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Bluefly revenues jump 40%, loss deepens in Q2
04 Aug '06
3 min read
-- Weighted average shares increased to 40.3 million from 15.4 million as a result of the financing and the conversion of the Company's preferred stock into common stock in connection with the financing. Total shares outstanding at June 30, 2006 were 128.2 million.
On June 15th the company announced that Maverick Capital Ltd and private funds associated with Prentice Capital Management LP completed a purchase of $50 million of newly issued common stock from Bluefly.
In connection with the transaction, private funds associated with Soros Fund Management LLC converted all of their preferred stock into common stock. Bluefly retained $25 million of the proceeds to grow its business and fund working capital. The balance of the $25 million was used to repay debt to the Soros Funds, as well as to pay accrued dividends on the preferred stock converted in connection with the transaction.
"This was quite a good quarter for us," said Melissa Payner, Bluefly's CEO. "We successfully addressed our capital structure challenges. Our new capital resources will provide the company with greater operating flexibility and marketing power. The effectiveness of our aggressive and evolving advertising campaign continues to show up in our top-line and margin results. Again we are excited about the direction of our business."
Founded in 1998, Bluefly Inc is a leading online retailer of designer brands, fashion trends and superior value. It is headquartered at 42 West 39th Street in New York City, in the heart of the Fashion District.
On June 15th the company announced that Maverick Capital Ltd and private funds associated with Prentice Capital Management LP completed a purchase of $50 million of newly issued common stock from Bluefly.
In connection with the transaction, private funds associated with Soros Fund Management LLC converted all of their preferred stock into common stock. Bluefly retained $25 million of the proceeds to grow its business and fund working capital. The balance of the $25 million was used to repay debt to the Soros Funds, as well as to pay accrued dividends on the preferred stock converted in connection with the transaction.
"This was quite a good quarter for us," said Melissa Payner, Bluefly's CEO. "We successfully addressed our capital structure challenges. Our new capital resources will provide the company with greater operating flexibility and marketing power. The effectiveness of our aggressive and evolving advertising campaign continues to show up in our top-line and margin results. Again we are excited about the direction of our business."
Founded in 1998, Bluefly Inc is a leading online retailer of designer brands, fashion trends and superior value. It is headquartered at 42 West 39th Street in New York City, in the heart of the Fashion District.
Bluefly Inc
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