Hawthorne, N.Y. (May 19, 2004) -- SmartPros Ltd., which provides continuing professional education programs for accounting, finance and engineering professionals, has filed for a $9.5 million initial public offering.


The Hawthorne, N.Y.-based company plans to sell 900,000 shares, which it expects to price between $9.50 and $10.50 each. The company plans to list on the American Stock Exchange under the symbol PRO. The company estimates net proceeds from the offering of about $7.4 million, which it plans to use to acquire and develop new content.


The provider of online and offline CPE also runs a Web portal for accountants, which it acquired when it bought the assets of Seattle-based Pro2Net (formerly AccountingNet) in May 2001.


In its prospectus, the company said it hasn't recorded an operating profit since 1999 and it incurred cumulative losses of $10.2 million from 2000 through 2003.


The IPO date hasn't been set.


-- WebCPA staff

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