| Brunswick Technologies, Inc. | |||
| Ticker: | BTIC | 43 Bibber Parkway | |
| Exchange: | NASDAQ-National Market | Brunswick, ME 04011 | |
| Industry: | Manufacturing (SIC Code 2221) | (207) 729-7792 | |
| Type of Shares: | Common Shares | Filing Date: | 8/23/96 | |
| U.S. Shares: | 2,500,000 | Offer Date: | 2/5/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $6.00 - $8.00 | |
| Primary Shares: | 1,700,000 | Offer Price: | $9.50 | |
| Secondary Shares: | 800,000 | Gross Spread: | $0.67 | |
| Offering Amount: | $17,500,000 | Selling: | $0.40 | |
| Expenses: | $750,000 | Reallowance: | $0.10 | |
| Shares Out After: | 4,547,604 |
| Manager | Tier | Phone |
| Josephthal Lyon & Ross, Inc. | Lead Manager | (212) 907-4545 |
| Southwest Securities, Inc. | Co-manager | (214) 658-9495 |
| Issuer's Law Firm: | Eaton, Peabody, Bradford & Veague, P.A. |
| Bank's Law Firm: | Bingham, Dana & Gould |
| Auditor: | Coopers & Lybrand |
| Registrar/Transfer Agent: | Boston Equiserve Limited Partnership |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $15.48 | $13.42 | $11.03 | Assets: | $8.74 |
| Net Income: | $0.38 | -$0.01 | $0.44 | Curr Assets: | |
| EPS: | $0.26 | $0.11 | Liabilities: | $4.65 | |
| Prior EPS: | $0.53 | $0.90 | Curr Liabilities: | ||
| Cash Flow/Oper: | $1.03 | Equity: | $4.09 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a technologically advanced, leading developer and manufacturer of stitchbonded engineered composite reinforcement fabrics made from glass, carbon and other fibers which are used by composite fabricators. The company's principal strength lies in its innovative quadraxial single-step stitchbonding operation, through which it can quickly and cost effectively produce engineered composite reinforcement fabrics in sizes and shapes beyond the capability of the competition. Fabrics created from the company's proprietary manufacturing operations offer characteristics imperative to facilitate the use of composite materials in infrastructure, industrial and large scale commercial applications. The company has introduced a process that not only more efficiently creates composite reinforcement fabrics, but also optimizes the performance characteristics of such fabrics. The company is currently participating in several significant joint ventures and projects. The company is working with E.I. DuPont de Nemours and Company., Hardcore Composites Ltd., The Dow Chemical Company and Johns Hopkins University in an effort to create heavyweight composites for industrial applications such as marine pilings, bridges, rail cars and shipping containers. |
| Competition |
| The company's principal competitors are producers of woven reinforcement fabrics and other producers of stitched or weft-inserted reinforcement products. Competition is based on price, product performance and customer support. The company's continued success will depend in part on its ability to continue to develop and introduce cost competitive quality products that meet or exceed end-product manufacturer requirements. There is no competitor that manufactures products that are substantially similar to or competitive with all of the company's products. |
| Business Plan |
| The company's strategy to continue its current growth includes the following elements: 1) successful integration of ATI's operations, products, customer base and capacity with the company's existing operation; 2) continued expansion of its leadership position in the composite reinforcement fabrics industry; 3) pursuit of additional acquisitions to broaden further the company's product line as well as manufacturing capacity; 4) extension of activities into international markets; 5) fostering of more joint projects with a wide range of manufacturers as well as universities and state and federal governments; 6) development of component products which will reduce the steps between fabric formation and end-user products. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase capital equipment, repayment of bank debt, research and development expenditures, potential acquisitions, potential purchase of the company's current manufacturing facilities and general working capital. |
| Additional Underwriter Compensation |
| Additional compensation of $156,750. |
| Warrant to purchase 125,000 shares/units at a nominal price. |
| Exercise price of $11.40 for 4 year(s), 1 year(s) from 2/5/97. |
| $60,000.00 consulting agreement for 1 year(s). |