J. CREW GROUP (NYSE: JCG)
Business (from Prospectus):
J.Crew is a nationally recognized apparel and accessories brand that we believe embraces a high standard of style, craftsmanship, quality and customer service, while projecting an aspirational American lifestyle. We are a fully integrated multi-channel specialty retailer. We seek to consistently communicate our vision of J.Crew through every aspect of our business, including through the imagery in our catalogs and on our Internet website and the inviting atmosphere of our stores. We focus on creating product lines featuring the high quality design, fabrics and craftsmanship as well as consistent fits and detailing that our customers expect of J.Crew. We offer complete assortments of women’s and men’s apparel and accessories, including business attire, weekend clothes, swimwear, loungewear, outerwear, wedding and special occasion attire, shoes, bags, belts and jewelry.
Underwriters: Goldman, Sachs & Co., Bear, Stearns & Co. Inc.
Offering: 18.8 million shares will be offered by the company. Offer range is $15-17; at mid range, the company expects to raise $279.8 million, or approximately $321.8 million if the underwriters exercise their over-allotment option in full. The total raise, including insiders’ shares, will be $66 million at mid-range. The raise is earmarked for repayment of debt and general corporate expenses.
In fiscal 2005, our revenues were $953.2 million, which represents an 18.5% increase over fiscal 2004. Growth in our comparable store sales for this period was 13.4%. In the first quarter of fiscal 2006, our revenues were $240.7 million, which represents a 14.3% increase over the first quarter of fiscal 2005. Growth in our comparable store sales for this period was 11.6%. Our net income for fiscal 2005 was $3.8 million compared to a loss of $100.3 million for fiscal 2004. The net loss in fiscal 2004 included a significant loss on the refinancing of debt in our fourth fiscal quarter, excluding which our net loss would have been $50.5 million in fiscal 2004. Our net income for the first quarter of fiscal 2006 was $7.8 million, compared to $4.9 million for the first quarter of fiscal 2005.
OMNITURE INC. (NASDQ:OMTR)
Business (from Prospectus):
We are a leading provider of online business optimization software, which our customers use to manage and enhance online, offline and multi-channel business initiatives. Our online business optimization software, which we host and deliver to our customers on-demand, consists of SiteCatalyst, our flagship service, and our Omniture DataWarehouse, Omniture Discover and Omniture SearchCenter services. These services enable our customers to capture, store and analyze real-time and historical information generated by their websites and other sources and to gain critical business insights into the performance and efficiency of marketing and sales initiatives and other business processes. We market our on-demand services to online businesses across a broad range of industries, including automotive, financial services, media, technology and travel. We currently have over 1,000 customers, including America Online, Apple Computer, eBay, Expedia, Ford, Gannett, Hewlett-Packard, Major League Baseball and Microsoft. In 2005, our on-demand services captured data from over 650 billion page views for our customers.
Underwriters: Morgan Stanley, Credit Suisse, Deutsche Bank
Offering: Range of $7.50 - $9.00. 10.7 million shares are being offered, 2 million of which are from the selling shareholders. The company’s net proceeds from the sale, at a mid-range price of $8.25 net proceeds of approximately $64.3 million . Together with existing cash, this will go towards payment of license fees and general corporate purposes.
In 2005 and for the three months ended March 31, 2006, the company generated revenues of $41 million and $15.5 million, respectively. The company has a proposed market cap of $426.5 million. Our revenues are classified into two types: subscription revenues and professional services and other revenues. Subscription revenues accounted for 89% of total revenues in 2003, 95% of total revenues in 2004, 96% of total revenues in 2005 and 95% of total revenues in the first quarter of 2006.
Select Competitors: Coremetrics, Inc., Google Inc. (NASDAQ:GOOG), WebSideStory, Inc. (WSSI) and WebTrends Epiphany, Inc. (acquired by SSA Global), NetRatings, Inc (NTRT)., Sane Solutions, LLC (acquired by Unica Corporation) and SAS Institute, Inc.
PGT INC. (NASDAQ: PGTI)
Business (From Prospectus):
We are the leading U.S. manufacturer and supplier of residential impact-resistant windows and doors and pioneered the U.S. impact-resistant window and door industry in the aftermath of Hurricane Andrew in 1992. Our impact-resistant products, which are marketed under the WinGuard brand name, combine heavy-duty aluminum or vinyl frames with laminated glass to provide protection from hurricane-force winds and wind-borne debris by maintaining their structural integrity and preventing penetration by impacting objects. Impact-resistant windows and doors satisfy increasingly stringent building codes in hurricane-prone coastal states and provide an attractive alternative to shutters and other “active” forms of hurricane protection that require installation and removal before and after each storm.
Our current market share in Florida, the largest U.S. impact-resistant window and door market, is significantly greater than that of any of our competitors. WinGuard sales have increased at a compound annual growth rate of 51% since 1999 and represented 56% of our 2005 net sales, as compared to 17% of our 1999 net sales. We expect WinGuard sales to continue to represent an increasingly greater percentage of our net sales. In addition to our core WinGuard product line, we offer a complete range of premium, made-to-order and fully customizable aluminum and vinyl windows and doors primarily targeting the non-impact-resistant market, which represented 44% of our 2005 net sales. We manufacture these products in a wide variety of styles, including single hung, horizontal roller, casement, and sliding glass doors and we also manufacture sliding panels used for enclosing screened-in porches.
Underwriters: Deutsche Bank, J.P. Morgan, JMP Securities
Offering: Range of $16.00 - $18.00. 8.8 million shares are being offered. The company estimates that the net proceeds from this offering after expenses will be approximately $138.0 million, or approximately $158.9 million if the underwriters exercise their over-allotment option in full, assuming an initial public offering price of $17.00 per share. The company intends to use the net proceeds from this offering to repay a portion of outstanding debt under its credit facilities, and for general corporate purposes.
For the year ended December 31, 2005, we generated net sales of $332.8 million, resulting in a compound annual growth rate of 23.7% since 1999. In the first quarter of 2006, we generated net sales of $96.4 million, a 21.4% increase over net sales generated in the first quarter of 2005.
Select Competitors: Simonton Windows, Jeld-Wen Windows and Doors, and Silver Line Windows.