| DeCrane Aircraft Holdings, Inc. | |||
| Ticker: | DAHX | 155 Montrose West Avenue | |
| Exchange: | NASDAQ-National Market | Copley, OH 44321 | |
| Industry: | Manufacturing (SIC Code 3728) | (330) 668-3061 | |
| Type of Shares: | Common Shares | Filing Date: | 1/17/97 | |
| U.S. Shares: | 2,797,423 | Offer Date: | 4/16/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $12.00 - $13.50 | |
| Primary Shares: | 2,797,423 | Offer Price: | $12.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.84 | |
| Offering Amount: | $35,667,143 | Selling: | $0.47 | |
| Expenses: | $1,387,500 | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Schroder Wertheim & Company, Incorporated | Lead Manager | (212) 492-6900 |
| Dean Witter Reynolds | Co-manager | (212) 392-3223 |
| Issuer's Law Firm: | Spolin & Silverman |
| Bank's Law Firm: | Milbank, Tweed, Hadley & McCloy |
| Auditor: | Price Waterhouse |
| Registrar/Transfer Agent: | State Street Bank and Trust Company |
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: | $55.84 | $43.06 | $42.27 | Assets: | $54.23 |
| Net Income: | -$4.00 | -$1.94 | -$1.99 | Curr Assets: | |
| EPS: | -$1.47 | -$0.71 | Liabilities: | $46.44 | |
| Prior EPS: | $3.09 | $2.11 | Curr Liabilities: | ||
| Cash Flow/Oper: | $1.46 | Equity: | $7.79 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a manufacturer of avionics components and a provider of avionics systems integration services in certain niche markets of the commercial aircraft industry. The products and services offered by the company are utilized primarily in commercial aircraft to connect, support and/or integrate various avionics systems, including cabin management, in-flight entertainment and passenger telecommunications systems. The company's targeted markets consist of commercial aircraft and avionics original equipment manufacturers, the commercial aircraft retrofit market and the commercial aircraft aftermarket. The company also sells products and services to the military aircraft market. The company seeks to maximize its sales by emphasizing the complementary nature of its products and services. Components manufactured by the company include: (I) contacts; (ii) connectors; (iii) harness assmeblies; and (iv) avionics support structures. |
| Competition |
| The company competes with a number of established companies that have significantly greater financial, technological and marketing resources than the company. The company believes that its ability to compete depends on high product performance, short lead-time and timely delivery, competitive price, and superior customer service and support.The niche markets within the aircraft industry served by the company are relatively fragmented with several competiors for each of the products and services probided by the ocmpany. Due to the global nature of the commercial airline industry, competition in these categories comes from both U.S. and foreign companies. However, the company knows of no single competitor that provides the same range of products and services as those provided by the company. The company's principal competitors in contacts and connectors are large and diversified coprorations which produce a broad range of products. The company's principal competitor in the contact market is Deutch Engineered Connecting Devices, a division of the Deutch Co. In the connector market, the company's principal competitors include ITT Canon, AMP and Radiall S.A. Several of these companies are also customers of the ocmpany. The company's principal competitors for avionics support structures include smaller companies such as Barry Controls, Inc., Electronic Cable Specialists and Vibrachoc, a subsidiary of Compagnie Generale d'Electricite. The main competitor for dichroic LCD devices is Cristalloid, Inc. Competitors which provide systems integration services include ECS, the engineering departments of certain airlines and numerous independent airframe maintenance and modification companies. |
| Business Plan |
| The company's principal strategy is to establish and expand leading positions in high-margin, niche markets within the commercial aircraft industry, with a focus on the manufacture of avionics components and the integration of avionics systems. The company seeks to achieve these leading positions while maintaining a balance of revenues among the OEM market, the retrofit market and the aftermarket. The company believes that such a strategy will position it for growth over an entire commercial aircraft industry economic cycle. Specifically, the company seeks to: (I) Capitalize on Growth in Commercial Aircraft Production, (ii) Exploit Increased Demand for Cabin Avionics Systems, (iii) Expand and Diversify Systems Integration Services, (iv) Complete Additional Strategic Acquisitions and (v) Capitalize o Complementary Products and Services. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain indebtedness. |