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Homeland Security - Monday, August 6, 2007

Homeland Security Techs ICX Files For $184M IPO

ICx Technologies filed to raise up to $184M in an IPO. Lehman Brothers and Goldman, Sachs are lead underwriters the IPO. The company plans to list its shares on the Nasdaq under the ticker symbol "ICXT." ICx Technologies has a head count of 750 individuals who develop and sell systems for explosives detection, gamma and neutron radiation detection and perimeter surveillance, among other security products.

The company sells products directly to federal agencies, the military, state and local governments and agencies and private sector customers like Fedex and Walt Disney.

For the three months ended in March 31, ICx' loss was $9.4M from $12.9M in the prior year. During the same period, the company's revenue was $16.4M from $12.5M in the comparable period of 2006.

The company recently named Ken Rapuano as President of Homeland Security. Rapuano was in the White House as Deputy Assistant to the President and Deputy Homeland Security.

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