Handset distribution company InfoSonics Corp. said it plans to sell 2 million shares for between $5.50 and $6.50 per share in its upcoming initial public offering. The company plans to list its common stock on the American Stock Exchange under the symbol IFO. Founded in 1994, InfoSonics and its wholly owned subsidiary Axcess Mobile, sell handsets and accessories from LG Electronics Co. Ltd., Samsung Electronics Co. Ltd., Audiovox Communications Corp. and others. The company also resells service from AT&T Wireless Services Inc., although it said the carrier’s sale to Cingular Wireless may affect that deal. InfoSonics said that from 1999 through 2003, it increased revenues from $24.2 million to $65.1 million. The company said its operating income increased from $313,000 to $1.9 million, and its net income increased from $152,000 to $1.1 million.
Sprint PCS affiliate US Unwired Inc. provided full-year guidance excluding its IWO Holdings Inc. subsidiary, calling for total revenues of between $405 million and $420 million, which would be a drop from the $535.8 million the carrier reported last year. Customer growth is expected to increase from 59,246 subscribers last year to between 65,000 and 75,000 subscribers this year. Earnings before interest, taxes, depreciation and amortization is expected to increase from $47.1 million in 2003 to between $70 million and $80 million this year, while capital expenditures will remain level with the $30.5 million the carrier reported last year.
Sirific Wireless Corp., a radio-frequency transceiver company, closed its series B financing of $17 million. TD Capital Ventures led the funding. Intel Communications Fund made an initial strategic investment. Sirific is demonstrating a single-chip CMOS quad-band EDGE RF transceiver for mobile handsets, laptops and personal digital assistants to alpha customers. “Sirific Wireless has the first and only working RF CMOS, multi-band, single-chip cellular transceiver solution that supports EDGE,” said James Goldinger, investment partner, TD Capital Ventures.
