FriendFinder to Complete IPO by Year End

FriendFinder Networks
  • Thursday, October 15 2009 @ 03:02 pm
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FriendFinder Networks said on Tuesday that they plan to complete the IPO process by 2010 and intends to list its common stock on the New York Stock Exchange under the symbol “FFN.”.

FriendFinder Networks Inc. intends to use the net proceeds of the public offering to redeem a portion of its outstanding senior secured indebtedness and to pay waiver fees to certain debtholders.

The company owes $442.1 million in debt in connection with its acquisition of Various and about $81 million in debt at the parent level. Here are some interesting facts from the FriendFinder Networks filing which was made public on Tuesday (most points deal with data from the six months which ended on June 30, 2009):

  • Averaged 54 million unique worldwide visitors per month according to comScore (all sites).
  • Averaged more than 4.3 million new registrations on their websites each month.
  • Averaged more than 2.8 million new members on their websites each month (both free and paid).
  • Had a monthly average of approximately one million paying subscribers from whom FFN derived approximately 79.1% of their internet revenue.
  • Averaged approximately 1.4 million purchased minutes by paid users each month from whom FFN derived approximately 18.4% of their internet revenue.
  • Average revenue per subscriber, or ARPU on FFN adult social networking websites and general audience social networking websites was approximately $21.67 and $18.70, respectively.
  • The average monthly churn rate (loss of subscribers), for their adult social networking websites has decreased from approximately 17.8% per month for the six months ended June 30, 2008, to approximately 17.1% per month for the six months ended June 30, 2009. Their average monthly churn rate for the general audience social networking websites has decreased from approximately 20.8% for the six months ended June 30, 2008 to approximately 17.1%.
  • FFN has over 200,000 Affiliates as of June 30, 2009 and derive a substantial portion of their new members and approximately 44% of revenue. For the six months ended June 30, 2009, FFN made payments to marketing affiliates of approximately $ 30.3 million.

Related Story: FriendFinder Networks Financials

To view the full filing visit the SEC Archives.