| Ticker: MRS | 1100 Louisiana, Suite 2950 | |
| Exchange: American Stock Exchange | Houston, Texas 77002 | |
| Industry: Utilities | (713) 650-8900 |
| Type of Shares: | Common Shares | Filing Date: | 5/28/96 | |
| U.S. Shares: | 1,000,000 | Offer Date: | 8/9/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $11.00 | |
| Primary Shares: | 1,000,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.00 | |
| Offering Amount: | $10,500,000 | Selling: | $0.50 | |
| Expenses: | $465,000 | Reallowance: | $0.15 | |
| Shares Out After: | 2,500,000 |
| Manager | Tier | Phone |
| Coleman and Company Securities, Inc. | Lead Manager | (212) 688-6725 |
| Nolan Securities | Co-manager |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $15.62 | $5.16 | $2.91 | Assets: | $11.89 |
| Net Income: | $2.13 | $0.36 | $0.05 | Liabilities: | $7.37 |
| EPS: | $1.48 | $0.24 | $0.04 | Equity: | $4.52 |
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 rapidly growing pipeline company primarily engaged in the construction, acquisition, disposition, and operation of pipelines for end-users, as well as the transmission and gathering of natural gas and crude oil. Thirty-nine intrastate pipeline systems are owned or operated by the company in Alabama, Alaska, Kansas, Louisiana, Mississippi, New York, Oklahoma, Tennessee and Texas, with 26 of the company's pipelines being acquired or constructed since June 1994. Natural gas marketing operations and to a lesser degree, oil and gas production supplement the company's pipeline business. The company's principal growth and business strategy is to acquire or build pipelines to serve the end-user market while also continuing to pursue acquisition and divestiture opportunities in transmission and gathering of natural gas, other hydrocarbons and nonhydrocarbons fluids or gases. |
| Use of Proceeds |
| Proceeds from the proposed offering will be used for the purchase of the Olmitos system, the repayment of interim financing incurred with recent acquisitions, the repayment of certain outstanding indebtedness, working capital including future acquisitions of pipelines and related assets. |
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