Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
U.S. Auto Parts is revving up a public offering of 10 million stock shares estimated at $10-$12 per share. U.S. Auto Parts will use the IPO proceeds to repay a $35 million debt and for general corporate purposes.
U.S. Auto Parts Inc. has filed a stock registration statement with the Securities and Exchange Commission ahead of an initial public stock offering of 10 million shares at an estimated $10-$12 per share.
U.S. Auto Parts, whose subsidiary Partstrain.com is No. 166 in the Internet Retailer Top 500 Guide to Retail Web Sites, operates three e-commerce sites, including Autopartswarehouse.com and USAutoparts.com. The company boasts a product database that maps 550,000 SKUs to more than 4.3 million product applications based on vehicle makes, models and years.
U.S. Auto Parts was formed in 1995 and launched its first web site in 2000. In September, the company’s web sites had approximately 6.8 million unique visitors. The number of orders placed through Partstrain.com, Autopartswarehouse.com and USAutoparts.com has increased from approximately 288,000 in 2005 to approximately 505,000 for the nine months ended Sept. 30. Average order for the nine months of 2006 was approximately $120.
In 2005, U.S. Auto Parts generated net income of $6.8 million on revenue of $59.7 million, compared with 2004 net income of $7.1 million revenue of $40.6 million. For the period January through September 2006, the company reports net income of $1.3 million on revenue of $83.7 million.
U.S. Auto Parts will use the IPO proceeds to repay a $35 million debt and for general corporate purposes, including introduction of product categories, expansion of product categories and expansion into unnamed complementary businesses, the company says. In May, U.S. Auto Parts acquired Partsbin.com, another web automotive parts retailer, for $25 million.