One IPO this year, quicker to zero than VUSAQ: JMIC
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Tuesday October 3, 6:51 pm Eastern Time
Jeremy's MicroBatch Ice cream to close down
MARLTON, N.J., Oct 3 (Reuters) - Jeremy's MicroBatch Ice Creams Inc. (NasdaqNM:JMIC - news) on Tuesday said it will cease operations and liquidate its assets.
The company, which sells ice cream flavors such as Vanilla Cream Stout, Purple Passion Pills, and Wired, has suffered a string of setbacks, including a 15-percent drop in second-quarter sales, sharply higher losses, and resignations of top executives.
The company said it will sell assets under a plan to be presented to the board of directors. It will consider several ways of disposing its property, including licensing its name and trademarks.
Shares finished down 1/8 to 1-1/8 in Nasdaq trade on Tuesday, just above a 52-week low of $1. The stock has traded as high as $6-3/4 in the last year.
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Jeremy's ice cream gets frozen
By Jason Margolis, CBS.MarketWatch.com
Last Update: 7:52 PM ET Oct 3, 2000 NewsWatch
Latest headlines
MARLTON, NJ (CBS.MW) - The self-proclaimed "Sam Adam's of the ice cream business" has gone under.
Jeremy's MicroBatch Ice Creams (JMIC: news, msgs) announced Tuesday that it will discontinue operations and liquidate its assets to maximize value.
Jeremy's ice cream had attempted to fill a 15-to-24-year-old ice cream niche with flavors such as vanilla-flavored Wired, the industry's only ice cream laced with big doses of caffeine. The company had also produced their Vanilla Stout, a beer flavored product, and Purple Passion Pills, inspired by Viagra.
The company will entertain proposals including the possibility of licensing, entering contracts, or selling other intangibles such as their trademark.
Just last Thursday, CEO and President Joseph Phillips resigned from his duties. He will be retained to wind down operations and liquidate the company's assets.
Jeremey Kraus, 24, had founded the company as an MBA student at the University of Pennsylvania's Wharton Business School. The company had raised $7 million in an IPO on Feb. 6, at the offering price of $6 per share.
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Jeremy's Microbatch Ice Creams, Inc. Overall Score: -5
On a scale of -5 to 5
News Chart Quote Glossary FAQ
Overall Rating Unfavorable
Overall Score -5
Industry Retail Food\Beverages
Lead Manager's Name First Montauk Securities Corp
Description The company develops, markets and sells super-premium ice cream using high-quality ingredients.
Deal Market
IPO Date 02/15/2000 Market Capitalization $3,375,000
Filing Low Price $5.00 Average Daily Volume 17,800
Filing High Price $7.00 52 Wk. High $6.43
Offering Price $6.00 52 Wk. Low $1.12
Performance Accounting
Return from Offering Price -81.30% Assets $421,894
First Day Return 6.30% Income ($956,201)
Current Price $1.12 Revenue $415,671
Overall Score Graph On a scale of -5 to 5
Overall -5
Sentiment -2
Fundamentals -4
Market -4
Size -4
Deal -5
Sentiment Factor Graph On a scale of -5 to 5
Share Turnover -1
Key Insider Buys -1
Key Insider Sells -1
Other Insider Buys -1
Other Insider Sells -1
Rate Change Up -1
Rate Change Down -1
Mean To Median Volume -3
Fundamentals Factor Graph On a scale of -5 to 5
Price To Sales -2
Price To Income -3
Price To Estimated Income -1
Price To Book -1
Price to Assets -3
Market Factor Graph On a scale of -5 to 5
Change In Volume -1
Prior Return -1
Return From Offer -4
First Day Return -4
First Day Pop -2
Accumulation To Distribute -1
High Low Range To Price 5
Size Factor Graph On a scale of -5 to 5
Market Capitalization -2
Price -4
Deal Factor Graph On a scale of -5 to 5
Percent Insider Sold 3
Manager Number of Deals -4
Manager Deal Size -4
Mangager Cap Size -3
Co Manager Number of Deals -1
Co Manager Deal Size -1
Co Manager Cap Size -1
Shares Offered -3
Deal Size -2
Offered To Outstanding 1
Day 1 Volume To Shares Offered -1
Day 1 Volume To Shares Outstanding 5
Offering Price To Filing Range 0
Months Since Offering -2
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