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| Emerald Solutions (Emerald-Delaware), Inc. |
| 111 SW Fifth Avenue 27th Floor, Portland, OR 97204 * (503) 276-2900 |
| Business Description | The company is an e-business services company that designs and builds Internet-based business solutions by integrating digital business strategy with both emerging and existing information technologies. |
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Filing Information IPO has been | ||||
| To Trade As | EMSO (NASNTL) | Industry | Internet (SIC 7371) | |
| Type of Stock Offered | Common Shares | Filing Date | 2/16/2000 | |
| Domestic Shares Filed | 4,000,000 | Filing Range | $11.00 - $13.00 | |
| Foreign Shares Filed | 0 | Offering Amount | $48,000,000 | |
| Company Shares | 4,000,000 | Est. Expenses | - - | |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - | |
| Employees | 457 | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Deutsch Banc Alex. Brown | Lead Manager | (410) 727-1700 |
| Adams, Harkness & Hill | Co-manager | (617) 371-3705 |
| Pacific Crest Securities Inc. | Co-manager | (503) 790-0293 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/27/1997 | 12/26/1998 | 12/25/1999 | ||||
| Revenues | - | - | 2.233 | 15.010 | 34.710 | - | - |
| Income from Oper. | - | - | -3.852 | 0.776 | -5.439 | - | - |
| Net Income | - | - | -3.853 | 0.708 | -5.425 | - | - |
| E.P.S | - | - | -0.090 | 0.010 | -0.120 | - | - |
| Revenue Growth (%) | - | - | 572.19 | 131.246 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | 5.17 | - | - | - |
| Net Profit Margin (%) | - | - | - | 4.72 | - | - | - |
| Cash Flow - Oper. | -6.77 | - | - | ||||
| Cash Flow - Inv. | -3.22 | - | - | ||||
| Cash Flow - Fin. | 11.40 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/25/1999 | Financial Ratios | ||||
| Total Assets | 14.88 | Current Assets | 10.11 | Current Ratio | 0.93 |
| Total Liab. | 18.34 | Current Liab. | 10.89 | Debt Ratio | 123.23% |
| Total Equity | -3.46 | Working Cap. | -0.78 | Debt to Equity Ratio | - |
| Cash | 1.71 | Return on Assets | - | ||
| Use Of Proceeds |
Approximately $5.0 million of the net proceeds from this offering to repay all outstanding debt under our revolving credit facility with the remainder used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morrison & Foerster |
| Bank's Law Firm | Ropes & Gray |
| Auditor | KPMG LLC |
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| Industry Competition |
The Internet and information technology consulting industry is relatively new and intensely competitive and we expect competition to intensify as this industry evolves. We believe that our competitors fall into several categories, including the following: Internet services firms, such as iXL, Proxicom, Razorfish, Sapient, Scient, and Viant; technology integrators, such as Andersen Consulting, Cambridge Technology Partners, EDS, IBM, and Tanning; strategic consulting firms, such as Bain, Booz-Allen & Hamilton, Boston Consulting Group, Diamond Technology Partners, KPMG, and McKinsey; and in-house information technology, marketing and design departments of our potential and current clients. Many of our competitors have longer operating histories, more clients, longer relationships with their clients, greater brand or name recognition and significantly greater financial, technical, marketing and public relations resources than we do. As a result, our competitors may be in a stronger position to respond quickly to new or emerging technologies and changes in client requirements. They may also develop and promote their products and services more effectively than we do. Because there are relatively low barriers to entry into our industry, we also expect other competitors to enter our market. In addition, we do not own any patented technology that would protect our market share or prohibit existing competitors or new entrants from providing services similar to ours. As a result, new and unknown market entrants pose a threat to our business. Current or future competitors may develop or offer services that are comparable or superior to ours at a lower price, which could harm our revenues and profitability. Further, competitors may have extensive knowledge of our industry and well-established relationships with our current or potential clients. As a result, our competitors may be able to respond more quickly to new or emerging technologies and changes in client requirements than we can. If we fail to compete successfully against our competitors, our business could be seriously harmed. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Technology Crossover Management II, LLC | 25.10 | |
| Rho Management Trust I | 20.10 | |
| Steven L. Darrow | 14.40 | |
| Technology Crossover Management III, LLC | 12.80 | |
| Note: represents ownership of 5% or more prior to the offering. | ||
| Executive Officers and Directors | ||
| Officer Name | Officer Title | Age |
| Steven L. Darrow | Chairman of the Baord of Directors | 54 |
| Paul G. Mardesich | Director | 39 |
| Michael W. Bealmear | Director | 52 |
| Charles Scott Gibson | Director | 47 |
| C. Toms Newby, III | Director | 32 |
| Martin Wright | President, C.E.O. and Director | 38 |
| Jerry N. Grant | Senior Vice President of Finance, C.F.O., Secretary, Treasurer and Director | 37 |
| Mark Markowitz | Senior Vice President, Eastern U.S. Operations | 44 |
| Jim S. Gruber | Senior Vice President, Western U.S. Operations | 38 |