| Acorn Products, Inc. | |||
| Ticker: | ACRN | 500 Dublin Avenue | |
| Exchange: | NASDAQ-National Market | Columbus, OH 43216 | |
| Industry: | Manufacturing (SIC Code 3423) | (614) 222-4400 | |
| Type of Shares: | Common Shares | Filing Date: | 4/17/97 | |
| U.S. Shares: | 3,250,000 | Offer Date: | 6/24/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 3,250,000 | Offer Price: | $14.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.98 | |
| Offering Amount: | $45,500,000 | Selling: | $0.55 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| McDonald & Company Securities, Inc. | Lead Manager | (216) 443-2370 |
| A.G. Edwards & Sons, Inc. | Co-manager | (314) 955-3039 |
| Issuer's Law Firm: | Gibson, Dunn & Crutcher |
| Bank's Law Firm: | Jones, Day, Reavis & Pogue |
| Auditor: | Ernst & Young |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 8/2/96 | 1/31/97 | 1/26/96 | 1/31/97 | ||
| Revenue: | $92.65 | $40.70 | $35.84 | Assets: | $95.65 |
| Net Income: | -$7.28 | -$10.07 | -$7.28 | Curr Assets: | |
| EPS: | Liabilities: | $86.98 | |||
| Prior EPS: | -$12.96 | -$1.31 | Curr Liabilities: | ||
| Cash Flow/Oper: | $13.99 | Equity: | $8.66 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| Founded in 1890, the company is a leading manufacturer and marketer of non-powered lawn and garden tools in the U.S. The company's principal products include long handle tools (such as forks, hoes, rakes and shovels), snow tools, posthole diggers, wheelbarrows, striking tools and cutting tools. The company sells its products under a variety of well-known brand names, including Razor-Back, Union, Yard'n Garden, Perfect Cut and, pursuant to a license agreement, Scotts. In addition, the company manufactures private label products for a variety of retailers, including products sold under Sears' Craftsman and Cotter & Company's True Value brand names. The company's customers include mass merchants such as Sears, Kmart and Fred Meyer, home centers such as Home Depot, HomeBase, Builders Square and Payless Cashways, buying groups such as Cotter & Company and Ace Hardware and farm and industrial distributors. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to redeem the Series A Preferred Stock and pay accumulated dividends; reduce indebtedness outstanding under the Company's senior credit facility and repay a portion of the Subordinated Notes. |