To: Bill Harmond who wrote (61772 ) 6/10/1999 10:45:00 PM From: Glenn D. Rudolph Respond to of 164684
HotJobs.com Ltd. files for $69 million IPO WASHINGTON, June 10 (Reuters) - HotJobs.com Ltd., whose job recruiting services are used by Amazon.com Inc. <AMZN.O>, Nike Inc. <NKE.N> and others, said Thursday it wanted to raise $69 million through an initial public offering of common stock. HotJobs, based in New York City and located online at www.hotjobs.com, did not disclose the number of IPO shares or give an estimated price range for them in its preliminary filing with the Securities and Exchange Commission. It plans to have the shares listed on Nasdaq under the symbol HOTJ, and the underwriters are Deutsche Banc Alex. Brown, BancBoston Robertson Stephens and SG Cowen. The company plans to use the net proceeds for general corporate purposes, including increasing sales and marketing efforts, developing its infrastructure, products and services, hiring more people and possible acquisitions. More than 2,500 job recruiters from over 1,500 member employers subscribe to its online employment exchange, said HotJobs.com, which has co-branding agreements with Internet brokerage E*Trade Group Inc. <EGRP.O> and online network theglobe.com inc. <TGLO.O>. HotJobs' total revenues increased to $2.7 million for the quarter ended March 31, 1999, from $552,000 in the same period in 1998, due primarily to an increase in service fees. But the company said it has never been profitable. For the year ended Dec. 31, 1998, it incurred net losses from operations of $1.6 million. For the quarter ended March 31, 1999, that figure was $2.2 million. Major stockholders include chief executive officer and president Richard Johnson, who was formerly president of Otec Inc., a New York-based recruiting firm for information technology professionals. His stake was not disclosed in the SEC filing.