| Complete Business Solutions, Inc. | |||
| (www.cbsinc.com) | |||
| Ticker: | CBSL | 32605 West Twelve Mile Road, Suite 250 | |
| Exchange: | NASDAQ-National Market | Farmington Hills, MI 48334 | |
| Industry: | High-Tech (SIC Code 7371) | (810) 488-2088 | |
| Type of Shares: | Common Shares | Filing Date: | 12/20/96 | |
| U.S. Shares: | 2,500,000 | Offer Date: | 3/5/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 2,300,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 200,000 | Gross Spread: | $0.84 | |
| Offering Amount: | $35,000,000 | Selling: | $0.50 | |
| Expenses: | $1,400,000 | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Ferris, Baker, Watts Inc. | Co-manager | (202) 429-3608 |
| Issuer's Law Firm: | Camhy Karlinsky & Stein |
| Bank's Law Firm: | Sachnoff & Weaver |
| Auditor: | Arthur Andersen |
| Registrar/Transfer Agent: | Continental Stock Transfer & Trust Co |
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: | $67.40 | $61.50 | $50.50 | Assets: | $31.92 |
| Net Income: | $1.46 | $2.33 | $1.15 | Curr Assets: | |
| EPS: | Liabilities: | $18.55 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | $13.37 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a worldwide provider of information technology services to large and mid-size organizations. The company offers its clients a broad range of IT services, from advising clients on strategic technology plans to developing and implementing appropriate IT solutions. The company offers custom-tailored solutions based on an assessment of each client's needs. The company's services include: 1) large systems applications development and maintenance; 2) re-engineering legacy applications to client/server technology; 3) client/server applications development; 4) Year 2000 conversion services; 5) IT consulting services; 6) packaged software implementation; and 7) contract programming services. The company provides services in a wide variety of computing environments and uses leading technologies, including client/server architectures, object-oriented programming languages and tools, distributed database management systems and the latest network and communications technologies. |
| Competition |
| The IT services industry is highly competitive and served by numerous national, regional and local firms, all of which are either existing or potential competitors of the company. Primary competitors include participants from a variety of market segments, including "Big Six" accounting firms, and implementation firms, applications software firms, service groups of computer equipment companies, general management consulting firms, programming companies and temporary staffing firms. |
| Business Plan |
| The company's goal is to become the preferred provider of IT services to an expanding base of clients. The company's strategy to achieve this goal includes the following elements: 1) cross-sell services to existing clients; 2) increase and build upon year 2000 engagements; 3) capitalize on significant investments in infrastructure and capabilities; 4) expand service offerings. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of existing debt; payment of undistributed S Corporation earnings; expansion of existing operations, including the company's offshore software development operations, development of new service lines and possible acquisitions of related businesses; and general corporate purposes, including working capital. |