SAN DIEGO – Wireless Facilities Inc., a wireless communications networks company, went public November 5, offering 4 million shares at $15 apiece. The company’s stock priced at the top of its $13 to $15 filing range.
Underwritten by Credit Suisse First Boston, Hambrecht & Quist Group and Thomas Weisel Partners L.L.C., the initial public offering left 39 million shares outstanding.
There were no selling shareholders. Oak Investment Partners and MeriTech Capital Partners were venture backers.
The company plans, designs and deploys wireless telecommunications networks, providing network management, optimization, recalibration, tuning and maintenance services. Its clients include AT&T affiliate Triton PCS and Lucent Technologies.
The $54.8 million in proceeds expected from the IPO will be used to repay debt and for other general corporate purposes, including working capital.
Wireless Facilities has always generated a profit, earning $6.8 million in 1997 and $4.7 million in 1998.
Bandel Carano, general partner at Oak, joined the company’s board of directors in August 1998.
Wireless Facilities – Selected Financial
(in thousands, except per share data)
Year Ended December 31 Six Months Ended June 30
1996 1997 1998 1998* 1999
Total revenue 15,421 22,658 51,909 21,611 33,106
Net income 6,732 6,769 4,685 6,103 2,636
Net income per share 0.24 0.24 0.17 0.21 0.1