| Vistana, Inc. | |||
| Ticker: | VSTN | 8801 Vistana Centre Drive | |
| Exchange: | NASDAQ-National Market | Orlando, FL 32821 | |
| Industry: | Financial (SIC Code 6552) | (407) 239-3000 | |
| Type of Shares: | Common Shares | Filing Date: | 12/31/96 | |
| U.S. Shares: | 5,550,000 | Offer Date: | 2/27/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $12.00 - $14.00 | |
| Primary Shares: | 4,625,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 925,000 | Gross Spread: | $0.84 | |
| Offering Amount: | $72,150,000 | Selling: | $0.48 | |
| Expenses: | $2,150,000 | Reallowance: | $0.10 | |
| Shares Out After: | 18,800,000 |
| Manager | Tier | Phone |
| Montgomery Securities | Lead Manager | (415) 627-2100 |
| Smith Barney Inc. | Co-manager | (212) 723-7300 |
| Issuer's Law Firm: | Neal Gerber & Eisenberg |
| Bank's Law Firm: | O'Melveny & Meyers |
| Auditor: | KPMG Peat Marwick |
| Registrar/Transfer Agent: | First Union National Bank North Carolina |
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: | $81.11 | $73.10 | $61.32 | Assets: | $163.50 |
| Net Income: | $3.72 | $5.64 | $3.04 | Curr Assets: | |
| EPS: | $0.40 | Liabilities: | $137.69 | ||
| Prior EPS: | $9.04 | $7.08 | Curr Liabilities: | ||
| Cash Flow/Oper: | $13.43 | Equity: | $25.81 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| Founded in 1980, the company is a leading developer and operator of timeshare resorts in the United States. The company's principal operations consist of 1) acquiring, developing and operating timeshare resorts, also known as vacation ownership resorts, 2) marketing and selling vacation ownership interests in its resorts, which typically entitle the buyer to ownership of a fully-furnished unit for a one-week period on either an annual or alternate-year basis, and 3) providing financing for the purchase of Vacation Ownership Interests at its resorts. The company currently operates three vacation ownership resorts in Florida with a total of 1,378 units, or 70,278 Vacation Ownership Interests, and is currently constructing a fourth resort at World Golf Village, a destination golf resort and future home of the World Golf Hall of Fame currently under development near St. Augustine, Florida. In addition, the company has entered into an exclusive joint venture agreement with Promus Hotels, Inc., a leading hotel company in the United States, for the joint development and operation of vacation ownership resorts in selected North American markets. |
| Competition |
| The company is subject to significant competition from other entities engaged in the leisure and vacation industry, including vacation ownership resorts, hotels, motels and other accommodation alternatives. The vacation ownership industry historically has been highly fragmented and dominated by a very large number of local and regional resort developers and operators, each with small resort portfolios generally of differing quality. Management believes that industry competition will be increased by recent and possibly future consolidation in the vacation ownership industry. |
| Business Plan |
| The company's goal is to maintain and expand its position as a leading developer and operator of vacation ownership resorts in the United States by 1) continuing sales of Vacation Ownership Interests at the company's two Orlando-area resorts; 2) acquiring , developing and selling additional vacation ownership resorts; and 3) improving operating margins by reducing borrowing costs and reducing general and administrative expenses as a percentage of revenues. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay a portion of the company's outstanding indebtedness, to fund a portion of the cost of the acquisition, development and expansion of existing and future vacation ownership resorts and for working capital and other general corporate purposes. |