FINANCE

Report: Twitter raises $1.82 billion in IPO

BY Dan Berthiaume

San Francisco – Twitter began trading shares on the New York Stock Exchange (NYSE) on Nov. 7 after reportedly raising $1.82 billion in its IPO. According to Bloomberg, Twitter sold 70 million shares at $26 each in its IPO, giving it a $14.2 billion market capitalization that is 12.4 times estimated 2014 sales of $1.14 billion.

Twitter will trade on NYSE under the TWTR symbol. The company’s revenue reached $534.5 million in the 12 months that ended Sept. 30, 2013.

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Scotts Q4 makes up for challenging start to fiscal 2013

BY CSA STAFF

Scotts Miracle-Gro has made up for lost time in the second half of the year, finishing with fiscal year sales essentially flat from the previous year.

The company’s full year net sales were $2.82 billion, after a 9% increase in the second half, including a 10% increase in the fourth quarter.

"Despite dramatic delays in our season due to poor spring weather, consumers were highly engaged in the second half of the year, allowing us to exceed our guidance," said CEO Jim Hagedorn." He also pointed to the success of Project Max, the company’s cost-cutting and productivity initiative.

Still, the CEO described the consumer marketplace as "soft." The company’s outlook calls for sales growth of 2% to 3% in fiscal 2014.

In the fourth quarter, Scotts sales of $443 million, compared to sales of $401.2 million in the fourth quarter last year. The net income line showed a loss of $19.4 million, compared to a loss of $40.1 million in the same quarter last year.

For the full year, the company’s net income was $161.1 million, up from $106.5 million in fiscal 2012.

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FINANCE

The Container Store completes IPO; adds four board members

BY Dan Berthiaume

Dallas — The Container Store Group, Inc. has completed its IPO of 14.375 million shares of its common stock at a price to the public of $18 per share, including 1.875 million shares sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters.

The shares began trading on the New York Stock Exchange on November 1, 2013 under the symbol “TCS.” In connection with the IPO, four new directors have joined the board of directors: Robert E. Jordan, executive VP & chief commercial officer of Southwest Airlines and President of AirTran Airways, Danny Meyer, CEO of Union Square Hospitality Group, Walter Robb, co-CEO of Whole Foods Markets, and Rajendra (“Raj”) Sisodia, the FW Olin Distinguished Professor of Global Business at Babson College.

J.P. Morgan, Barclays, Credit Suisse, Morgan Stanley, BofA Merrill Lynch, Wells Fargo Securities and Jefferies acted as joint book-running managers for the offering, and Guggenheim Securities acted as co-manager.

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