| Ticker: KARR | 919 Old Henderson Road | |
| Exchange: NASDAQ-National Market | Columbus, Ohio 43220 | |
| Industry: Service | (614) 451-5151 |
| Type of Shares: | Common Shares | Filing Date: | 5/10/96 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 7/18/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 2,350,000 | Offer Price: | $13.00 | |
| Secondary Shares: | 650,000 | Gross Spread: | $0.91 | |
| Offering Amount: | $48,000,000 | Selling: | $0.54 | |
| Expenses: | $600,000 | Reallowance: | $0.10 | |
| Shares Out After: | 6,700,000 |
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (718) 921-8473 |
| J.C. Bradford & Co. | Co-manager | (615) 271-1334 |
| Auditor: Deloitte & Touche | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $6.74 | $1.94 | $1.46 | Assets: | $30.56 |
| Net Income: | -$1.94 | -$0.55 | -$0.39 | Liabilities: | $24.96 |
| EPS: | -$0.45 | -$0.13 | Equity: | $5.60 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The Company develops, owns and operates private pay, assisted living residences. Assisted living residences provide housing and care for elderly or frail individuals who, although generally ambulatory, need assistance with one or more activities of daily living, such as bathing, grooming, dressing, eating or personal hygiene. The Company has developed 11 residences in its target markets, six of which are open and five of which are under construction and scheduled to open in late 1996 or early 1997. These 11 residences are located in Ohio, Pennsylvania, Indiana and New Mexico. As part of its nationwide expansion strategy, the Company has sites for 13 residences under contract in these states, as well as in Michigan, North Carolina and Colorado. The Company has begun predevelopment activities in New York, Kentucky and Illinois. Karrington residences typically are staffed with licensed nurses on a 24-hour basis and are designed to permit residents to "age in place" within the residence as they develop further physical or cognitive frailties. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for the development and acquisition of additional residences, to repay debt to the selling shareholders and for working capital and other general corporate purposes. |
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