News Brief
Traffic.com Slashes IPO Price
Nov 29, 2005, 6:00 AM
Traffic.com lowered the price of its planned initial public offering to the range of $10.50 to $12.50 a share--down from $11.50 to $13.50 a share, in papers filed Monday with the Securities and Exchange Commission.
The company, which syndicates traffic information for 29 large U.S. metropolitan areas, has never been profitable--and doesn't expect to be in the black for at least two more years, according to its filing. "Losses are expected to continue for at least the next two years as we seek to increase our product and service offerings, expand into new geographic markets," stated the document.
In July, Traffic.com upgraded its Web site, www.traffic.com, and started accepting online ads; at that time, Traffic.com also began offering a subscription wireless service. So far, stated the company in its filing, revenue from Web ads and consumer subscriptions has been "minimal."
--Wendy Davis
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