| Lexington Healthcare Group Inc. | |||
| Ticker: | LEXI | 35 Park Place | |
| Exchange: | NASDAQ-National Market | New Britain, CT 06052 | |
| Industry: | Service (SIC Code 8059) | (860) 223-6902 | |
| Type of Shares: | Common Shares | Filing Date: | 11/8/96 | |
| U.S. Shares: | 1,125,000 | Offer Date: | 5/19/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $5.00 - $6.00 | |
| Primary Shares: | 1,125,000 | Offer Price: | $5.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.50 | |
| Offering Amount: | $6,187,500 | Selling: | ||
| Expenses: | $450,000 | Reallowance: | ||
| Shares Out After: | 4,500,000 |
| Manager | Tier | Phone |
| Mason Hill & Company | Lead Manager |
| Issuer's Law Firm: | Gersten, Savage, Kaplowitz & Curtin |
| Bank's Law Firm: | Schneck Weltman Hashmall & Mischel |
| Auditor: | Eisner, Richard A. |
| Registrar/Transfer Agent: | Continental Stock Transfer & Trust Co |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/96 | 12/31/96 | 12/31/95 | 12/31/96 | ||
| Revenue: | $33.64 | $17.45 | $16.94 | Assets: | $10.16 |
| Net Income: | $0.27 | $0.14 | $0.43 | Curr Assets: | |
| EPS: | $0.09 | $0.04 | $0.14 | Liabilities: | $9.17 |
| Prior EPS: | $0.17 | $2.86 | $1.00 | Curr Liabilities: | |
| Cash Flow/Oper: | $1.17 | Equity: | $0.99 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a long-term and subacute care provider, which operate four nursing home facilities with 628 licensed beds in the States of Connecticut. The Facilities provide a broad range of healthcare services, including nursing care, subactue care, including rehabilitation therapy and other specialized services. In addition, the company has recently begun to offer a variety of products and services to non-affiliated long-term care facilities. The company's strategy in healthcare is to integrate the main disciplines of nursing, pharmacy, social services and other therapies under one program. The Facilities are leased pursuant to a long-term lease from a partnership of which Jack Friedler, the company's principal stockholder, Chief Executive Officer and Chairman of the Board, is a 33.33% limited partner. The individuals owning the remaining portion of the partnership are shareholders of PRN. The four nursing facilities were previously operated as traditional nursing homes by Beverly Enterprises, an unrelated entity which previously leased the facilitates from the company's current landlord. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of certain indebtedness, the acquisition of PRN, the establishment of institutional pharmaceutical services, the expansion rehabilitation and nursing home services and working capital. |