Web-only – CafePress seeks capital boost through IPO – Internet Retailer CafePress Inc. expects to raise up to $80 million in an initial public offering of stock, the company said Friday. The web-only retailer, which lets customers customize products such as T-shirts, coffee mugs and baby clothes, says it plans to use the proceeds from the IPO for general corporate purposes, including working capital and capital expenditures.
The retailer, No. 122 in the Internet Retailer Top 500 Guide, revealed in its S-1 filing with the Securities and Exchange Commission that it had $127.9 million in revenue in 2010, up 24% from $103.5 million in 2009. But while revenue rose, net income fell 18% to $2.7 million from $3.3 million, the company says. It attributes the decline in net income partly to a 50% rise in sales and marketing expenses to $26.5 million last year from $17.7 million in 2009.
For the first quarter ended March 31, 2011, CafePress said in the S-1 filing that revenue rose 46% year over year to $32.0 million from $21.9 million, as its net loss widened to $831,000 from $40,000.
(Via. Internet Retailer)
