| Fieldworks, Inc. | |||
| Ticker: | FWRX | 9961 Valley View Road | |
| Exchange: | NASDAQ-National Market | Eden Praire, MN 55344 | |
| Industry: | Manufacturing (SIC Code 3571) | (612) 947-0856 | |
| Type of Shares: | Common Shares | Filing Date: | 12/20/96 | |
| U.S. Shares: | 2,125,000 | Offer Date: | 3/20/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $10.00 | |
| Primary Shares: | 2,125,000 | Offer Price: | $6.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.46 | |
| Offering Amount: | $19,125,000 | Selling: | $0.27 | |
| Expenses: | $646,250 | Reallowance: | $0.05 | |
| Shares Out After: | 8,582,659 |
| Manager | Tier | Phone |
| R.J. Steichen & Co. | Lead Manager | (612) 341-6276 |
| Issuer's Law Firm: | Dorsey & Whitney |
| Bank's Law Firm: | Fredrikson & Byron |
| Auditor: | Arthur Andersen |
| Registrar/Transfer Agent: | Norwest Bank of Minnesota |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 1/5/97 | 1/5/97 | ||||
| Revenue: | $13.11 | Assets: | $9.91 | ||
| Net Income: | -$3.30 | Curr Assets: | |||
| EPS: | -$0.50 | Liabilities: | $8.09 | ||
| Prior EPS: | -$0.10 | Curr Liabilities: | |||
| Cash Flow/Oper: | -$5.38 | Equity: | $1.81 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company designs, manufactures, markets and supports portable rugged computing platforms and computer systems solutions for use in demanding field environments. In addition to providing the full range of computer features, performance and functionality typically found in high-end desktop computers, the company's portable computing platforms have been designed to meet rigorous military standards for ruggedness and to function despite exposure to extreme temperature, mechanical shock, vibration and moisture. The company's computing platforms are expandable through multiple expansion slots to provide a flexible electronic "toolbox" that can integrate all of a user's application-specific, multi-media and communications needs into one portable, rugged device. The company's products have been designed with a modular system configuration that allows a user to easily upgrade the central processing unit or any of the other technological components without purchasing a new computer. |
| Competition |
| The company believes that it currently occupies a niche in the market with its rugged computing platforms. The company currently faces direct competition from companies producing portable computers intended for field use such as Amrel Technology, Inc., Badger Computers ( a unit of Group Financial Partners, Inc.), Dolch Computer Systems, Getac Corporation, Husky Computers Inc., Itronix Corporation, Kontron ElektronikCorporation and Panasonic Personal Computer Company. |
| Business Plan |
| The company's objective is to be the leading designer, manufacturer and marketer of rugged computing platforms and computer system solutions. The company's strategy consists of the following key components:, 1) penetrate key vertical markets; 2) expand strategic OEM relationships; 3) establish relationships with large-volume, repeat customers; 4) develop new products and enhance existing products; 5) establish product recognition. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of outstanding indebtedness, capital expenditures and leasehold improvements, expansion of the company's domestic and international sales and marketing efforts, hiring additional engineering staff, and working capital and other general corporate purposes, including expansion of the company's manufacturing and administrative infrastructure. |
| Additional Underwriter Compensation |
| Additional compensation of $276,250. |
| Warrant to purchase 212,500 shares/units at a nominal price. |
| Exercise price of $7.80 for 4 year(s), 1 year(s) from 3/20/97. |