To: MangoBoy who wrote (776 ) 11/5/1999 1:36:00 PM From: MangoBoy Read Replies (1) | Respond to of 1176
[Wireless Facilities soars 200 percent in IPO debut](WFI is one of Oak's companies and is doing ART's buildout. -- mark) NEW YORK, Nov 5 (Reuters) - Shares of wireless equipment provider Wireless Facilities Inc. (NASDAQ:WFII) soared more than 220 percent in its market debut Friday as investor frenzy continued in the telecommunications industry. Shares of Wireless Facilities were up $33 at $48, making it the No. 2 percentage gainer on the Nasdaq stock market, one notch down from another new issue, Cobalt Networks, which was trading at $132 up 500 percent from its offering price of $22. The San Diego-based Wireless Facilities raised $60 million through its offering, which priced at $15 per share, the top of its expected price range of $13-15 per share. Wireless Facilities said it helps companies plan, design and implement wireless networks, as well as manages projects and installs radio equipment networks, according to its filing with the U.S. Securities and Exchange Commission. The market for wireless access services is expected to generate $7.8 billion in revenue by 2002, according to market research firm Dataquest. As the market expands, wireless carriers are being forced to upgrade their network technologies continually and expand into new geographic regions in order to remain competitive and satisfy the increasing demand for wireless service. Wireless Facilities also provides network design and deployment services to wireless carriers like Triton PCS Holdings Inc. (NASDAQ:TPCS) and Lucent Technologies Inc. After the offering the company had 39 million shares outstanding. The company reported a net income of $2.6 million for the six months ended June 30, on revenues of $33.1 million.