| Ticker: MLCH | 11150 Sunset Hills Road, Suite 110 | |
| Exchange: NASDAQ-National Market | Reston, Virginia 20190 | |
| Industry: Service | (703) 834-5710 |
| Type of Shares: | Common Shares | Filing Date: | 9/11/96 | |
| U.S. Shares: | 1,000,000 | Offer Date: | 11/15/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $7.00 - $9.00 | |
| Primary Shares: | 1,000,000 | Offer Price: | $8.75 | |
| Secondary Shares: | 0 | Gross Spread: | $0.61 | |
| Offering Amount: | $8,000,000 | Selling: | $0.36 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 5,000,000 |
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9500 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/31/96 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $42.80 | $12.90 | $3.78 | Assets: | $17.98 |
| Net Income: | $1.61 | $0.52 | $0.41 | Liabilities: | $16.30 |
| EPS: | $0.40 | $0.13 | $0.10 | Equity: | $1.68 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company specializes in leasing and financing information technology assets and providing asset management services to middle market commercial customers, select Fortune 1000 firms, federal, state and local governments and vendors. The assets leased by the company include personal computers, client server systems, networks, mid-range and mainframe computer equipment, telecommunications equipment and software. The ten largest commercial customers of the company by the purchase price of the equipment leased by the company, for fiscal year 1996, are, in alphabetical order: America Online, Inc.; Bakery and Confectionery Union and Industry International Health Benefits and Pension Fund; Cable & Wireless, Inc.; Corning Incorporated; Long Island Lighting Company; Lutheran Brotherhood; MCI Telecommunications Corporation; Nationwide Mutual Insurance Company; Progressive Casualty Insurance Company; and Strawbridge & Clothier. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used i) to repay outstanding indebtedness currently owed to two stockholders of the company ii) to reduce the then outstanding balance of the company's revolving loan facility, with NationsBank iii) to reduce the then outstanding balance of the company's revolving term loan facility with First Union National Bank of Virginia iv) for general corporate purposes, including purchases of equipment for lease or resale, acquisitions of existing portfolio equipment and related leases and acquisitions of related businesses or new joint ventures. |
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