Gamefly, a mail-in video game rental service — think Netflix for video games — has filed for a $50 million IPO.
Here’s the details:
- Gamefly has 334,000 subscribers.
- It has sales of $46.4 million for the six months ended September 30, up from $38.4 million the year prior.
- Net income in the same period was $3 million, down from $5.4 million the year prior.
- Operating income was $6 million versus $2.5 million the year before.
- For fiscal year ended March 31, 2009, Gamefly generated $84.7 million in revenue.
- Gamefly also operates a network of video game sites that draws 4.4 million uniques, most of whom are not subscribers.
- Gamefly has penetrated a tiny portion of the video game market (~1%), so it sees room for growth.
- Subscriptions to Gamefly start at $15.95 per month.
- Money raised from the IPO will go towards towards general corporate purposes.
- David Hodess, CEO and President of Gamefly, was paid $390,911 in total compensation for 2009.
- Underwriters are Piper Jaffray, Bank of America-Merrill, Cowen and Company, William Blair & Company.
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