| Horizon Pharmacies, Inc. | |||
| (www.members.aol.com/horizonx) | |||
| Ticker: | HZP | 275 W. Princeton Drive | |
| Exchange: | American Stock Exchange | Princeton, TX 75407 | |
| Industry: | Retail (SIC Code 5912) | (972) 736-2424 | |
| Type of Shares: | Common Shares | Filing Date: | 4/16/97 | |
| U.S. Shares: | 1,200,000 | Offer Date: | 7/8/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $5.00 | |
| Primary Shares: | 1,200,000 | Offer Price: | $5.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.50 | |
| Offering Amount: | $6,000,000 | Selling: | $0.25 | |
| Expenses: | $180,000 | Reallowance: | $0.10 | |
| Shares Out After: | 2,282,424 |
| Manager | Tier | Phone |
| Capital West Securities, Inc. | Lead Manager | (405) 235-5720 |
| Comvest Partners, Inc. | Co-manager | (214) 265-7200 |
| Issuer's Law Firm: | Phillips McFall McCaffrey McVay & Murrah, P.C. |
| Bank's Law Firm: | Robertson & Williams, Inc. |
| Auditor: | Ernst & Young |
| Registrar/Transfer Agent: | American Securities Transfer, Inc |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 3/31/97 | 3/31/96 | 3/31/97 | ||
| Revenue: | $13.14 | $5.11 | $2.37 | Assets: | $8.35 |
| Net Income: | $0.20 | $0.14 | $0.07 | Curr Assets: | |
| EPS: | $0.18 | $0.13 | $0.07 | Liabilities: | $6.45 |
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $0.05 | Equity: | $1.90 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company owns and operates a chain of 14 retail pharmacies, nine of which are located in Texas, two in Virginia, and one each in New Mexico, Oklahoma and Wisconsin. According to the October 21, 1996 issue of CHAIN DRUG REVIEW, the company is among the top 100 retail pharmacy chains in the United States based on store count and dollar volume of sales. The cmpany plans to acquire between eight and 12 pharmacies annually in each of 1997, 1998 and 1999. In March 1997, the company consummated the purchase of three pharmacies owned by True Quality Pharmacies, Inc. d/b/a Vista Pharmacy. The company began operating in February 1994 for the purpose of acquiring and consolidating under the HORIZON Pharmacies, Inc. name high volume, free-standing full-service retail pharmacies primarily located in communities having populations of fewer than 50,000 persons. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain existing indebtedness, acquire additional retail pharmacies and/or the inventory and pharmacy files of other retail pharmacies, make a distribution to existing shareholders primarily to mitigate such shareholders' expected state and federal income taxes associated with the company's present S Corporation status and for working capital and for general corporate purposes. |