International Market Centers (IMC), one of the world's largest operators of premier showroom space for the furnishings, home decor and gift industries, has filed for an initial public stock offering (IPO) with the Securities and Exchange Commission (SEC), seeking $200 million to expand in its Las Vegas and High Point, N.C. markets, according to a statement released by the company.
If approved, public shares will be available on the New York Stock Exchange under the symbol IMC.
The public report filed with the SEC reveals that initially the funds would be used to pay fees and debts to IMC’s investment firms. In addition, the company hopes the additional funding will allow for expansion and growth in the its two major markets.
International Market Center in High Point, N.C.
According to the prospectus, IMC had revenues of $150.6 million and a net loss of $32.9 million in 2013. In 2012, revenues were $138.6 million and the net loss totaled $63.4 million. For the first nine months of 2014, revenues were $118.8 million and the net loss totaled $28.3 million.
As of Sept. 30, the company’s total long-term debt was $541 million.
The prospectus, however, focused on the growth potential of the home furnishings industry and the plans to cross pollinate between both of IMC’s major markets.
International Market Center in Las Vegas
“The universe of buyers who attend the Las Vegas Markets is distinctly different than the universe of buyers who attend the High Point Markets,” reads the statement. “The Las Vegas Markets provide significant opportunity for our High Point Property tenants seeking national distribution and exposure, as approximately 85 percent of the domestic buyers who attend the Las Vegas Markets come from states west of the Mississippi River.
“In addition, approximately 87 percent of the home furniture and home décor buyers that attend our Las Vegas Market are unique relative to the High Point Markets.”
The statement also paints an optimistic portrait of the industry, saying it has “remained stable through economic cycles,” and has grown at a compound rate of 5.7 percent in the last 43 years. What's more, the industry “has shown positive growth in 38 of those years.”
“The U.S. home furniture industry experienced year-over-year sales declines of only 3 percent during the 1982 recession and of 8.0 percent and 10.2 percent during the recession in 2008 and 2009. Because the housing market is an underlying driver of home furniture sales, [...] as the housing market recovers, we believe that the U.S. home furniture industry will benefit from future growth in such market.”
When asked to comment, representatives of the IMC stated that the company did in fact file for IPO but was unable to comment further while in a mandated “quiet period.”
For more information and access to the full prospectus, click here.
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