| Ticker: IMCC | 3450 Buschwood Park Drive | |
| Exchange: NASDAQ-National Market | Tampa, Florida 33618 | |
| Industry: Financial | (813) 932-2211 |
| Type of Shares: | Common Shares | Filing Date: | 4/24/96 | |
| U.S. Shares: | 3,100,000 | Offer Date: | 6/25/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $17.00 - $19.00 | |
| Primary Shares: | 3,100,000 | Offer Price: | $18.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.26 | |
| Offering Amount: | $55,800,000 | Selling: | $0.76 | |
| Expenses: | $1,000,000 | Reallowance: | $0.10 | |
| Shares Out After: | 11,065,092 |
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-2000 |
| Oppenheimer & Company, Inc. | Co-manager | (212) 667-7402 |
| Auditor: Coopers & Lybrand | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $20.68 | $10.88 | $3.30 | Assets: | $525.20 |
| Net Income: | $4.03 | $1.63 | $0.69 | Liabilities: | $513.08 |
| EPS: | $0.51 | $0.20 | Equity: | $12.12 | |
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 specialized consumer finance company engaged in purchasing, originating, servicing and selling home equity loans secured primarily by first liens on one- to four-family residential properties. The company focuses on lending to individuals whose borrowing needs are generally not being served by traditional financial institutions due to such individuals' impaired credit profiles and other factors. Loan proceeds typically are used by the company's borrowers for a variety of purposes such as to consolidate debt, to finance home improvements and to pay educational expenses. By borrowing requests, the company has been able to charge higher interest rates for its loan products than typically are charged by conventional mortgage lenders. The company was formed in 1993 by a team of executives experienced in the non-conforming home equity loan industry. The company was originally structured as a partnership, with the limited partners consisting correspondents and other originators of home equity loans and certain members of management. |
| Use of Proceeds |
| The proceeds from the offering will be used for general corporate purposes, including debt repayment, funding of loan purchases and originations, future acquisitions and the expansion of its direct lending branch office network. |
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