Under Armour Going Public

Baltimore-based Under Armour Inc., which specializes in synthetic microfiber clothing that's designed to wick moisture away from the skin, filed on Thursday, Aug. 25, 2005, to offer shares on the Nasdaq, under the symbol "UARM." There was no proposed number of shares or a price range in the registration statement, but Under Armour hopes to to raise at least $100 million through the offering. The cash will be used to pay down debt, for general corporate purposes and to repay investments by private equity firm Rosewood Capital.

Under Armour, which competes against apparel giants Nike, Adidas, Reebok, and others, revealed plans to introduce a line of football cleats for the fall 2006 season.

Under Armour enjoyed a rise in net income to $4.3 million in the first half of 2005, up from $3.4 million in the same period the previous year. This represented a 2 cent increase per share, from 6 cents to 8 cents a share. Revenue rose to $107.1 million from $70.1 million.

According to the filing, over 44% of the shares are owned by Kevin Plank, 33, the company's founder and chief executive.


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