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IPOs on deck for this week include: Einstein Noah Restaurant Group (NASDAQ:BAGL), owner/operator of Einstein Bros. Bagels, Noah's New York Bagels and Manhattan Bagel Brands; FBR Capital Markets Corp. (FBCM), an indirect taxable REIT subsidiary of FBR Group.; and Infinera Corp. (NASDAQ:INFN) a provider of photonic-based optical networking systems for long-haul communications service carriers.

All quotations are from the companies' most recent S-1 filings with links provided.


EINSTEIN NOAH RESTAURANT GROUP (BAGL)

Business Overview (from prospectus)

We are the largest owner/operator, franchisor and licensor of bagel specialty restaurants in the United States. We have approximately 600 restaurants in 36 states and the District of Columbia under the Einstein Bros.® Bagels, Noah’s New York Bagels® and Manhattan Bagel® brands. As a leading fast-casual restaurant chain, our restaurants specialize in high quality foods for breakfast, lunch and afternoon snacks in a café atmosphere with a neighborhood emphasis. Collectively, our concepts span the nation with Einstein Bros. restaurants in 33 states and the District of Columbia, Noah’s restaurants in three states on the West Coast and Manhattan Bagel restaurants concentrated in the Northeast. Our Einstein Bros. and Noah’s restaurants are company-owned or licensed, while Manhattan Bagel restaurants are predominantly franchised.

Offering: 5.0 million shares at $19.00-$21.00 per share. Net proceeds of approximately $90 million will be used to repay debt.

Lead Underwriters: Morgan Stanley, Cowen & Company

Financial Highlights:

Restaurant sales for 2006 [$363,699] improved 0.2% when compared to 2005 [$363,044]. Our 2006 restaurant sales increased 1.9% when calculated on a comparative 52-week basis for both fiscal 2005 and 2006.... Our restaurant gross profit increased $7.1 million, or 10.7%, in 2006 compared to the 2005 period, which included an extra week...For GAAP, we reported a net loss for 2006 of $6.9 million, which was a 51.0% decrease from the net loss of $14.0 million we reported for 2005.


FBR CAPITAL MARKETS CORPORATION (FBCM)

Business Overview (from prospectus)

We are a full-service investment banking, institutional sales, trading and research and asset management firm with a customer-focused and innovative approach to meeting our clients’ needs. In addition, we make principal investments, including merchant banking investments, with our own capital. Since the founding of FBR Group, we have grown from a boutique investment bank with primary expertise in financial institutions into a top-ranking U.S. investment bank with broad industry coverage in the following sectors of the economy: consumer, diversified industrials, energy and natural resources, financial institutions, healthcare, insurance, real estate and technology, media and telecommunications, or TMT. We refer to these eight sectors as our core sectors.

We are an indirect taxable REIT subsidiary of FBR Group. We were formed in June 2006 as a Virginia corporation to be the holding company for FBR Group’s capital markets business, including investment banking and institutional sales, trading and research, and asset management business.

Offering: 12.1 million shares at $16.00-$18.00 per share. The company will not receive any proceeds from the sale of the shares in this offering. From the prospectus:

This is the initial public offering of our common stock. FBR TRS Holdings, an affiliate of Friedman, Billings, Ramsey & Co., Inc., an underwriter in this offering, is offering 11,703,370 shares, and the other selling shareholders named in this prospectus are offering 396,630 shares.

Lead Underwriters: Friedman Billings, Lehman Brothers

Financial Highlights:

For the year ended December 31, 2005, our total net revenues were $532.8 million and our net income was $48.1 million, compared to total net revenues of $364.1 million and net loss of $9.8 million for the year ended December 31, 2006...The pre-tax income (loss) from our capital markets segment decreased from pre-tax income of $94.7 million in 2005 to a pre-tax loss of $14.2 million in 2006...In 2006, revenues from our investment banking operations totaled $214.7 million, representing a decrease of 45% from the prior year. In 2006, our investment banking team executed 87 banking assignments with a total transaction value of over $16.1 billion, including more than $5.1 billion in lead-managed equity capital raising transactions.

INFINERA CORPORATION (INFN)
Business Overview (from prospectus)

Infinera has developed a solution that we believe will change the economics, operating simplicity, flexibility, reliability and scalability of optical communications networks. At the core of our Digital Optical Network architecture is what we believe to be the world’s only commercially-deployed, large-scale photonic integrated circuit, or PIC. Our PICs transmit and receive 100 Gigabits per second, or Gbps, of optical capacity and incorporate the functionality of over 60 discrete optical components into a pair of indium phosphide chips approximately the size of a child’s fingernail. We have used our PIC technology to design a new digital optical communications system called the DTN System. The DTN System is designed to enable cost-efficient optical to electrical to optical conversion of communications signals. The DTN System is architected to improve significantly communications service providers’ economics and service offerings as compared to optical systems that do not use large-scale photonic integration. We refer to these optical systems as traditional systems. Our carrier-class DTN System runs our Infinera IQ Network Operating System and is integrated with our Infinera Management Suite software, which together enhance and simplify network monitoring, management and control.

Offering: 14.0 million shares at $10.00-$12.00 per share. Net proceeds of approximately $139,120,000 will be used to repay debt, for working capital and other general corporate purposes, including to finance the company's growth, develop new products, fund capital expenditures, or to expand existing business through acquisitions of other businesses, products or technologies.

Lead Underwriters: Goldman Sachs, Citigroup

Financial Highlights:

Total ratable revenue increased from $4.1 million in 2005 to $53.0 million in 2006...Gross margins improved from 2005 [-565%] to 2006 [-23 %] due to increased ratable revenue, increased ASPs and improved product mix as customers purchased higher margin products to increase their network capacity... Research and development expenses increased from 2005 [$24,986,000] to 2006 [$38,967,000] due primarily to increased personnel-related costs of $7.3 million.

Source: This Week's IPOs Part I: Einstein Noah Restaurant Group, FBR Capital Markets Corp., Infinera Corp.