Tag: portalplayer

PortalPlayer files IPO for 6.3 million shares

PortalPlayer announced today that it expects to sell 6.3 million common shares for between US$11 and $13 a share in its initial public offering (IPO), reports Reuters. The company designs the chips and software for Apple’s iPod, amongst other things. The company says it plans to use the expected $67.6 million in net proceeds to repay debt, to increase working capital and for general corporate purposes, the filing with the U.S.

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iPod chip maker lacks long-term contract with Apple

BusinessWeek’s Alex Salkever notes that PortalPlayer, the company that designs the chips and software for the iPod, lacks a contract with Apple, has no profits, and may face competition. “PortalPlayer filed to go public in August. Based on the iPod’s sales momentum, the outfit should be one of the most anticipated tech IPOs of 2004. Should investors dive into this one? Not so fast, analysts say.

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iPod chipmaker cuts jobs

PortalPlayer, whose chip powers Apple’s iPod, cut an undisclosed number of jobs last month, according to c|net. PortalPlayer VP Michael Maia confirmed that layoffs took place a couple of weeks ago, but would not say how many jobs were cut. In addition to powering the iPod, the company’s technology is used in products from RCA and Samsung.

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CEO of iPod chipmaker resigns

C|net reports that John Mallard has stepped down as CEO of PortalPlayer, the company whose chip powers Apple’s iPod. No reason was given for the move, which was made by “mutual agreement” with the company’s board, according to Michael Maia, PortalPlayer’s vice president of marketing. “The board has requested, and (Mallard) has agreed, to stay on in a consultative role,” Maia said.

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