| Jenna Lane, Inc. | |||
| Ticker: | JLNY | 1407 Broadway, Suite 1801 | |
| Exchange: | NASDAQ-Small Cap Market | New York, NY 10018 | |
| Industry: | Manufacturing (SIC Code 2340) | (212) 704-0002 | |
| Type of Shares: | Common Shares | Filing Date: | 9/13/96 | |
| U.S. Shares: | 1,200,000 | Offer Date: | 3/19/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $5.00 | |
| Primary Shares: | 1,200,000 | Offer Price: | $5.06 | |
| Secondary Shares: | 0 | Gross Spread: | $0.51 | |
| Offering Amount: | $6,000,000 | Selling: | $0.51 | |
| Expenses: | $421,800 | Reallowance: | ||
| Shares Out After: | 4,200,000 |
| Manager | Tier | Phone |
| Walsh Manning Securities, Inc. | Lead Manager |
| Issuer's Law Firm: | Feldman, David. N |
| Bank's Law Firm: | Goldstein & Digioia, L.L.P. |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/31/96 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $25.83 | $9.72 | $4.02 | Assets: | $4.95 |
| Net Income: | $0.50 | $0.18 | $0.02 | Curr Assets: | |
| EPS: | $0.19 | $0.06 | Liabilities: | $2.79 | |
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | $2.16 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company was formed in February 1995 and designs, manufactures and markets high quality, cut an sewn, popularly priced junior, "missy", and large size fashion and basic knit sportswear for women. The company was founded by individuals with extensive experience in apparel manufacturing, operations, sales, and merchandising. Since its inception, the company has dedicated its time and resources primarily to the development of two sets of product lines, basic sportswear and fashion sportswear. Sales of basic sportswear comprised approximately 50-60% of the company's revenues in the fiscal year ended March 31, 1996 and the three months ended June 30, 1996. In the fiscal year ended March 31, 1996 and the three months ended June 30, 1996. |
| Competition |
| The apparel business is intensely competitive and consists of numerous manufacturers, importers and distributors, none of which accounts for a significant percentage of total industry sales, but many of which are significantly larger and have significantly greater resources than the company. The company competes with distributors that import apparel from abroad, domestic companies with established foreign manufacturing relationships and companies which produce apparel domestically. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay principal amount of 10% installment promissory notes issued in the Bridge Financing, plus accrued interest; to purchase a new CAD/CAM system for design and manufacturing; to purchase a new computer system for the company; to make a loan to a supplier of the company to assist in opening a cutting room; for reservation of funds relating to letters of credit in the import division and for working capital. |