| Ticker: DRRA | 4508 IDS Center | |
| Exchange: NASDAQ-National Market | Minneapolis, Minnesota 55402 | |
| Industry: Manufacturing | (612) 332-2335 |
| Type of Shares: | Class A Common Shares | Filing Date: | 6/24/96 | |
| U.S. Shares: | 3,300,000 | Offer Date: | 8/15/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 3,300,000 | Offer Price: | $14.50 | |
| Secondary Shares: | 0 | Gross Spread: | $1.01 | |
| Offering Amount: | $49,500,000 | Selling: | $0.61 | |
| Expenses: | $600,000 | Reallowance: | $0.10 | |
| Shares Out After: | 7,698,254 | |||
| Spin out parent firm: | Onex Corporation | |||
| Manager | Tier | Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 504-4525 |
| Morgan Stanley & Co. Incorporated | Co-manager | (212) 703-4797 |
| Robert W. Baird & Company | Co-manager | (414) 765-3500 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $253.73 | $59.30 | $80.71 | Assets: | $142.58 |
| Net Income: | $10.13 | $1.35 | $2.44 | Liabilities: | $113.55 |
| EPS: | $2.03 | $0.27 | $0.50 | Equity: | $29.03 |
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 leading designer and manufacturer of mechanical assemblies and integrated systems for the global automotive industry. The company believes that it is the largest supplier of both parking brake mechanisms and parking brake cables to original equipment manufacturers in North America, with market shares of over 60% and over 40% respectively. The company supplies both parking brake mechanisms and cables, as well as complete parking brake systems, which consist of parking brake mechanisms and the cables that connect the brake mechanism to the brake drum. In addition, the company designs and manufactures a variety of automotive cables, latches, transmission shifter mechanisms and other mechanical assemblies. The company's products are sold to almost every major North American automotive OEM, including Ford Motor Company, General Motors Corp. and Chrysler Corp., as well as to foreign OEMs such as Toyota Motor Corp. On a pro forma basis, the company had revenues of $239.6 million, operating income of $17.2 million and net income of $7.6 million in 1995. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to reduce the company's existing debt. |
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