| Ticker: IIXC | 5000 Plaza on the Lake, Suite 200 | |
| Exchange: NASDAQ-National Market | Austin, Texas 78746 | |
| Industry: Service | (512) 328-1112 |
| Type of Shares: | Common Shares | Filing Date: | 5/20/96 | |
| U.S. Shares: | 4,480,000 | Offer Date: | 7/2/96 | |
| Non-U.S. Shares: | 1,120,000 | Filing Price: | - | |
| Primary Shares: | 5,600,000 | Offer Price: | $16.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.12 | |
| Offering Amount: | $126,500,000 | Selling: | $0.68 | |
| Expenses: | $1,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 30,775,308 |
| Manager | Tier | Phone |
| Morgan Stanley & Co. Incorporated | Lead Manager | (212) 703-4797 |
| CS First Boston | Co-manager | (212) 909-3312 |
| Dillon, Read & Co. Inc. | Co-manager | (212) 906-7000 |
| 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: | $91.00 | $26.25 | $21.77 | Assets: | $346.47 |
| Net Income: | -$3.22 | -$11.70 | $1.27 | Liabilities: | $351.31 |
| EPS: | -$0.27 | -$0.49 | $0.03 | Equity: | -$4.84 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The Company provides two principal services to long distance companies: (i)long-haul transmission of voice and data over dedicated circuits; and (ii)switched long distance services. The Company is one of only five carriers to own a digital telecommunications network extending from coast-to-coast (the other carriers are AT&T;, MCI, Sprint and WorldCom). Its facilities include digital switches located in Los Angeles, Dallas, Chicago, Philadelphia and Atlanta. The Company is currently engaged in a major expansion of its network. The Company has long-haul circuit contracts with over 200 long distance carriers, including AT&T;, MCI, Sprint, WorldCom, Cable & Wireless, Frontier and LCI. Long-haul transmission service is also provided to customers after contract expiration on a month-to-month basis. The Company's long-haul contracts provide for fixed monthly payments, generally in advance. The Company has provided services to nine of its ten largest customers for at least six years and, although sales volumes from particular customers vary from year to year, has historically enjoyed a high customer retention rate. The Company recently expanded into the business of selling switched long distance services to long distance resellers in order to complement its long-haul business and to capitalize on its ability to provide switched services over its own network. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for fiber optic expansion. |
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