| Ticker: ATRC | 515 West Market Street | |
| Exchange: NASDAQ-National Market | Lousiville, Kentucky 40202 | |
| Industry: Service | (502) 596-7540 |
| Type of Shares: | Common Shares | Filing Date: | 6/26/96 | |
| U.S. Shares: | 5,000,000 | Offer Date: | 8/20/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $12.00 - $14.00 | |
| Primary Shares: | 5,000,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.70 | |
| Offering Amount: | $65,000,000 | Selling: | $0.40 | |
| Expenses: | $850,000 | Reallowance: | $0.10 | |
| Shares Out After: | 15,095,000 | |||
| Spin out parent firm: | Vencor, Inc. | |||
| Manager | Tier | Phone |
| Alex. Brown & Sons Incorporated | Lead Manager | (410) 727-1700 |
| J.C. Bradford & Co. | Co-manager | (615) 271-1334 |
| Morgan Stanley & Co. Incorporated | Co-manager | (212) 703-4797 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $47.98 | $25.45 | $23.26 | Assets: | $141.62 |
| Net Income: | $3.44 | $1.73 | $1.63 | Liabilities: | $114.07 |
| EPS: | $0.36 | $0.17 | $0.16 | Equity: | $27.54 |
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 national provider of assisted and independent living communities for the elderly. The company currently operates 22 communities in 13 states with a total of 3,022 units, including 650 assisted living units and 2,372 independent living units. The company also has nine assisted living communities under development with a total of approximately 500 units. During the year ended December 31, 1995, the company had revenues and net income of $48.0 million and $3.4 million, respectively, and had an average occupancy rate of 94.5%. For the quarter ended March 31, 1996, the company had revenues and net income of $12.6 million and $1.2 million, respectively, and had an average rate of 95.7%. Substantially all of the company's revenues are from private pay sources. The assisted and independent living industries are rapidly emerging components of the non-acute health care system for the elderly. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to finance the development and acquisition of additional assisted living communities, the conversion of certain of its existing independent living units to assisted living units and for working capital and for general corporate purposes. |
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