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Efficient Networks, Telecom Company, Files for $60 Million IPO Bloomberg News May 5, 1999, 3:57 p.m. PT Washington, May 5 (Bloomberg) -- Efficient Networks Inc., a telecommunications equipment company, filed to raise $60 million through an initial public offering. The Dallas-based company markets digital subscriber line, or DSL, technology that lets clients connect to the Internet and transmit data at high speeds over existing phone lines. Efficient Networks makes software and hardware incorporating various aspects of DSL technology, including some for which it has patents pending. The company also installs the technology. ''We make the part that goes into your office as opposed to the part that goes into the telephone company's central site,''Langdon said. DSL technology uses ''sophisticated transmission and encoding techniques,'' to achieve its high speeds, said the company's marketing vice president, Greg Langdon. Clients include small-to-medium businesses, branch offices of large corporations, and individuals, providing high-speed lines for uses such as telecommuting, electronic commerce, Internet access, and extensions of corporate networks to branch offices, the company said in an IPO filing with the U.S. Securities and Exchange Commission. The company's clients also include telecommunications companies such as Ameritech Corp., BellSouth Corp., and Covad Communications Group Inc., which offer the DSL technology to their customers. President and Chief Executive Officer Mark A. Floyd, 43, was a chief operating officer of Networth Inc., a network products company that since been acquired by Compaq Computer Corp. He also was a chief financial officer of Interphase Corp., a computer equipment company. Shareholders include Texas Instruments Inc., which owns 13.1 percent of the company's shares before the IPO, the filing said. Efficient Networks filed with the SEC to sell common shares.The actual number of shares to be sold and their price will belisted in an amended filing. The company estimated the $60 million IPO value to calculate an SEC filing fee. The company warns in the filing that its sales depend ''on the widespread adoption of broadband access services.'' If that doesn't develop, ''results of operations and financial condition would be adversely affected.'' It also warns that competition within the DSL market ''is intense.'' The company has incurred net losses since its inception, and expects future losses, the filing said. The company said it will use proceeds from the stock sale for general corporate purposes, working capital, additional marketing efforts and potential acquisitions. Underwriters for the stock sale will include Credit Suisse First oston; BancBoston Robertson Stephens; and Volpe Brown Whelan & Company. Efficient Networks seeks to have its shares trade on the Nasdaq Stock Market under the symbol EFNT. (Courtesy: Bloomberg) | ||||||||||||||
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