In a recent SEC filing, Juniper Partners Acquisition, which recently acquired Firestone Communications and its Sorpresa network, has shed light on the firm’s operations. According to the filing, the purchase price was about $14.15 million in stocks and warrants. Firestone´s shareholders had previously invested $12.8 million in the company, which also has a production and satellite uplink facility.
Firestone’s un-audited financial statements for 2004, 2005 and the first half of 2006 are available online at [http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0000950136-06-007093&Type=HTML].
In 2004, the firm lost some $275,000 on $1.7 million in revenue before earning a little over $874,000 on $6.8 million in revenue in 2005. The jump was due to an uplink and production services client that paid out $5.3 million that year. The unnamed customer has since ceased operations. In the first half of the year, Sorpresa has generated $74,000 in profit on $1.3 million in revenue. A footnote values the network at $12.48 per subscriber.
In an interview earlier this year, Firestone Communications executive VP of operations Christopher Firestone told Multichannel News that Sorpresa had 1 million subscribers. The SEC filing refers to 600,000 current subscribers and the network “is targeting to pass 1 million subscribers over the next six months.”