| Ticker: WCEC | 9990 Global Road | |
| Exchange: NASDAQ-National Market | Philadelphia, Pennsylvania 19115 | |
| Industry: Service | (215) 677-1000 |
| Type of Shares: | Common Shares | Filing Date: | 1/16/96 | |
| U.S. Shares: | 5,400,000 | Offer Date: | 5/14/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 5,400,000 | Offer Price: | $13.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.91 | |
| Offering Amount: | $75,600,000 | Selling: | $0.55 | |
| Expenses: | $2,167,000 | Reallowance: | $0.10 | |
| Shares Out After: | 12,213,152 |
| Manager | Tier | Phone |
| Jefferies & Company Incorporated | Lead Manager | (800) 933-6656 |
| McDonald & Company Securities, Inc. | Co-manager | (216) 443-2300 |
| Sutro & Company Inc. | Co-manager | (415) 445-8323 |
| Auditor: Price Waterhouse | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 1/31/96 | 1/31/96 | ||||
| Revenue: | $14.72 | Assets: | $16.52 | ||
| Net Income: | $0.33 | Liabilities: | $15.97 | ||
| EPS: | $0.06 | Equity: | $0.54 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company owns and operates 200 video specialty stores and franchises 312 additional stores. The Company competes directly against major regional and national video rental stores in most of its markets in which Company-owned stores operate. In addition, the Company is one of only two domestic video specialty franchisers that has existing franchised stores outside North America. System-wide , approximately 60% of the Company's stores are currently operated under the West Coast Video name and the remainder of the stores are operated under such names as Videosmith and Palmer Video. The Company intends to apply the West Coast Video name and its registered trademark The Movie Buff's Movie Store to all its stores. |
| Use of Proceeds |
| The company intends to use such net proceeds, together with borrowings under the New Credit Facility, as follows: (i) approximately $52.4 million to pay the cash portion of the purchase price of the Acquisitions, (ii) approximately $6.9 million to repay certain outstanding indebtedness, inclusive of interest and prepayment premium, (iii) approximately $1.3 million to pay for accrued liabilities of one of the Sellers and to pay certain build-out costs relating to an additional store to be acquired by the company, pursuant to certain Acquisition Agreements, and (iv) approximately $3.5 million of acquisition costs and $0.3 million relating to the acceleration of obligations to the former owners of WCEI Companies. |
©1996 IPO Data Systems, Inc. - All rights reserved.