| Ticker: MSPG | 1430 West Peachtree, Suite 400 | |
| Exchange: NASDAQ-National Market | Atlanta, Georgia 30309 | |
| Industry: High-Tech | (404) 815-0770 |
| Type of Shares: | Common Shares | Filing Date: | 1/11/96 | |
| U.S. Shares: | 1,950,000 | Offer Date: | 3/13/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $9.00 | |
| Primary Shares: | 1,950,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.56 | |
| Offering Amount: | $16,575,000 | Selling: | $0.32 | |
| Expenses: | $900,000 | Reallowance: | $0.10 | |
| Shares Out After: | 5,050,793 |
| Manager | Tier | Phone |
| J.C. Bradford & Co. | Lead Manager | (615) 271-1334 |
| Wheat First Butcher & Singer Capital Markets | Co-manager | (804) 782-3278 |
| Auditor: Arthur Andersen | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $2.23 | Assets: | $4.85 | ||
| Net Income: | -$1.96 | Liabilities: | $4.36 | ||
| EPS: | -$0.85 | Equity: | $0.48 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The Company is an Internet access provider than serves primarily individual subscribers in the southeastern United States. The Company offers subscribers a complete and easy-to-use Internet access solution. The Company's software package includes a complete set of the most popular Internet applications, such as electronic mail, file transfer, network news, chat sessions and a browser for the World Wide Web. Subscribers general access the Internet via a local telephone call to the MindSpring Point of Presence in their area. Customer support representatives, who are familiar with the Company's software and experienced with Internet issues, are generally available seven days a week to answer subscriber questions and solve subscriber problems. |
| Use of Proceeds |
| The proceeds from the offering will be used to repay indebtedness to ITC Holding; capital expenditures during 1996, most of which are expected to be associated with continued expansion of the company's network infrastructure; advertising and promotional expenses; working capital and general corporate purposes, including increases in personnel; funding of operating deficits and possible strategic acquisitions of complementary businesses. |
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