| Ticker: | MTRS | 600 South Highway 169, Suite 1800 | |
| Exchange: | NASDAQ-National Market | St. Louis Park, Minnesota 55426 | |
| Industry: | Financial | (612) 525-5020 |
| Type of Shares: | Common Shares | Filing Date: | 8/26/96 | |
| U.S. Shares: | 2,833,333 | Offer Date: | 10/24/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 2,833,333 | Offer Price: | $16.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.12 | |
| Offering Amount: | $42,499,995 | Selling: | $0.66 | |
| Expenses: | $800,000 | Reallowance: | $0.10 | |
| Shares Out After: | 18,800,000 | |||
| Spin out parent firm: | Fingerhut Companies, Inc. | |||
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (718) 921-8473 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-2000 |
| William Blair & Company | Co-manager | (312) 236-1600 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $7.62 | $12.62 | $1.46 | Assets: | $185.78 |
| Net Income: | $4.58 | $8.89 | $0.09 | Liabilities: | $105.57 |
| EPS: | $0.33 | $0.51 | Equity: | $80.21 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is an information-based direct marketer of consumer credit products, extended service plans, and fee-based products and services to moderate income consumers. Management believes the moderate income market, which currently represents 31% of all U.S. households, is underserved by the traditional providers of many of the company's products and services. The company's strategy is to first establish a profitable customer relationship through the issuance of a general purpose credit card, and then to expand this customer relationship by cross-selling additional fee-based products and services. The company provides credit to this market by utilizing a risk-based pricing strategy based on proprietary databases and credit scoring systems. The company's consumer credit products currently are unsecured and secured credit cards, including the Fingerhut co-branded MasterCard and the Direct Merchants Bank MasterCard. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay short term indebtedness of the company, and the remainder if any, will be used for general corporate purposes. |
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