| Ticker: PLAN | 4299 Carolina Avenue, Building C | |
| Exchange: NASDAQ-National Market | Richmond, Virginia 23222 | |
| Industry: Manufacturing | (804) 228-5600 |
| Type of Shares: | Common Shares | Filing Date: | 4/3/96 | |
| U.S. Shares: | 1,700,000 | Offer Date: | 5/30/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $10.00 | |
| Primary Shares: | 1,700,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.71 | |
| Offering Amount: | $15,300,000 | Selling: | $0.45 | |
| Expenses: | $355,000 | Reallowance: | $0.10 | |
| Shares Out After: | 4,129,933 |
| Manager | Tier | Phone |
| Davenport & Co. of Virginia | Lead Manager | (804) 780-2000 |
| Scott & Stringfellow, Inc. | Co-manager | (804) 780-3258 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $15.48 | $5.58 | $4.57 | Assets: | $9.85 |
| Net Income: | $1.89 | $0.91 | $0.71 | Liabilities: | $5.74 |
| EPS: | $0.42 | $0.21 | $0.16 | Equity: | $4.11 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company believes it is the largest independent remanufacturer of office Work Stations in the United States as measured by revenues according to a study conducted by Radley Resources, Inc., an independent market research firm. Work Stations, which consist of moveable panels, work surfaces, storage units, lighting and electrical distribution combined into a single integrated unit, offer a popular alternative to the desk, free standing file and permanent drywall dividers common to traditional office layouts. The company purchases used Work Stations from end users, brokers and dealers throughout the United States and restores these Work Stations to like new condition at its remanufacturing facility located in Richmond, Virginia. Limited finishing and assembly operations are conducted at the company's plant in Atlanta, Georgia. The company primarily sells its remanufactured Work Stations directly to end-users, which range from small businesses to Fortune 500 companies. The company's Work Stations are sold principally in the mid-Atlantic and southeastern regions of the United States. |
| Use of Proceeds |
| Proceeds from the offering will be used for general corporate purposes, including the establishment of additional sales offices and the expansion of the company's product lines, repayment of debt, payment of a final S Corporation distribution to shareholders and upgrading existing production facilities and establishing additional finishing plants. |
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