| Ticker: ANF | Four Limited Parkway | |
| Exchange: New York Stock Exchange | Reynoldsburg, Ohio 43068 | |
| Industry: Retail | (614) 577-6500 |
| Type of Shares: | Class A Common Shares | Filing Date: | 7/17/96 | |
| U.S. Shares: | 5,600,000 | Offer Date: | 9/25/96 | |
| Non-U.S. Shares: | 1,400,000 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 7,000,000 | Offer Price: | $16.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.06 | |
| Offering Amount: | $105,000,000 | Selling: | $0.60 | |
| Expenses: | $1,700,000 | Reallowance: | $0.10 | |
| Shares Out After: | - | |||
| Spin out parent firm: | The Limited, Inc. | |||
| Manager | Tier | Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-1172 |
| J.P. Morgan Securities Inc. | Co-manager | (212) 648-9922 |
| Lazard Freres & Co. | Co-manager | (212) 632-3000 |
| Montgomery Securities | Co-manager | 4156272220 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 2/3/96 | 5/4/96 | 4/29/95 | 5/4/96 | ||
| Revenue: | $235.66 | $51.02 | $33.38 | Assets: | $89.72 |
| Net Income: | $9.91 | -$2.46 | -$3.33 | Liabilities: | $106.54 |
| EPS: | Equity: | -$16.82 | |||
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 specialty retailer of high-quality, casual apparel for men and women approximately 15 to 50 years of age. The company was established in 1982 and became well known as a supplier of rugged, high quality outdoor gear. Famous for outfitting the safaris of Teddy Roosevelt and Ernest Hemmingway and the expeditions of Admiral Byrd to the North and South Poles, The company placed a premium on complete customer satisfaction with each items sold. In 1992, a new management team began repositioning the company as a more fashion-oriented casual apparel business directed at men and women with a youthful lifestyle. The company's net sales have increased from $85.3 million in 1992 to $235.7 million in 1995, representing a compound annual growth rate of 40.3%. During this time, operating income of has improved from an operating loss of $10.2 million in 1992 to operating income of $23.8 million in 1995, while the number of company stores in operation more than doubled, increasing from 40 at the end of 1992 to 100 at the end of 1995. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay borrowings of certain of the company's subsidiaries under a credit agreement entered into with certain lenders and Chase Manhattan Bank, as agent, which borrowings were used to fund a dividend to The Limited and repay certain obligations owed to the Limited. |
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