| Officeland, Inc. | |||
| Ticker: | OFLDF | 312 Dolomite Drive, Suite 212 | |
| Exchange: | NASDAQ-Small Cap Market | Downsview, CANAD M3J 2N2 | |
| Industry: | Retail (SIC Code 5044) | 4167364000 | |
| Type of Shares: | Common Shares | Filing Date: | 12/23/96 | |
| U.S. Shares: | 700,000 | Offer Date: | 3/25/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | - | |
| Primary Shares: | 700,000 | Offer Price: | $3.13 | |
| Secondary Shares: | 0 | Gross Spread: | $0.31 | |
| Offering Amount: | $1,680,000 | Selling: | $0.15 | |
| Expenses: | $250,625 | Reallowance: | ||
| Shares Out After: | 5,270,333 |
| Manager | Tier | Phone |
| Joseph Charles & Associates, Inc. | Lead Manager | (310) 274-4402 |
| Issuer's Law Firm: | Moskowitz Altman & Frankel |
| Bank's Law Firm: | De Martino Finkelstein Rosen & Virga |
| Auditor: | Doane Raymond |
| Registrar/Transfer Agent: | American 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 | ||
| 11/30/95 | 8/31/96 | 8/31/96 | |||
| Revenue: | $6.05 | $7.17 | Assets: | $3.79 | |
| Net Income: | $0.46 | $0.32 | Curr Assets: | ||
| EPS: | $0.21 | $0.15 | Liabilities: | $1.88 | |
| Prior EPS: | $0.03 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | $1.90 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company was incorporated in 1983 and is engaged in the business of purchasing, selling, and otherwise dealing in used photocopiers in the United States. The company obtains a majority of its inventory from original equipment manufacturers of photocopiers who obtain used photocopiers as "trade-ins" when selling new photocopiers. The company intends to expand its business activities in the U.S. and Canada. The used photocopier market, particularly in the high capacity models, has been growing due to increased durability of the photocopiers that have been produced in the last several years, and the availability of high quality service and maintenance organizations. Customers for photocopying equipment are able to purchase used equipment with similar features for significantly less cost than new equipment. The company has recognized this trend and has endeavored to increase its business in this industry. |
| Competition |
| The company competes primarily with dealers in new and used office equipment as well as with liquidators and, to some extent, with manufacturers offering new and used photocopiers and other office equipment. The company competes on the basis of availability, quantity, variety of merchandise, service availability and price. The company competes for wholesale customers throughout Canada and the United States on the basis of availability, quality and price with wholesalers of used office equipment and distressed merchandise. The company believes that the used photocopier industry is generally made up of a number of independent small dealers whose inventory, in most cases, is limited. By obtaining large inventories, the company believes it can offer potential purchasers a variety of choices of equipment to meet their needs or in the alternative, provide a purchaser who is seeking a specific price of equipment, with equipment meeting those specifications. The company, however, does not in most cases choose the models of photocopier which are obtained as trade-in and accordingly, is subject to the risk that certain photocopiers may have little market value. The company obtains a majority of its used office equipment in accordance with its arrangements with Kodak and other OEMs. It competes for the balance of its inventory and supply of used office equipment with dealers, dealers is distressed merchandise and with liquidators. As the company expands its marketing efforts it expects to encounter competition from additional entities who may have substantially greater resources, sources of supply and name recognition than the company. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase inventory, to engage independent regional sales representatives in the United States, for marketing, for working capital, and to repay short term debt. |