Cyberian Outpost Inc, Kent, Connecticut-based internet retailer of computer hardware, software and peripherals, has filed with the Securities and Exchange Commission for a public offering of common stock that could raise as much as $63.3m. All of the shares are being offered by the company. No other terms of the offering were disclosed, including the number of shares, the percentage of the company to be offered or the price per share. Cyberian plans to use the net proceeds of the offering for marketing activities, including promotional alliances such as those it has with America Online Inc and Excite Inc. It will also use some of the cash to upgrade its network and hints at possible acquisitions, although none are currently in the works. BT Alex Brown, NationsBanc Montgomery Securities LLC and Dain Rauscher Wessels will act as managing underwriters of the offering. The company has applied to the Nasdaq national market to list its shares under the ticker symbol COOL. For the fiscal year ended in February of this year, Cyberian reported a net loss of $7.1m on revenue of $22.7m, up 110% from $10.8m in 1997. Total losses since the company’s inception in 1995 totaled $8.8m as of February. Business has picked up very recently for Cyberian, which said in the SEC filing that during the last four consecutive fiscal quarters, the company’s quarterly net sales have increased from $3.9m, to $4.6m, $6.1m and $8.1m, respectively. Of the more than 103,000 individual customers who have purchased from Cyberian since 1995, more than 90,000 have become customers since March 1997. The company also boasts an average order size of about $250, which it reckons is significantly higher than many other online retailers. The company says that the proceeds of the offering, combined with the cash and equivalents on its balance sheet, should be enough to fund operations for the next 12 months.
