Industry News: ProQuest Looking To Sell Stock

ProQuest Company filed a registration statement with the Securities and Exchange Commission on April 17 for a proposed public offering of 5.1 million shares of common stock. Three million shares will be offered by ProQuest and 2.1 million by selling shareholders. Underwriters of the public offering may sell up to an additional 765,000 shares to cover over-allotments, if any. ProQuest intends to use the net proceeds from the offering to repay debt.

In the most recent ProQuest financial report, for the first quarter ending March 31, revenues and earnings before interest and taxes (EBIT) showed growth. Revenues were up seven percent and EBIT was $20.5 million, a 27 percent increase over the same period last year. In the Information and Learning segment alone, revenues rose to $60.3 million, an eight percent increase. EBIT for the first quarter was $12.8 million, a 23 percent increase over 2001.