Shutterfly files for US$92 million IPO

WASHINGTON - Internet photo service Shutterfly Inc. filed with US regulators today to raise up to US$92 million in an initial public offering of common stock.

Goldman Sachs & Co., JPMorgan, Piper Jaffray and Jefferies & Co. are underwriting the offering, according to a preliminary prospectus filed with the US Securities and Exchange Commission.

The filing did not disclose how many shares the Redwood City, California, company plans to sell or the expected price of those shares.

Shutterfly, one of the earliest and most popular digital photography sites, was launched in 1999 and was partially funded by investor Jim Clark, co-founder of internet browser Netscape Communications Corp.

The company competes in the online photo finishing market with sites run by Eastman Kodak, Hewlett-Packard, and a host of others, including retailers such as Wal-Mart Stores, Best Buy and Ritz.

Shutterfly said it will use the proceeds from the IPO for general corporate purposes, including working capital and potential capital expenditures for manufacturing and website infrastructure equipment and new and existing manufacturing facilities.

For the three months ended March 31, the company reported a net loss of $1.7 million on $16.9 million of net revenues. For the year-earlier period, the company reported a net loss of $683,000 on $13.2 million of net revenues.

Shutterfly intends to list its stock on the Nasdaq under the symbol "SFLY."

- REUTERS