IMGK and PSIX DD ..
IMGK
imagicgames.co.uk
imagicgames.com
2.6 million float .. Level II shows 10 MMs offering 1,000 bloody shares..
I-Magic is a fast growing maker of 3d interactive software games whick can be played simultaneously by multiple players WORLWIDE. thru exclisive online game service.
This company has been featured in Business Week, Wall Street Journal, NY Times, as well CNN, PCTV and so on.... Products have been featured on the covers of all major games magazines. Over 15000 retailers, including Wallmart, CompUsa, BestBuy currently carry their games.
Insiders own 49% of the company. Recent IPO at $8-10. Very tight float 2.6 mil. MM's use 2 by 2 sizes most of the time. 121 employees. Founded by former chairman of MicroProse (annual sales of 48 mil). IPO's timing was great. Online game industry looks to be a very hot sector.
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IPO UPDATE: THE NON-EVENT IPOS
By Peter D. Henig
Red Herring Online
July 16, 1998
Not every initial public offering can get big-time attention like Inktomi's (INKT), DoubleClick's (DCLK) and Broadcom's (BRCM), but that's no reason to ignore the smaller deals -- even teeny offerings like FirstLink Communications and Interactive Magic.
The IPOs of these two companies were both scheduled to price this week, but with offerings under $25 million -- and in the case of FirstLink, under $10 million -- the deals are going largely unnoticed and perhaps unpriced.
"The big one this week is Broadcast.com," says John Fitzgibbon, editor of the IPO Reporter. "It will be a moonshot, and they've got Morgan Stanley as their underwriters for Christ's sake, not Kashner Davidson Securities."
As it just so happens, Kashner Davidson is the underwriter for FirstLink's IPO, a deal that Mr. Fitzgibbon notes has been dragged from week to week on the scheduled pricings calendar, without yet coming to market. "Not a good sign," he says.
Offering a million shares at a proposed offer price of $6 per share, FirstLink Communications, which provides packaged telecommunications services to multifamily apartment and condominium complexes, is hardly the next blockbuster deal the IPO market has been waiting for. In fact, with 1997 sales of just $900,000 producing losses of $600,000, FirstLink barely rates a blip on the IPO radar.
For now, wait and see; this offering may be postponed indefinitely.
Banking on online gaming
Thankfully, Interactive Magic, a maker of 3-D interactive software games, is a bit more sexy, not to mention a bit more likely to price.
The $25 million offering, underwritten by Blue Stone Capital Partners, is trying to capitalize on the Internet's potential for online gaming. With 1997 sales of $16.5 million and a loss of $4.3 million, Interactive Magic is following in the public-offering footsteps of Interplay (IPLY), another gaming company that recently debuted on the Nasdaq.
"It's scheduled to price this week, most likely tonight," said Peony Kao, analyst with Renaissance Capital. Ms. Kao has her doubts as to the immediate success of Interactive Magic. "This is a small company, considerably smaller than Interplay, and we didn't rate it very highly."
Ms. Kao notes that, like Interplay, Interactive Magic is placing bets that online gaming will take off, hoping that its popular game, Warbirds, will drive revenues higher. But if Interplay was any indication of a first-day high score, Interactive Magic will face a tough game in the IPO market. Interplay priced at 5.50 when it debuted in June, below its 6-8 pricing range, and remains stuck trading in the 5 range.
IPO FILINGS: NOT ALL FUN AND GAMES
By Peter D. Henig
Red Herring Online
June 3, 1998
Even private companies need room to breathe. But in today's crowded IPO market, they may not be getting much fresh air -- or fresh funding
Softworks and Interactive Magic are two of the latest firms to file for initial public offerings in what has become an IPO market packed to the rafters.
According to Securities Data Corporation, IPO activity during May hit a record for 1998 with 51 companies hitting the public markets, raising more than $4.3 billion in proceeds along the way. This funding activity was up more than 300 percent from January 1998 when only 20 new issues, raising a total of $913 million, hit the public markets.
A window quickly closing
Although Softworks and Interactive Magic represent two of the smaller deals in registration, at $48.3 million and $25.2 million respectively, the question now is whether the market will be able to absorb so many offerings despite weakness in the broader market -- particularly in the small cap technology sector, where newly public issues are trading anywhere from 10 to 30 percent off their recent highs.
"It's a classic case of the window closing, I mean really classic," says IPO guru Francis Gaskins, editor of Gaskins IPO Desktop. Mr. Gaskins notes that the record number of deals in May were really an extension of late April when a considerable number of anxious IPOs simply could not squeeze into April's calendar.
"Doubleclick, Verisign, Visual Network ... those guys were really popping when these guys were filing," says Mr. Gaskins, noting that there is generally a substantial lag before the underwriters and their eager clients finally accept that the IPO market may have cooled during their registration period.
"These companies want to be priced as if they were coming out within the last six to 12 months," said Mr. Gaskins. "But when the interest dies it's like yesterday's news."
Hey, we're different
If there's anything that might help these companies survive and prosper in the IPO aftermarket, it might be the distinctiveness, subtle it may be, of their respective business models.
At least that's what Interactive Magic might hope for as it unloads 2.8 million shares at a proposed offer price of between $8 and $10. Although the company operates in the intensely competitive field of interactive entertainment software, Interactive Magic believes it might have an edge. ******************While other companies offer online games, few ******offer real-time, large-scale multiplayer simulation games via the Internet****************.
Interactive Magic has 26 published titles since its inception, which have been distributed through more than 15,000 outlets. As its calling card, the company points to its initial online product, Warbirds, a World War II air combat simulation game that has generated sales of over 1.4 million hours of online game time to players around the world. Interactive Magic also has a business strategy game called Capitalism Plus, which can be played under varying degrees of difficulty.
Interactive Magic, Inc.
1997 Sales ($ mil.): 16.5
1997 Income ($ mil.): (4.3)
Filing date: May 28, 1998
Expected IPO date: TBA
Shares offered (mil.): 2.8
Post-offering shares (mil.): 9.593
Offering amt. ($ mil.): 25.2
Proposed offer price: $8.00 to $10.00
Proposed Symbol: IMGK
Proposed Exchange: Nasdaq
Underwriters: Bluestone Capital Partners, L.P.; Ferris, Baker Watts, Incorporated
PSIX
ZACKS
PSINET INC ( PSIX )
Number of brokers
recommending as:
--------------------------------------------------------------------------------
Strong Buy 2
Moderate Buy 1
Hold 4
Moderate Sell 0
Strong Sell 0
Average Recommendation
(strong buy) 1.00 - 5.00 (strong sell)
--------------------------------------------------------------------------------
This Week 2.3
Last Week 2.3
Change 0.0
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Industry:COMP-SERVICES
Ranked 90 of 106
Earnings Per Share
--------------------------------------------------------------------------------
Last Quarter (Mar 98) -0.51
Surprise 7%
Consensus Estimates
This Quarter (Jun 98) -0.69
This Year (Dec 98) -2.76
Next Year -2.40
Last updated: 20-Jul-98 Detailed Research
Insider Trades
19-Jun-98 CHIDESTER JOHN J Sold (S) 15,625 COM 11.63 $181,718
19-Jun-98 CHIDESTER JOHN J Exercised (M) 15,625 COM 6.94 -
26-May-98 FEDOR MARK S Exercised (M) 25,104 COM 2.00 - 4.15 -
4-May-98 LEVINN MITCHELL Sold (S) 40,000 COM 13.00 - 13.38 $529,234
4-May-98 LEVINN MITCHELL Exercised (M) 40,000 COM 1.10 -
24-Apr-98 LEVINN MITCHELL Sold (S) 10,000 COM 13.25 $132,500
24-Apr-98 LEVINN MITCHELL Planned Sale (144) 10,000 COM - $132,500
23-Apr-98 SCHOFFSTALL MARTIN L Planned Sale (144) 10,000 COM - $143,100
10-Mar-98 SCHOFFSTALL MARTIN L Planned Sale (144) 10,000 COM - $92,500
27-Feb-98 TAYLOR KAREN JOHNSON Planned Sale (144) 150 COM - $1,144
27-Jan-98 CAROLAN MARYANN Exercised (X) 10,000 COM 2.00 -
16-Dec-97 KUNKEL DAVID N Bought (P) 1,000 COM 5.75 $5,750
16-Dec-97 DAVIN JAMES R Bought (P) 217 COM 5.50 $1,193
15-Dec-97 SCHRADER WILLIAM L Bought (P) 1,000 COM 5.56 $5,560
15-Dec-97 MAEL MICHAEL Bought (P) 1,000 COM 6.00 $6,000
12-Dec-97 MALESARDI MICHAEL J Bought (P) 1,000 COM 6.00 $6,000
11-Dec-97 POSTAL EDWARD D Bought (P) 4,800 COM 5.88 $28,224
13-Nov-97 WILLS HAROLD Bought (P) 3,000 COM 6.81 $20,430
13-Nov-97 KRAFT JOHN F Bought (P) 3,000 COM 6.50 $19,500
13-Nov-97 KLEINN VOLKER Bought (P) 4,000 COM 6.44 $25,760
8-Aug-97 FEDOR MARK S Exercised (X) 15,001 COM 2.00 -
29-Jul-97 DRI INVESTMENT TR Planned Sale (144) 2,382 COM - $21,438
29-Jul-97 CITY OF DALLAS ERF Planned Sale (144) 953 COM - $8,577
29-Jul-97 MERCK & CO INC RETIREMENT PLANS Planned Sale (144) 1,191 COM - $10,719
29-Jul-97 BAXTER INTL INC & SUB PEN FUND Planned Sale (144) 1,787 COM - $16,083
16-Jul-97 PENN MUTUAL LIFE INS CO Planned Sale (144) 45,262 COM - $407,358
Website: psi.net
Address: 510 Huntmar Park Drive
Herndon, VA 20170
Phone: (703) 904-4100
Business Summary
PSI Net is a global facilities-based provider of Internet access services and related products to businesses. PSIX also provides Internet Protocol and network backbone services. For the three months ended 3/98, revenues rose 73% to $44.5 million. Net loss applicable to Common totalled $29.9 million, up from $9.3 million. Revenues reflect increased accounts and higher average revenue per customer. Higher loss reflects increased infrastructure expansions and the absence of a $5.7 million gain.
Statistics at a Glance -- PSIX Last Updated: July 17, 1998
Price and Volume
(updated July 17, 1998)
52-Week Low $4.25
Recent Price $13.438
52-Week High $15.75
Beta 2.01
Daily Volume (3-month avg) 969.7K
Share-Related Items
Market Capitalization $686.3M
Shares Outstanding 51.1M
Float 33.2M
Recent Releases
Thursday July 23, 3:54 pm Eastern Time
Company Press Release
SOURCE: PSINet Inc.
PSINet Limited And Ericsson Communications Inc. Sign Canadian Strategic Alliance
Alliance to Improve and Increase Customer Access to Leading Internet Technology and Services
TORONTO, July 23, /PRNewswire/ -- PSINet Limited of Toronto, Ontario, a wholly owned subsidiary of PSINet Inc. (Nasdaq: PSIX - news), and Ericsson Communications Inc. of Mississauga, Ontario, a wholly owned subsidiary of LM Ericsson (Nasdaq: ERICY - news) today announced the signing of a strategic alliance agreement to work in close cooperation to improve and increase access to leading Internet technology and services. Ericsson Communications Inc. and PSINet Limited will continue to operate independently.
Ericsson Communications and PSINet Limited will work together to provide corporations and government bodies with Internet Protocol (IP) based or IP enabled complete electronic commerce, communications and business solutions.
Thursday July 23, 8:57 am Eastern Time
Company Press Release
SOURCE: PSINet Inc.
PSINet and Xedia Corporation(R) Form Technology Alliance
Integration of PSINet InterFrame and Xedia Access Point Enables Multiple T1 Service up to 10.5Mb/s
HERNDON, Va., and LITTLETON, Mass., July 23 /PRNewswire/ -- PSINet Inc. (Nasdaq: PSIX - news), the first and largest independent commercial Internet Service Provider (ISP), today announced an important alliance with Xedia Corporation, the leading provider of business-quality Internet access solutions. This alliance will enable PSINet to offer increased bandwidth capabilities up to 10.5Mb/s by linking multiple T1 services (each up to 1.5 Mb/s), thereby delivering reliable Internet solutions more easily and efficiently.
Tuesday July 21, 7:56 am Eastern Time
Company Press Release
SOURCE: PSINet Inc.
PSINet Reports Record Revenues of $53.7 Million, Up 82%
Annualized Revenue Increases to $215 Million Recurring EPS of ($0.67), Compared with ($0.69) Acquisitions Add Annualized Revenues of $24 Million - In-Process R&D Charge Taken
Friday July 17, 7:34 pm Eastern Time
Company Press Release
Quest Net Signs Contract With PSINet to Become One of the Largest Bandwidth Internet Providers in Florida
DENVER--(BUSINESS WIRE)--July 17, 1998--Quest Net Corp (OTCBB: QNET - news) has signed a 3-year contract with PSINet (NASDAQ: PSIX - news), the world's largest independent commercial Internet Service Provider, for the installation of a T-3 (45 Mbps) frame relay service. The agreement makes Quest Net one of the largest bandwidth regional Internet Service Providers in the state of Florida.
Thursday July 16, 12:54 pm Eastern Time
Company Press Release
SOURCE: PSINet Inc.
ACN Signs with PSINet to Offer Unique Internet Service
HERNDON, Va., July 16 /PRNewswire/ -- PSINet Inc. (Nasdaq: PSIX - news), the first and largest commercial Internet Service Provider (ISP), today announced an important alliance with American Communications Network, Inc. (ACN), one of the fastest growing cooperative marketing companies in the U.S. Through this agreement, PSINet will provide ACN with its first-ever Internet service, ACN Internet Access.
Tuesday July 7, 8:25 am Eastern Time
Company Press Release
SOURCE: PSINet Inc.
PSINet Acquires Internet Companies in Hong Kong, Germany, France, United States
HERNDON, Va., July 7 /PRNewswire/ -- PSINet Inc. (Nasdaq: PSIX - news) announced that it completed the purchase of four Internet companies, in Hong Kong, Germany, France and the United States, for approximately $46.0 million in cash. These four companies generate annual revenue of over $23.0 million and represent another major step in executing PSINet's strategy to expand its presence in the top 20 telecommunications markets worldwide.
May 15, 1998
PSINET INC (PSIX)
Quarterly Report (SEC form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
PSINet is a leading global facilities-based provider of Internet access services and related products to businesses. The Company provides dedicated and dial-up Internet connectivity in 90 of the 100 largest metropolitan statistical areas in the U.S. and in nine of the 20 largest international telecommunications markets. The Company also offers Internet protocol ("IP")-based value-added services and products to businesses, including corporate intranets, Web hosting and collocation, remote user access, multi-currency electronic commerce and security services, that enable businesses to maximize utilization of their corporate networks and the Internet. Additionally, the Company provides network backbone services to other telecommunications carriers and Internet service providers ("ISPs") to further exploit its network capacity. To meet the growing data communications needs of its customers, the Company seeks to continually expand and enhance its network infrastructure. At March 31, 1998, the Company served 33,300 business accounts, including 61 ISPs, and connected to more than 400 points of presence ("POPs") in ten countries throughout North America, Asia and Europe.
The Company owns and operates a technologically advanced, high-speed data communications network with over 230 POPs located in the U.S. and over 170 POPs located internationally. Since the commencement of the Company's operations in 1989, the Company has undertaken an extensive program of developing and expanding its data communications network. In connection with this program, the Company has made significant investments in telecommunications circuits and equipment to produce a multi-layered, geographically dispersed, Asynchronous Transfer Mode ("ATM"), Integrated Services Digital Network ("ISDN"), and Switched Multimegabit Data Service ("SMDS") compatible frame relay network specially designed to optimize Internet traffic. The Company also continues to expand its sales and marketing, customer support, network operations and field services commitments in support of the expansion of its customer base. These expansion efforts have caused the Company to experience fluctuations in expenses from time to time, both in absolute terms and as a percentage of revenue. The nature and amount of these expenses may continue to fluctuate over time as the Company continues its growth.
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