| Trendwest Resorts, Inc. | |||
| Ticker: | TWRI | 12301 N.E. 10th Place | |
| Exchange: | NASDAQ-National Market | Bellevue, WA 98005 | |
| Industry: | Financial (SIC Code 6552) | (425) 990-2300 | |
| Type of Shares: | Common Shares | Filing Date: | 5/9/97 | |
| U.S. Shares: | 2,875,000 | Offer Date: | 8/14/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $16.00 - $18.00 | |
| Primary Shares: | 2,745,000 | Offer Price: | $18.00 | |
| Secondary Shares: | 130,000 | Gross Spread: | $1.26 | |
| Offering Amount: | $48,875,000 | Selling: | $0.70 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Montgomery Securities | Lead Manager | (415) 627-2100 |
| Salomon Brothers Inc. | Co-manager | (212) 783-2947 |
| Issuer's Law Firm: | Foster Pepper & Shefelman |
| Bank's Law Firm: | Orrick, Herrington & Sutcliffe |
| Auditor: | KPMG Peat Marwick |
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: | $116.91 | Assets: | $84.66 | ||
| Net Income: | $12.68 | Curr Assets: | |||
| EPS: | Liabilities: | $34.92 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $3.53 | Equity: | $49.74 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company markets, sells and finances timeshare ownership interests and acquires, develops and manages timeshare resorts. In 1996, the company was ranked as one of the largest timeshare companies in the Untied States, according to published sales volume data in the Vacation Ownership World trade magazine. The company's timeshare resorts are owned by and operated through WorldMark, the Club, a nonprofit mutual benefit corporation organized by Trendwest in 1989 to provide an innovative, flexible vacation ownership system. As of March 31, 1997, WorldMark had an excess of 41,000 members and owned and maintained an aggregate of 800 condominium-style units at 19 recreational resorts in the western United States, Hawaii, British Columbia and Mexico. The company presently sells Vacation Ownership Interests in Washington, Oregon and California, primarily through eight off-site sales offices. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay outstanding indebtedness, to purchase and develop additional resorts and for working capital and other general corporate purposes. |