Security IPO: ICx Technologies

ICx Technologies (ICXT), a company that provides advanced detection and security solutions for homeland security, is going public this week. Cross Match Tech (CROS), which provides electronic fingerprinting devices for government customers, is making another IPO attempt this week. Click on the company name for our previous writeup.

All quotations are from the company's most recent S-1 filing with links provided.

ICX TECHNOLOGIES (ICXT)
Business Overview (from prospectus)

We are a leading developer, manufacturer, marketer and integrator of advanced sensing technologies, products and solutions. Our first and for now principal market is homeland security. Our high precision, proprietary technologies provide a strong foundation upon which we have built a comprehensive line of products that detect, identify and prevent a broad range of critical security threats. Through our proven ability to develop and convert next generation technologies into unique, commercially successful products, we are able to offer a wide range of high quality, compact detection and surveillance products that we believe are more sensitive, more accurate and more cost-effective than conventional products. Our business is organized into three divisions—Detection, Surveillance and Solutions—through which we develop, manufacture and market complete solutions that proactively address some of the most sophisticated and severe security threats facing the world today.

Offering: 5.0 million shares at $17.00 - $19.00 per share. Net proceeds of approximately $82.5 million will be used for general corporate purposes, including working capital, the expansion of sales and marketing organizations, acceleration of research and development efforts, expansion of manufacturing capabilities and purchases of capital equipment. A portion of the proceeds will be used in acquisitions of businesses, products and technologies that are complementary to the business.

Lead Underwriters: Lehman Brothers, Goldman Sachs

Financial Highlights:

Product revenue increased $21.0 million, or 54%, to $59.7 million in the first nine months of 2007 from $38.7 million in the first nine months of 2006... Contract research and development revenue increased $5.1 million, or 26%, to $24.8 million in the first nine months of 2007 from $19.7 million in the first nine months of 2006... Maintenance, service and other revenue increased $7.0 million, or 224%, to $10.1 million in the first nine months of 2007 from $3.1 million in the first nine months of 2006... Our loss from continuing operations decreased $8.6 million, or 24%, to $27.1 million in the first nine months of 2007 from $35.8 million in the first nine months of 2006... Net loss decreased $14.5 million, or 38%, to $23.3 million in the first nine months of 2007 from $37.8 million in the first nine months of 2006.

Additional Resources:

• Company website
• Online road show
• Press Release: 'ICx Technologies Delivers Underwater Radiation Detectors for Deployment by U.S. Coast Guard'
• Army Technology.com: 'ICX Technologies - CBRNE Threat Detectors, Surveillance Cameras, Radars and Imagers'
• Press Release: 'ICx Technologies Fido PaxPoint System Selected by TSA to Detect Potentially Threatening Liquids at Airports'