Posted on 09/28/2009 1:31:49 PM PDT by rabscuttle385
SAN FRANCISCO (MarketWatch) -- Internet retailer Newegg Inc. plans an initial public offering of stock worth up to $175 million, according to a filing with the Securities & Exchange Commission on Monday.
City of Industry, Calif.-based Newegg focuses on sales of electronics, hardware and software to consumers and small businesses. The company did not specify the timing of its IPO, on which market it intends to float its shares or its intended ticker symbol.
Newegg said it plans to use the IPO proceeds to repay debt and for general corporate purposes, while using $25 million to expand in Canada and China over the course of a year.
Founded in 2000, Newegg said it has been profitable every year since 2001. Net sales rose to $2.1 billion in 2008, compared to $1.9 billion in the prior year, the company said, while net earnings rose to 34 cents a share from 18 cents a share.
For the first half of 2009, Newegg said earnings rose to 18 cents a share from 12 cents a share in the same period last year.
(Excerpt) Read more at marketwatch.com ...
heh—Earnest beat you by a minute
Newegg is great.
Whenever I am looking for an item, they have quality items that are at least $20 cheaper than Best Buy etc.
Sometimes a good $50 or more cheaper, which is ridiculous. And great customer service, fast shipping etc.
Very good company. Competitive. Great service. Only problem is that they will ship to you by U.S. Postal Service instead of UPS or Fed Ex if you are not careful with shipping method selection.
Made the mistake of giving these good old boys my email addy. Get 2 to 3 emails a day advertising their specials. Right on the verge of spam.
I order from them.....business must be holding up even though they say hobbyists no longer build their own computers
Good luck to them
I signed up for the emails and I only get one a day.
I buy a lot.
Sometimes I worry about IPOs as they seem to be the decline of some businesses. Especially after Hostile takeovers they are seen as a juicy lamb ready for the feast. But that is a deficiency of the current laws and/or lack of enforcement of common sense business laws.
Good Luck, NewEgg, you may need it.
I built three PC’s this summer with components purchased from Newegg. It’s a great company; best selection, low prices, easy to shop.
I used to buy a lot more from them than I have lately. Now, I look for the item I want at Newegg, then check Amazon. If Amazon has it, it’s usually cheaper (no tax; free shipping).
I generally bounce between them and Tigerdirect.com.
Love the Egg! They’re not always as cheap as before, shipping is more damage prone these days, but they’re still my first stop to shop.
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