RealTime IT News

Wireless Firm Files Follow-On, Eyes Acquisitions

Wall Street may not be ready for a new crop of telecom IPOs, but a McLean, Va., firm believes there is interest in follow-on offerings for established companies in the sector.

If so, LCC International certainly qualifies.

The company, which provides technical consulting to wireless voice and data carriers, was founded in 1983 and went public in 1996.

Now, LCC plans to offer an additional 2 million shares of its common stock to the public. At the same time, private investors will sell 5 million shares on the open market, though the company will not see any proceeds from the private sale.

LCC will use the money for "for general corporate purposes including working capital and potential future acquisitions." The offering is being managed by CIBC World Markets, Inc. and Punk, Ziegel & Company.

The follow-on filing with the Securities and Exchange Commission comes about a month after LCC posted increase revenues and a narrower loss in its second quarter.

In addition, the Company announced a backlog in excess of $150 million that includes large awards from Sprint and United States Cellular.

LCC has been engaged to perform RF engineering and network deployment services for Sprint and deployment services for United States Cellular. Other U.S. customers include AT&T Wireless Services, Cingular Wireless, Nextel, Verizon Wireless and XM Satellite Radio.

Shares of LCCI opened down about 5 percent to $5.04 this morning.