| Ticker: XC | 1201 South Taylor Street | |
| Exchange: New York Stock Exchange | Amarillo, Texas 79101 | |
| Industry: Retail | (806) 374-8653 |
| Type of Shares: | Common Shares | Filing Date: | 6/21/96 | |
| U.S. Shares: | 3,675,000 | Offer Date: | 9/23/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $12.00 - $14.00 | |
| Primary Shares: | 3,675,000 | Offer Price: | $14.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.98 | |
| Offering Amount: | $47,775,000 | Selling: | $0.60 | |
| Expenses: | $1,400,000 | Reallowance: | $0.10 | |
| Shares Out After: | 13,250,000 |
| Manager | Tier | Phone |
| Morgan Stanley & Co. Incorporated | Lead Manager | (212) 703-4797 |
| Furman Selz Incorporated | Co-manager | (212) 309-8200 |
| Rauscher Pierce Refsnes, Inc. | Co-manager | (214) 978-5491 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $236.19 | $71.23 | $50.07 | Assets: | $78.54 |
| Net Income: | $2.20 | $1.56 | $1.22 | Liabilities: | $69.88 |
| EPS: | $0.32 | Equity: | $8.66 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company owns and operates six franchised automobile dealerships in the Amarillo, Texas and Oklahoma City, Oklahoma markets. Through these dealerships, the company sells new and used cars and light trucks, arranges related financing and insurance, sells replacement parts and provides vehicle maintenance and repair services. The company's founder and Chief Executive Officer, Bill A. Gilliland, has managed automobile dealerships since 1966 and acquired the company's first growth in the Amarillo area by acquiring three Chevrolet dealerships, two of which have been in continuous operation since the 1920s. The company is the exclusive Chevrolet and Nissan dealer in Amarillo. The company led the Amarillo market in vehicle unit sales in 1995, accounting for approximately 36% of new vehicle unit sales and 25% of used vehicle unit sales. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to finance an acquisition and possible future acquisitions and to repay debt, and provide cash for working capital and general corporate purposes. |
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