Porn and adult social networking FriendFinder Networks Inc. has applied to come public again. The company has said that it has applied to list under “FFN” for its ticker on NASDAQ. FriendFinder hired Imperial Capital and Ladenburg Thalmann & Co. as the two underwriters.
The company has a network of more than 38,000 websites. It claims more than 298 million members in more than 200 countries. In December 2010, it listed a figure of more than 196 million unique visitors in its network of websites based on comScore data. FriendFinder also claims to be currently adding on average more than 6.4 million new registrants and more than 3.9 million new members each month.
The company’s most heavily visited websites (with the ‘.com’ omitted) include AdultFriendFinder, Amigos, AsiaFriendFinder, Cams, FriendFinder, BigChurch and SeniorFriendFinder. Some of its other properties are Penthouse, MillionaireMate, GetItOn, and HotBox.
FriendFinder generated net revenue for the year ended December 31, 2010 of $346.0 million. Its revenues to date have been primarily derived from online subscription and paid-usage for products and services and approximately 70% of total 2010 net revenues were generated through its targeted social networking technology platform. Approximately 22% of its total net revenues for 2010 were generated through its live interactive video technology platform. About 1% and 7% of total 2010 net revenues were generated via its premium content technology platform and its non-internet entertainment business
Here is what the company said about its revenues per user… “Average Lifetime Net Revenue Per Subscriber is calculated by multiplying the average lifetime (in months) of a subscriber by ARPU for the measurement period and then subtracting the CPGA for the measurement period. Our Average Lifetime Net Revenue Per Subscriber increased from $79.34 for the year ended December 31, 2009 to $80.17 for the year ended December 31, 2010.”
Be advised that all of the net proceeds from this offering will be used to repay a portion of the company’s outstanding debt. On October 27, 2010, it issued new debt to repay its existing debt and along with its wholly owned subsidiary, Interactive Network Inc., it co-issued $305.0 million principal amount of 14% Senior Secured Notes due 2013, $13.8 million of 14% Cash Pay Second Lien Notes due in 2013, and $232.5 million of 11.5% Non-Cash Pay Second Lien Notes due 2014.
As another reminder, this is not the first time that the company tried to come public. You can compare the financial data today to when it first filed back in late-2008 for an IPO. That IPO was originally filed as $460 million but was reduced to $220 million before it was scrapped all together. We know what happened to the market that killed its chance of an IPO back then.
The Full Amended Filing is here.
JON C. OGG
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