| Ticker: FRTG | 1760 Reston Pakway, Suite 208 | |
| Exchange: NASDAQ-National Market | Reston, Virginia 22090 | |
| Industry: Construction | (703) 709-7700 |
| Type of Shares: | Common Shares | Filing Date: | 3/14/96 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 5/16/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 3,000,000 | Offer Price: | $9.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.63 | |
| Offering Amount: | $33,000,000 | Selling: | $0.40 | |
| Expenses: | $2,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 11,464,375 |
| Manager | Tier | Phone |
| Furman Selz Incorporated | Lead Manager | (212) 309-8200 |
| BT Securities Corporation | Co-manager | (212) 250-5000 |
| Southeast Research Partners, Inc. | Co-manager | (407) 994-9600 |
| Auditor: Price Waterhouse | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $199.03 | $41.31 | $36.87 | Assets: | $133.15 |
| Net Income: | $6.06 | $0.99 | $0.07 | Liabilities: | $122.93 |
| EPS: | $0.46 | $0.04 | -$0.01 | Equity: | $10.21 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a national homebuilding company designing, building and selling single family homes in the metropolitan areas surrounding Las Vegas, Nevada; Austin and San Antonio, Texas; Tuscon, Arizona; Denver and Fort Collins, Colorado. The company is also selling single family homes in the metropolitan areas surrounding Raleigh-Durham, North Carolina. The company offers high-quality, innovative homes, targeting a diverse range of market segments including the first-time, entry-level buyer, move-up buyer and executive/luxury home buyer. The company markets a wide range of single family detached and attached homes ranging in size from 1,000 square feet to 5,500 square feet at prices ranging from $80,000 to $600,000. The company has entered into agreements to acquire, simultaneously with the closing of the Offerings, four established homebuilders operating in the above markets, each of which will become a wholly-owned subsidiary of the company. |
| Use of Proceeds |
| The proceeds from the offering will be used to repay outstanding indebtedness of the company's subsidiaries, make certain cash payments to the former stockholders of the Founding Builders in connection with the acquisitions, and the balance for general corporate purposes, which may include acquisitions. |
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