Beijing time on March 18, according to foreign media reports, Japan earthquake and deterioration of the situation in the Middle East, from Glencore and Lagardère and many other companies have suspended the much-watched IPO plan. FriendFinder Networks seem to be willing to take risks.
the company on Thursday reiterated that it will continue to seek to become a public company. FriendFinder Networks include Penthouse magazine and pornography and online assets such as non-pornographic Web sites. FriendFinder said, will resubmit the file required for IPO. Last year, the media company with market conditions and other reasons have withdrawn IPO application.
so far, the company did not disclose the amount IPO to raise funds and issued stock. The company liabilities US $ 510 million, IPO proceeds to reduce its debt burden. FriendFinder business has improved, growth in 2010, its revenues for the third consecutive year, reaching about $ 346 million.
in accordance with generally accepted accounting principles (GAAP), the company lost $ 43.2 million last year, compared with 2009 almost 5%, but excluding interest, taxes, depreciation and amortisation, profit reached $ 74 million. Excluding one-time costs and revenues, adjusted profit of us $ 105.4 million.
FriendFinder said December its global unique visitors per 196 million last year. The company also said that 2010 average about 1 million users a month. The IPO underwriters of the company from the original Renaissance Securities (Cyprus) and Ledgemont Capital Markets, to Imperial Capital and Ladenburg Thalmann.
