| Mike's Original, Inc. | |||
| Proposed Ticker: | MOIC | 131 Jericho Turnpike | |
| Exchange: | Over-the-Counter Market | Jericho, NY 11753 | |
| Industry: | Manufacturing (SIC Code 2024) | (516) 334-8500 | |
| Type of Shares: | Common Shares | Filing Date: | 2/11/97 | |
| U.S. Shares Filed: | 850,000 | Filing Price: | $6.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $5,100,000 | |
| Primary Shares: | 850,000 | Expenses: | $525,000 | |
| Secondary Shares: | 0 | Shares Out After: | 2,742,641 |
| Manager | Tier | Phone |
| Millennium Securities Corp. | Lead Manager |
| Issuer's Law Firm: | Blau, Kramer, Wactlar & Lieberman |
| Bank's Law Firm: | Beckman & Millman, P.C. |
| Auditor: | Grant Thornton |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $2.39 | Assets: | $0.44 | ||
| Net Income: | -$4.05 | Curr Assets: | |||
| EPS: | -$1.73 | Liabilities: | $3.44 | ||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | -$1.74 | Equity: | -$3.00 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company markets, sells and distributes Mike's Original Cheesecake Ice Cream, an innovative all natural blend of super-premium ice cream with cheesecake ingredients. This product line is offered in a variety of flavors mainly to supermarkets and grocery stores and also, to a lesser extent, to convenience stores, food service outlets and warehouse clubs. The company's products are presently sold in approximately fifteen states, including New York, California, Pennsylvania and New Jersey, with sales generally concentrated on the East and West coasts of the United States. The company believes, based on an internal study, that it incentivizes retailers to continue purchasing its products through a pricing strategy designed to provide retailers with a higher retail profit per linear foot as compared to other competitive products based on the suggested retail price. In October 1995, the company entered into an agreement with the Kraft Pizza Company for the exclusive distribution of the company's products for the Northeastern and Western regions of the United States. In April 1996, the company entered into an agreement with Kraft Foods, Inc. to represent the company in the sale of its products to military facilities throughout the world. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of notes issued in a private placement and other indebtedness, marketing expenses, and for working capital and general corporate purposes. |
| # of Units: | 850,000 | |||
| Unit Ticker: | MOICU | Unit Price: | $6.00 | |
| Warrant Ticker: | MOICW | Warrant Price: | ||
| Warrant Exercise Date: | Warrant Exercise Price: | |||
| Warrant Expiration Date: | ||||
| Warrant Detachable: | Yes | Warrant Detach Date: | ||
| Warrant Callable: | No |
| Unit Composition: 1 Common Share + 1 Warrant |
| Warrant Entitlement: 1 Common Share |