Portrait Innovations Holding Co., a retail operator of free-standing portrait studios, announced its plan to go public through an initial public offering of up to $75 million of its common stock. As of May 2, 2010, the company operated 181 studios across 39 states.
The Charlotte, North Carolina-based company said it has applied for listing of its common stock on the NASDAQ Global Market under the symbol "PTRT", according to a Form S-1 registration statement filed with the U.S. Securities and Exchange Commission on Tuesday.
The company neither disclosed the number of shares to be offered nor details about the estimated price range. Both the company and the selling stockholders are selling shares in the offering.
Portrait Innovations, Inc., was incorporated in North Carolina in 2000 and re-incorporated in Delaware in 2002. In 2008, a holding company formation transaction was completed and Portrait Innovations, Inc. became the wholly-owned subsidiary of Portrait Innovations Holding Co., a Delaware corporation incorporated in 2008.
Portrait Innovations said it intends to use this offering net proceeds to repay debt under revolving credit facility and to pay accrued and unpaid dividends on outstanding preferred stock and the remainder to fund studio expansion and for other general corporate purposes.
For the fiscal quarter ended May 2, 2010, the company's net sales were $29.87 million, and net income was $664 thousand. For the fiscal year ended January 31, 2010, net sales were $111 million, versus $97.40 million for the fiscal year ended February 1, 2009.
Board members Thomas Henson and Mike Balm each hold a significant stake, with co-founders, John Grosso, President and Chief Executive Officer, and John Davis, Executive Vice President and Chief Development Officer, having a notable stake in the company.
On Tuesday, LINC Logistics Co., a provider of mission-critical third-party logistics solutions, also filed a preliminary prospectus for an initial public offering of up to $115 million of its common stock. The company intends to apply to have its common stock listed on the NASDAQ Global Select Market under the symbol "LLGX".
LINC Logistics operates and manages 31 logistics facilities in the United States, Canada and Mexico. For the thirteen weeks ending April 4, 2009 and April 3, 2010 LINC Logistics generated $42.3 million and $56.1 million in revenues and $3.9 million and $8.4 million in Adjusted EBITDA, respectively.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.