| Ticker: ARS | 5850 San Felipe, Suite 500 | |
| Exchange: New York Stock Exchange | Houston, Texas 77057 | |
| Industry: Construction | (713) 706-6177 |
| Type of Shares: | Common Shares | Filing Date: | 6/19/96 | |
| U.S. Shares: | 4,200,000 | Offer Date: | 9/24/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 4,200,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.05 | |
| Offering Amount: | $63,000,000 | Selling: | $0.63 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 8,995,564 |
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (718) 921-8473 |
| Montgomery Securities | Co-manager | 4156272220 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $114.64 | $26.08 | $23.73 | Assets: | $93.78 |
| Net Income: | $2.97 | $0.34 | $0.21 | Liabilities: | $73.61 |
| EPS: | $0.33 | $0.04 | $0.02 | Equity: | $20.18 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company installs, replaces and maintains heating, ventilation and air conditioning systems. During fiscal 1995, the combined revenues of the Founding Companies totaled $114.6 million, of which maintenance, repair and replacement services accounted for approximately 48% and new installation services accounted for approximately 52%. The Company believes the profitability of its maintenance, repair and replacement business benefits from its installation services operations as a result of (i) the significant volume of purchases of HVAC systems for its high-volume installation services and (ii) the edition of new customer and equipment information to the Company's marketing database. ARS has definitive agreements to acquire the seven Founding Companies simultaneously with the closing of the public offering. The Company is a leading provider of one or more residential services in each region in which it operates. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to reimburse the company's founding entities and to repay debt. |
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