BofA Merrill Lynch and Piper Jaffray are listed as the joint book-running managers; Cowen & Co. and William Blair are listed as co-managers for the deal. The proposed stock ticker will be “GFLY” on NASDAQ.
GameFly is the largest subscriber-model online video game rental service, with more than 334,000 subscribers listed as of September 30, 2009. The company’s game library is made up of over 7,000 game titles on all major video game consoles and hand-held platforms. It also sells new and used games.
Revenues have increased from $15.8 million in the fiscal year ended March 31, 2005 to $84.7 million in the same time in 2009. In the same period its subscriber base rose from about 74,000 to more than 328,000. For the six-month period ended of September 30, revenues were $38.387 million in 2008 and $46.431 million in 2009. In those same 6-month periods, 2008 saw operating income of $2.44 million and net income of $1.481 million, versus $5.95 million in operating income and $732,000 net income in 2009.
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