GENESIS GETS NAME CHANGE BEFORE IPO.Byline: Ben Sullivan Daily News Staff Writer While Wall Street's interest in Internet-based companies slowed perceptibly per·cep·ti·ble adj. Capable of being perceived by the senses or the mind: perceptible sounds in the night. [Late Latin perceptibilis, from Latin perceptus over the past week, at least one local firm hopes the market is just catching its breath. Studio City-based GenesisIntermedia.com Inc. will launch an initial public offering late next week. And the company went so far as to change its name, tacking The process whereby an individual who is in Adverse Possession of real property adds his or her period of possession to that of a prior adverse possessor. In order for title to property to vest in an adverse possessor, occupancy must be continuous, regular, and on the ``.com,'' in an apparent effort to ride the wave of investor excitement generated in the last year by several high-profile IPOs of Internet-based companies. Genesis acknowledges in its prospectus both that it has a limited operating history and that ``virtually all of (its) revenues to date have been derived from conventional media solutions,'' not from the Internet. Still, the firm says it plans to increase its online presence through future acquisitions of Internet-related firms. The IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , underwritten by newcomer Millennium Financial Group Inc., has a target price of $8.50 for each of 2 million shares the company wants to float. Genesis sells products that it owns or for which it has licensed the marketing rights via infomercials on broadcast television, cable TV and print advertising. It then resells customer data to other retailers in the form of mailing lists An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new . One of the company's top money makers has been audio and video products spun off the best-selling best·sell·er also best seller n. A product, such as a book, that is among those sold in the largest numbers. best John Gray book ``Men Are From Mars, Women Are From Venus.'' Founded in 1993, Genesis' sales slowed last year, with $9.37 million in revenue in the first nine months of 1998, compared to $11.72 million in the same period of 1997. Earnings, however, crept crept v. Past tense and past participle of creep. crept Verb the past of creep crept creep up over the three quarters to $795,000, compared with $763,000 in 1997. Citing the company's quiet period prior to the IPO, Genesis Chief Financial Officer Douglas Jacobson declined to comment on the company's future prospects. While not necessarily critical of the company as a going business, some IPO watchers say Genesis' name change to one that implies an Internet-based operation is a cynical move. ``Any company, not just Genesis, that is putting the dot-com in its official name in close conjunction with going public is without question taking advantage of the buyer feeding frenzy'' surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. Internet stocks Internet stock The equity security of a company engaged primarily in a business associated with the Internet. Also called dot-com. , said David Menlow, president of Millburn, N.J.-based IPO Financial Network Corp. ``As for whether or not it's ethical, that's something left to the decision of the investors,'' Menlow said. ``But I'd caution anybody who's involved that when buying an IPO they carefully read the prospectus to see if their expectations for price performance are based solely on the name or an actual business plan.'' AT A GLANCE WHO: GenesisIntermedia.com Inc. HQ: 13063 Ventura Blvd., Studio City, CA 91604-2238. PHONE: (818) 464-7270. FOUNDED: 1993. 1998 REVENUES (first nine months): $9.37 million. 1998 NET INCOME (first nine months): $795,000. TOTAL ASSETS: $21.29 million. TOTAL COMMON STOCK OFFERED: 2 million shares. TARGET PRICE: $8.50. OUTSTANDING COMMON STOCK AFTER OFFERING: 5.06 million. PROPOSED TICKER SYMBOL Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : GENI. MARKET: Nasdaq. CAPTION(S): Box BOX: AT A GLANCE (see text) |
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