ICx stock on sale today

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12/08/2007
It's IPOs all over the place, all of a sudden. While Cross Match contemplates prices (see below) and waits for SEC approval to go forward, ICx raised $80 million yesterday by selling 5,000,000 shares at $16 a whack during its IPO. They appear to be up for trading on NASDAQ today. Call your broker. ICx is an interesting company, with a lot of technology in the sensors, surveillance, and software fields, which has been accumulated through a number of acquisitions, but they ended up selling beneath the target range for the IPO, which was between $17 and $19. Does this mean the stock was a good value? Maybe not. It opened at $14 today (and is lower as of this typing). Follow its progress, if you'd like. I'm no investment expert, but news like this would keep me away: For the first half of 2007, ICx had reported a net loss of $16.5 million and forecast a net loss of $5.8 million to $7.8 million for the quarter ended Sept. 30. Maybe that's unfair. Here's the bigger picture, from the company's registration statement with the SEC: Our revenue grew 187% from $31.4 million in 2005 to $90.2 million in 2006, primarily as a result of acquisitions in 2005 and organically grew 54% to $94.6 million in the first nine months of 2007 as compared to $61.6 million for the same period in 2006. Our net loss increased 764% from $14.8 million in 2005 to $128 million in 2006, primarily due to a goodwill impairment charge of $66 million and a loss from discontinued operations of $18.9 million in 2006. In the first nine months of 2007 as compared to the same period in 2006, our net loss decreased 38% from $37.8 million to $23.3 million primarily due to increased revenue in the first nine months of 2007. As of September 30, 2007, our accumulated deficit was $170.9 million. I'm still not sure if that seems attractive.