RealTime IT News

Art Technology Group. to Sell 4.5M Shares

E-Commerce solutions company Art Technology Group Inc. (ATG) filed a statement with the SEC for a proposed public offering of 4.5 million shares of common stock.

At the same time, the company reported revenues for the third quarter of 1999 increased to $8.1 million, up from $3.5 million in the comparable period in 1998.

The company recorded a pro forma net loss of $1.4 million, or $0.05 per share, compared with a pro forma net loss of $441,000, or $0.02 per share, in the same quarter a year ago.

ATG closed Friday at 16 15/16, up 5/16. Its 52-week high are low are 23.37 and 15.56, respectively.

The company said 1.425 million shares will be offered by ATG and 3.075 million shares will be offered by certain stockholders.

The offering is being lead-managed by Hambrecht & Quist LLC, U.S. Bancorp Piper Jaffray Inc., Thomas Weisel Partners LLC and Dain Rauscher Wessels, a division of Dain Rauscher Inc.

"We are very pleased with the results for Art Technology Group in the recent quarter," said Jeet Singh, president and CEO of Art Technology Group.

"The strong growth in our top-line as well as bottom-line numbers is being driven by the increasing proportion of product license revenues in our revenue mix, rapid growth of our customer list, and increasing success in the number as well as quality of partnerships with systems integrators."

ATG offers an integrated suite of Internet customer relationship management and electronic commerce products and services.

Its Dynamo product suite is designed to provide businesses with the core platform and software tools required to develop and deploy personalized, scalable and reliable e-commerce Web sites.