| Ticker: RIDG | 2101 North Main Avenue | |
| Exchange: NASDAQ-National Market | Newton, North Carolina 28658 | |
| Industry: Manufacturing | (704) 464-2972 |
| Type of Shares: | Common Shares | Filing Date: | 8/30/96 | |
| U.S. Shares: | 1,400,000 | Offer Date: | 10/31/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $9.00 - $11.00 | |
| Primary Shares: | 1,400,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.56 | |
| Offering Amount: | $14,000,000 | Selling: | $0.33 | |
| Expenses: | $600,000 | Reallowance: | $0.10 | |
| Shares Out After: | 3,120,000 |
| Manager | Tier | Phone |
| Interstate/Johnson Lane Corp | Lead Manager | (404) 240-5000 |
| Scott & Stringfellow, Inc. | Co-manager | (804) 780-3258 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $54.41 | $31.80 | $21.47 | Assets: | $44.45 |
| Net Income: | $0.97 | $0.13 | $0.42 | Liabilities: | $36.34 |
| EPS: | $0.72 | $0.10 | $0.31 | Equity: | $8.11 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| Founded in 1912, the company designs, manufactures and markets a complete range of sports, rugged outdoor and heavyweight casual socks as well as a wide and knee-highs. The company is one of the leading vendors of sports socks to sporting goods and active apparel stores and also sells its products to department stores, discount stores and a variety of other retailers. In addition, the company produces sports socks for sale by others under such brand names as ASICS, Bass, Brooks, Fila, Head Sportswear, IZOD, New Balance and Reebok and women's hosiery products for sale under the Liz Claiborne and Elisabeth brand names. Under license agreements, the company produces and sells socks and women's hosiery directly to retailers under the brand names Converse, Ellen Tracy, Evan-Picone, Jacques Moret and Woolrich. The company is currently negotiating licensing terms to produce and sell socks under the Coleman and Rockport brand names. The company expects that approximately two-thirds of its net sales in the current year will be derived from sales of socks with the balance derived from sales of women's hosiery products. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to reduce outstanding debt and fund capital expenditures, including construction of a new distribution facility and purchase of additional electronic knitting equipment. |
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