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PC Flowers Files to Raise $46 Million Through Initial Offering Bloomberg News May 13, 1999, 12:40 p.m. PT Washington, May 13 (Bloomberg) -- PC Flowers & Gifts.com Inc., an online retailer of flowers and event-driven gift products, will seek to raise as much as $46 million through an initial public offering. Based in Stamford, Connecticut, PC Flowers filed with the Securities and Exchange Commission to sell common shares. The company will disclose the number of shares to be sold and their price in a supplemental filing. The company offers floral products and complementary event-driven gift products such as jewelry, cosmetics, specialty foods and gift baskets. Customers can order flowers through its group of FTD and Teleflora member florists or directly from growers. Shipping directly from growers allows customers to receive flowers that are seven to nine days fresher than flowers received through the traditional retail flower distribution process, according to the registration statement. Fingerhut Cos. Inc., acquired in March by Federated Department Stores Inc., owns 48% of the company's common stock.Fingerhut, one of the largest direct marketing companies in the U.S., last month began managing the operations of several of Federated's direct marketing and e-commerce businesses, including macys.com and Macy's By Mail. Revenues at PC Flowers rose to $1 million for the first quarter of this year from $432,000 during the same period last year. PC Flowers recorded a net loss of $611,000 for the 1999 first quarter, reversing $15,000 of net income earned during the 1998 first quarter. William Tobin, a graduate of Adelphi University, founded the company and now serves as chairman and chief executive. The company president is David Crampton, the former chief executive of The School Report (theschoolreport.com), an Internet-based school information service. PC Flower will use the IPO proceeds to expand its sales and marketing efforts, including the hiring of additional personnel. Some of the money may also be devoted to capital expenditures, including further technology development and possible acquisitions. Underwriters for the stock sale will include BancBoston Robertson Stephens, Dain Rauscher Wessels and Warburg Dillon Read LLC. The company will seek to have its shares trade on the Nasdaq Stock Market under the symbol PCFG; its Web site is pcflowers.com. (Courtesy:Bloomberg via CNET News) | ||||||||||||
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