By John E. Fitzgibbon, Jr.

In the IPO market, a few tech companies have begun showing off the black ink on the bottom line. It’s Wall Street’s answer to that fashion favorite—the LBD, or little black dress.

Turning a profit is always in style on the Street. Opnext is a case in point. It’s one of five IPOs on the calendar for the coming week, when bankers hope to raise $619 million.

Opnext could very well wind up on everybody’s “Most Wanted” list. Based in Eatontown, New Jersey, Opnext provides optoelectronic components for high-speed fiber optic data and voice communications networks. The company was established in 2000 as a subsidiary of Hitachi.

, Hitachi

What could make Opnext a sleeper is what the company chose to highlight in its prospectus. Opnext turned the corner on profitability—big time—in its fiscal third quarter ending December 31. For those three months, Opnext reported net income of $3.2 million on sales of $61.7 million, compared with a net loss of $4.1 million on sales of $38.6 million for the same period a year ago.

Opnext

Put in perspective, Opnext reported a profit for its most recent quarter. That’s a swing from a loss in the year-ago period. Worth noting: Its sales jumped 60 percent.

A caveat: Opnext still has an accumulated deficit. It has reported losses for every year it’s been in business. From its inception in 2000 through December 31, 2006, Opnext had an accumulated deficit of more than $280 million. But that deficit has come down, due to the recent quarter’s profit.

Opnext plans to price 16.9 million shares at $13 to $15 each to raise $236.7 million.

Remember last week’s Accuray?TheSunnyvale, California-based company makes the CyberKnife, a robotic radiosurgery system.

robotic radiosurgery system.

Accuray turned the corner to profitability—big time—in 2006. For the nine months ending September 30, the company reported net income of $2 million on total revenues of $32.8 million, compared with a net loss of $10.2 million on total revenues of $3.9 million for the same period a year ago.

It, too, had a big loss. As of September 30, Accuray reported an accumulated deficit of nearly $119 million.

Accuray

And what happened to its IPO?

Accuray priced 16 million shares at $18 each on Wednesday evening, February 7. That was well above its filing of 13.3 million shares at $12 to $14 each. On Thursday, Accuray closed its opening day at $28.47 per share, up 58.2 percent from its initial offering price.

And now, back to the present.

Inside This Week’s IPO Calendar

This week’s new-issues calendar lists five deals. Here are the industrial sectors:

The “blank check” company (Geneva Acquisition)

A fertilizer company (Converted Organics)

A high-speed network provider (Opnext)

An online human resources solution provider (Salary.com)

A real estate finance company (Quadra Realty Trust)

If everything gets priced, bankers expect to raise $619 million.

Company Profiles

—Converted Organics, of Boston, is a development-stage company seeking to use organic food waste as raw material to manufacture all-natural soil amendment products. The company plans to distribute its products in the agribusiness, turf management, and retail markets.

Converted Organics plans to price 2 million units at $5 to $6 each to raise $11 million. Each unit consists of one share of common stock, one Class A warrant, and one Class B warrant. The IPO is to start trading on Thursday.

Converted Organics has never generated any revenues since commencing operations in 2003. As of September 30, 2006, Converted Organics reported an accumulated deficit of $5.9 million.

Converted Organics has four employees.

Underwriters: Paulson Investment Co. is the lead manager. Acting as co-managers are Investors Capital and National Securities.

manager. Acting as co-managers are Investors Capital and National Securities.

Selected Principal Shareholder: Weston Solutions

52-Week Percentage Change:

Dow Jones U.S. Specialty Chemical Index: up 25.8 percent

U.S.

Nasdaq Composite Index: up 9.41 percent

—Opnext plans to price 16.9 million shares at $13 to $15 each to raise $236.7 million. The IPO is to start trading on Thursday.

For the year ending March 31, 2006, Opnext reported a net loss of $30.5 million on sales of $138.4 million, compared with a net loss of $27.7 million on sales of $79.4 million for the same period a year ago.

Opnext

For the nine months ending December 31, 2006, Opnext reported net income of $925,000 on sales of $157.5 million, compared with a net loss of $27.7 million on sales of $105.4 million for the same period a year ago.

Opnext

Formed in 2000 as a subsidiary of Hitachi, Opnext has about 405 employees.

Opnext

Underwriters: Goldman Sachs is the lead manager. Acting as co-managers are JPMorgan, CIBC World Markets, Cowen, and Jefferies.

lead manager. Acting as co-managers are JPMorgan, CIBC World Markets, Cowen, and Jefferies.

Selected Principal Shareholders: Hitachi and Clarity Partners

52-Week Percentage Change:

Dow Jones U.S. Telecommunications Equipment Index: up 13.5 percent

U.S.

Nasdaq Composite Index: up 9.41 percent

—Quadra Realty Trust, of New York City, is a newly organized, commercial real estate finance company. Quadra was formed to invest in commercial mortgage investments and related products.

Quadra Realty Trust plans to price 16.7 million shares at $15 to $17 each to raise $266.7 million. The IPO is to start trading on Thursday.

Underwriters: Credit Suisse and Wachovia are the joint-lead managers. Acting as co-managers are A.G. Edwards, KeyBanc Capital Markets, and Stifel Nicolaus.

Selected Principal Shareholders: Hypo Real Estate Capital

52-Week Percentage Change:

Dow Jones U.S. REIT Index: up 38.5 percent

U.S.

Nasdaq Composite Index: up 9.41 percent

—Salary.com is a Waltham, Massachusetts-based provider of on-demand compensation management technology. The company offers systems to improve the effectiveness of its customers’ compensation spending.

Salary.com plans to price 5 million shares at $8 to $10 each to raise $45 million. The company will offer 4.2 million shares and selling shareholders will offer 800,000 million shares.The IPO is to start trading on Thursday.

For the year ending March 31, Salary.com reported a net loss of $3.1 million on total revenues of $13 million, compared with a net loss of $2.3 million on total revenues of $8.6 million for the same period a year ago.

Salary.com

For the six months ending September 30, Salary.com reported a net loss of $2 million on total revenues of $9.3 million compared with a net loss of $1.2 million on total revenues of $5.8 million for the same period a year ago.

Salary.com

As of September 31, Salary.com reported an accumulated deficit of $23.1 million.

Salary.com

Formed in 1999, Salary.com has about 190 employees.

Salary.com

Underwriters: Thomas Wiesel Partners and William Blair are the joint-lead managers. Acting as co-managers are Needham, Wachovia, and Pacific Crest Securities.

lead managers. Acting as co-managers are Needham, Wachovia, and Pacific Crest Securities.

Selected Principal Shareholder: Lyric Ventures

52-Week Percentage Change:

Dow Jones U.S. Business and Employment Agencies Index: up 17.4 percent

Nasdaq Composite Index: up 9.41 percent

The “Blank Check”

—Geneva Acquisition, of Boston, is a “blank check” company recently formed for the purpose of acquiring through a merger, capital stock exchange, stock purchase, asset acquisition, or other similar business combination, an operating business in the healthcare industry. The company plans to price 10 million units consisting of one share of common stock and two warrants at $6 each. The units are expected to trade during the week of February 12. The underwriters are Lazard Capital Markets, Ladenburg Thalmann, and Ferris Baker Watts.