WESTBURY, N.Y. – 1-800-FLOWERS.COM Inc., an e-commerce provider of floral products and gifts, went public August 3, offering 6 million shares at $21 apiece. The company’s stock priced well above its $16 to $18 filing range.
Underwritten by Goldman Sachs & Co., Credit Suisse First Boston and Wit Capital Corp., the initial public offering left 21.4 million shares of class A common stock and 40.2 million shares of class B common stock outstanding.
There were no selling shareholders. Venture backers included Chase Venture Capital Associates, Benchmark Capital Partners, SOFTBANK America Inc. and Waelinvest S.A.
1-800-FLOWERS.COM offers its customers more than 1,500 varieties of fresh-cut and seasonal flowers, plants and floral arrangements. The company recently expanded its product line to include gourmet foods, as well as home and garden merchandise.
The expected $115.7 million generated in the IPO will be used to repay loans, redeem stock, fund marketing, enhance infrastructure, enter strategic relationships with Internet companies, expand product offerings and for general corporate purposes.
The company had been profitable until the nine months ended March 28, when it lost $8.7 million.
T. Guy Minetti, president of Bayberry Advisors, joined the company’s board of directors in December 1993, followed in February 1995 by Jeffrey Walker, general managing partner of Chase Capital Partners. David Beirne, a managing member of Benchmark II and Charles Lax, a general partner of SOFTBANK Technology Ventures IV, were both named directors in July.
1-800-Flowers.com – Selected Financial
(in thousands, except per share data)
Year Ended June 30 Nine Months Ended March 30
1994 1995 1996 1997 1 998 1998 1999
Total revenue 91,663 116,807 153,128 186,430 220,592 146,217 203,668
Net income 638 837 268 2,925 3,466 1,190 -8,682
Net loss per share 0.01 0.02 0.01 0.07 0.08 0.03 -0.2