| Clearview Cinema Group, Inc. | |||
| Ticker: | CLV | 7 Waverly Place | |
| Exchange: | American Stock Exchange | Madison, NJ 07940 | |
| Industry: | Service (SIC Code 7832) | (201) 377-4646 | |
| # of Employees: | 333 | ||
| Type of Shares: | Common Shares | Filing Date: | 5/27/97 | |
| U.S. Shares: | 1,000,000 | Offer Date: | 8/18/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $10.00 | |
| Primary Shares: | 1,000,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.64 | |
| Offering Amount: | $9,000,000 | Selling: | $0.38 | |
| Expenses: | $850,000 | Reallowance: | $0.10 | |
| Shares Out After: | 1,958,000 |
| Manager | Tier | Phone |
| Prime Charter Ltd. | Lead Manager | (212) 977-0620 |
| Issuer's Law Firm: | Kirkpatrick & Lockhart |
| Bank's Law Firm: | Dewey Ballantine |
| Auditor: | Wiss & Company |
| Registrar/Transfer Agent: | Bank of New York |
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: | $8.20 | $3.51 | $1.01 | Assets: | $16.63 |
| Net Income: | -$0.22 | $0.01 | -$0.01 | Curr Assets: | $1.64 |
| EPS: | -$0.12 | $0.01 | -$0.01 | Liabilities: | $12.34 |
| Prior EPS: | -$0.12 | $0.78 | $0.08 | Curr Liabilities: | $3.13 |
| Cash Flow/Oper: | $1.15 | $0.30 | $0.05 | Equity: | $4.29 |
| Cash Flow/Fin: | $6.72 | -$0.40 | -$0.11 | Cash: | $1.43 |
| Cash Flow/Inv: | -$7.30 | -$0.40 | Working Cap: | -$1.48 | |
| Business Description |
| The company is a regional motion picture exhibitor that owns and operates in-town multi-plex theaters primarily in affluent suburban communities in the New York/New Jersey metropolitan area. The company's theaters offer a mix of first-run commercial, art and family-oriented films designed to appeal primarily to sophisticated moviegoers and families with younger children. Since its inception in December, 1994, the company has grown from four to 16 theaters and from eight to 60 screens. From 1995 to 1996, the company's revenues have increased from $2.3 million to $8.2 million and theater level operating income has increased from $344,000 to $1.6 million. The company's strategy is to grow primarily through the acquisition or development of in-town multiplex theaters. The company seeks locations in the retail centers of suburban communities that have the characteristics of the company's target audiences. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay subordinated indebtedness, to upgrade existing theaters and construct additional screens, to redeem certain Provident Warrants issued to The Provident Bank in connection with the company's current financing arrangements; and the remaining proceeds will be used for general corporate purposes, primarily the acquisition and development of additional theaters. |
| Additional Underwriter Compensation |
| Additional compensation of $200,000. |
| Warrant to purchase 100,000 shares/units at a nominal price. |
| Exercise price of $9.60 for 4 year(s), 1 year(s) from 8/18/97. |