (many of which have been established by traditional media companies through Web entities targeted to sports enthusiasts generally), Web search and retrieval services and other high-traffic Web entities; sports agents, leagues and other third parties that have existing relationships with a number of athletes and sports personalities; vendors of sports information, merchandise, products and services distributed through online sites and other means, including retail stores, mail, facsimile and private online bulletin board services; and television, radio and other established media entities that broadcast sporting events. We have and might have in the future business relationships with some of our competitors, some of whom offer access to our services through their own Web sites, and some of our current partners may become competitors in the future. We anticipate that, as the Internet and other interactive distribution systems converge with traditional television broadcasting and cable, significant competition might come from the providers of broadband networks, including sports-oriented cable networks. Some of our existing competitors, as well as a number of potential new competitors, have longer operating histories, greater name recognition, larger customer bases and significantly greater financial, technical and marketing resources than we do, and may be better able to attract athletes, sports writers, sports personalities and other content providers, as well as distribution partners, agents, advertisers, viewers and consumers. These competitors may be able to respond more quickly than we can to new or emerging technologies and changes in online user preferences and to devote greater resources than we can to building our business. These competitors may develop content and product offerings comparable or superior to ours. 65 Barriers to entry are minimal, and current and potential competitors can launch new online sites at a relatively low cost. We expect that the number of our direct and indirect competitors will increase in the future and this might adversely affect our business, operating results and financial condition. Increased competition could result in lower revenues and loss of users, any of which could materially adversely affect our business, operating results and financial condition. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| NMSS Partners LLC | 26.70 | |
| Tyler J. Goldman | 12.80 | |
| Entities affiliated with Sequoia Capital | 10.90 | |
| Entities affiliated with Institutional Venture Partners | 10.90 | |
| Note: represents ownership of 5% or more prior to the offering. | ||