U.S. Audiotex Corporation has filed its S-1.
Thomas R. Evans is the Chairman and Chief Executive Officer of U.S. Audiotex Corporation. From April 1998 to May 1999, Mr. Evans was the president and chief executive officer of Geocities, Inc., which was acquired by Yahoo! Inc. in May 1999.
Web site: 8882paytax.com
From the S-1:
We are the leading provider of electronic payment options to government entities enabling consumers to use their credit cards to pay, by telephone or through the Internet, personal federal and state income taxes, sales and use taxes, property taxes and fines for traffic violations and parking citations. Our interactive voice response (IVR) toll-free telephone number, 1-888-2PAY-TAX/SM/, allows consumers to make payments and receive certain customer service information. Our 8882paytax.com Web site allows consumers to make certain payments, and we are working with our existing government clients, including the Internal Revenue Service (IRS), to enable consumers to make additional tax and other payments through the Internet. We are also enhancing our Web site so that consumers will be able to print receipts, save their personal data to facilitate future payments, obtain information regarding our services and access additional tax and other information.
Our government clients include the IRS, the States of California and New Jersey, the District of Columbia and over 400 municipalities. Our pilot program for personal federal income taxes processed over 45,000 tax filings totaling more than $174 million in payments to the IRS from January 15, 1999 to April 15, 1999. Based on IRS data, we had a 95% market share (based on dollar volume) for credit card payments of personal federal income taxes in the first six months of 1999. We also processed over 187,000 payments for our state and municipal government clients totaling $55 million in the first six months of 1999.
We combine expertise in facilitating credit card transactions, an Internet focus and targeted marketing techniques to attract both government clients and consumers to our services. Our services allow our government clients to provide their constituents with user-friendly electronic payment options at no charge to the government entity. Consumers who use our payment services pay us a convenience fee that is added to their payment. We believe that consumers use our services for the convenience, the payment flexibility and the perquisitesassociated with paying by credit card.
Sales:
Year ending December 31, 1998: $2.369 MM
Six months ending June 30, 1999: $6.113 MM
Net loss:
Year ending December 31, 1998: $(.325) MM
Six months ending June 30, 1999: $(.059) MM
Original filing date: September 17, 1999
Exchange: Nasdaq
Proposed offering amount: $60.0 MM
Underwriters: Donaldson, Lufkin & Jenrette, CIBC World Markets, DLJdirect, Inc. |
