Globes, May 9, 2004
Shopping.com reports 6th straight quarterly profit growth to $2.25m
| First quarter revenue rose 100% to $21 million.
|Online price comparison company Shopping.com posted 100% revenue growth in the first quarter of 2004, compared with the corresponding quarter of 2003. First quarter revenue totaled $21 million, according to the company's revised prospectus filed with the US Securities and Exchange Commission (SEC) on Friday.
Shopping.com reported an operating profit of $2.08 million and a net profit of $2.25 million, compared with a net profit of $490,000 in the first quarter of last year and $2.07 million in the preceding quarter.
According to Shopping.com's draft prospectus filed six weeks ago, the company plans to raise $75 million at a $400 million company value, before money. Goldman Sachs will lead the issue, and Credit Suisse First Boston, Piper Jaffray, and Deutsche Bank will be the secondary underwriters.
Shopping.com reported an increased profit for the sixth consecutive quarter. The company reported a net profit of $6.9 million on $67.2 million in revenue for 2003, compared with a loss of $5.1 million on $29.1 million in revenue for 2003. The company's shareholders equity totaled $51.8 million as of March 31, 2004, which financed 80% of its balance-sheet total. The company's cash reserves totaled $30.9 million, which is expected to grow to $100 million, if its issue goes as planned.
Shopping.com operates the fourth-largest online shopping site, after Yahoo! (Nasdaq:YHOO), Amazon.com (Nasdaq:AMZN), and eBay (Nasdaq:EBAY).