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GoPro hopes to raise $100 million through IPO

Published May 20, 2014

SAN MATEO, Calif. (BRAIN) — Action camera giant GoPro Inc. filed an S-1 form with the Securities and Exchange Commission on Monday, providing a financial picture of its operations as it prepares to go public. In its filing, GoPro said it hopes to raise $100 million with its public offering.

The company said it wants to use money raised as working capital and to repay a term loan, which has an outstanding balance of $111 million. “We may also use a portion of the net proceeds to acquire or invest in complementary businesses, technologies or assets,” the company said.

GoPro generated $985.7 million in revenue in 2013, up from $526 million in 2012, according to the statement filed with the SEC. Units shipped in 2013 increased 66 percent to 3.8 million from 2.3 million in 2012. 

Through March 31 of this year, it reported $235.7 million in revenue, down from $255.1 million for the comparable period in 2013. Units shipped through March this year were down 11 percent to 900,000 from 1 million in 2013. Revenue and units shipped in the same period in 2013 were impacted by production delays in the fourth quarter of 2012. That delayed shipments to the first quarter of 2013, which resulted in revenues that didn’t reflect the seasonality of its business, GoPro said. This year, its revenues weren’t affected.

Net income last year was $60.6 million, followed by income of $11 million for the first three months of 2014.

Since launching its first high-definition camera in July 2009, the company has sold more than 8.5 million HD cameras, including more than 3.8 million units last year. GoPro currently sells its products in more than 100 countries and through more than 25,000 retail stores. The company has also unveiled a desktop application, GoPro Studio, and an app allowing users to manage, edit and create videos. The app allows customers to copy footage from a camera to a mobile device without a computer.

GoPro was founded in 2004 by surfer Nicholas Woodman. Its first product was a wrist-mounted, waterproof, film-based camera. In 2006, it shipped its first digital unit, the Digital Hero, followed by the company’s first HD camera in 2009, the HD Hero. The current Hero3+ family of products was launched in late 2013.

The company initially sold specifically through independent specialty retailers focused on action sports. Since then it has expanded sales both direct and through distribution to big-box, midmarket and independent retailers, as well as its own website.

Listed among its principal shareholders are founder Woodman, who owns 48 percent of the company, RW Camera Holdings with 16 percent and Foxteq Holdings with 10 percent.

More information: SEC website.




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