Netscape's success described by Clark family

By NICKI BRUCE LOGAN / Plainview Daily Herald
All the excitement Wednesday (Aug. 9, 1995) in the world of high finance left several Plainview area people breathless when the stock of Netscape Communications Corp. almost tripled in value as the stock went public.
"It was exciting," admits Hazel McClure, whose son, James "Jim" Clark, was one of the main characters in the drama.

Clark, founder and former chairman of Silicon Graphics, formed Netscape in April, 1994, along with Mark Andreesen, a young graduate student at the University of Illinois.

Netscape makes the Navigator browser, a software product that helps internet users find their way around in cyberspace using pictures rather than text only The software, released in December, 1994, makes it easier for novices to use the Internet and has increased potential commercial uses of the Internet. Netscape Navigator is used by an estimated 75 percent of computers linked to the Internet, giving the company a big market edge. The company creates Navigator for users and also equips internet providers with the server software that helps them create their own Internet websites.

According to wire stories, Wednesday's stock offering was one of the most stunning debuts in recent history.

Planned to sell at $21 to $24 a share, the stock hit a high of $75, then settled at $58.25 Wednesday, making Clark, who has a 26.5 percent share of the company, worth more than $700 million at $72.75 per share.

Andreessen's 2.7 percent stake was worth about $73 million at $72.75. Minimums for both men at $28 per share is $272 million and $28 million, respectively. Both men also have extensive options for future purchases.

"The trading was delayed for a while Wednesday morning because of the high demand," explained Clark's mother, eyes sparkling as she recalls watching the drama that was unfolding on CNN and other networks.

Clark had given his family shares prior to the public offering.

His sister, Sue Ritesman, of Plainview described her reaction to the day's trading.

"We're overwhelmed," she said. "It's mind boggling. I never expected something like this."

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