Variflex Planning to Offer 2 Million Shares

Variflex Inc., a Moorpark maker of roller skates, skateboards and athletic protective equipment, has filed a registration statement with the Securities and Exchange Commission to sell 2 million shares in an initial public stock offering.

The company plans to offer the stock at between $14 and $17 a share, raising about $20.9 million after expenses.

The money will be used to repay debt, expand product lines and, possibly, finance acquisitions.

According to the filing, 500,000 shares will be offered by current shareholders, including Chairman Raymond Losi and members of his family. After the offering, Variflex expects to have 6 million shares outstanding.

Variflex, founded in 1977, reported sales of $38.5 million in the six months ended Jan. 31, up from $31.9 million a year earlier. Profits in the latest period were $3.7 million, up from $1.4 million.

Kemper Securities Inc. is the lead underwriter.