VCom Files for $25 Million IPO

Canadian cable and wireless infrastructure technology supplier VCom Inc. (http://www.vcom.com) has filed a final prospectus for a C$25 million initial public offering (IPO). If successful, the company's common shares will be listed on the Toronto Stock Exchange this month under the symbol "VCM". Originally founded as WaveCom Electronics Inc. in 1998, the company changed its name to VCom Inc. in 2003. Accoding to its prospectus, VCom generated C$63 million in revenue for its 2005 fiscal year ending June 30, up from C$44.3 million in 2004. The company posted C$10.3 million in net income for 2005, up from C$6.6M in 2004. By far, VCom's most successful products are its line of upconverters and modulators for DOCSIS cable modem termination systems (CMTSs). Cisco Systems is VCom's largest customer, purchasing C$24.2 million worth of products in FY2005, mostly CMTS modules. VCom also sells a line of digital video solutions, including edge modulators, modulator/upconverter modules and transmodulators. Key customers include BigBand Networks, Skystream and Thomson Multimedia.