BNBN has filed their amended S-1/A.
biz.yahoo.com
Thursday May 6, 9:35 am Eastern Time
Company Press Release
barnesandnoble.com Files Amended Registration Statement With the
Securities and Exchange Commission for Initial Public Offering
Sales Up 259% in March Quarter
NEW YORK--(BUSINESS WIRE)--May 6, 1999-- Barnes & Noble, Inc. (NYSE: BKS
- news), the nation's largest bookseller, and Bertelsmann AG, today
announced the filing of an amended registration statement with the
Securities and Exchange Commission (SEC) for an initial public offering
(IPO) of Class A Common stock in barnesandnoble.com (http://www.bn.com).
The online company will offer approximately 18 percent, or 25 million,
of its shares to the public by a syndicate of investment banks led by
Goldman Sachs and Merrill Lynch. The shares will be offered at an
estimated $12 per share for a total offering of $300 million. When
publicly traded, the stock will be listed on the NASDAQ national market
under the symbol ''BNBN.''
The amended statement includes first quarter 1999 results (ended March
31) for barnesandnoble.com. Sales for the quarter were $32.3 million, an
increase of 259% from the comparable 1998 quarter, and a 25% increase
from the fourth quarter 1998. barnesandnoble.com's 1999 first quarter
loss was $20.2 million. More than 450,000 new customers shopped for the
first time at barnesandnoble.com during the quarter, bringing the total
customer count to more than 1.7 million. The affiliate network now
exceeds 120,000.
Additionally, Media Metrix, Inc., the leader in Internet audience
measurement, has revised its WWW Audience Ratings for March 1999
updating barnesandnoble.com's reach to 4.810 million unique visitors or
7.8% of all Web users. This corrected rating, which will be reflected in
their April 1999 report, makes barnesandnoble.com the fourth largest
shopping site and a top 30 Web site.
As previously announced, the proceeds of the IPO will be used for
expansion, including new systems and distribution initiatives, as well
as acquisitions. Leonard Riggio, chairman and CEO of Barnes & Noble,
Inc., will serve as chairman of barnesandnoble.com. Jonathan Bulkeley
will be chief executive officer and will report to Mr. Riggio. Marie
Toulantis, former chief financial officer of Barnes & Noble, Inc., today
was appointed chief financial officer of barnesandnoble.com. They are
joined by a seasoned management team experienced in direct marketing,
fulfillment and bookselling.
Although the amended registration statement has been filed, it has not
yet become effective. These securities may not be sold nor may offers to
buy be accepted prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities law of any such state. |
