| First Team Automotive Corp. | |||
| Proposed Ticker: | FTA | 350 South Lake Destiny Drive, Suite 200 | |
| Exchange: | New York Stock Exchange | Orlando, FL 32810 | |
| Industry: | Retail (SIC Code 5511) | (407) 660-2224 | |
| Type of Shares: | Common Shares | Filing Date: | 6/10/97 | |
| U.S. Shares Filed: | 0 | Filing Price: | - | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $50,000,000 | |
| Primary Shares: | 0 | Expenses: | - | |
| Secondary Shares: | 0 | Shares Out After: |
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Wheat First Butcher & Singer Capital Markets | Co-manager | (804) 782-3278 |
| Issuer's Law Firm: | Shutts & Bowen LLP |
| Bank's Law Firm: | Shearman & Sterling |
| Auditor: | Deloitte & Touche |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
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: | $449.43 | $113.67 | $102.73 | Assets: | $99.36 |
| Net Income: | $2.25 | $0.77 | $0.68 | Curr Assets: | |
| EPS: | Liabilities: | $93.75 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $1.17 | Equity: | $5.61 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading automotive retailer in the greater Orlando and Tallahassee, FL markets. The company owns and operates seven automotive dealerships in Orlando and three dealerships in Tallahassee and is acquiring three additional dealerships. The company sells new and used cars and trucks, offers related financing, insurance and extended service contracts, performs automotive maintenance, warranty, paint and repair services, and sells replacement parts. The company, which had retail sales of approximately 11,400 new and 9,300 used vehicles in 1996, offers customers a broad range of new vehicle brands, including Fords, Chevrolet, Chrysler, Plymouth, Jeep, Eagle, Cadillac, Oldsmobile, Infiniti, Mitsubishi and Acura. In 1996, the company ranked number one among new vehicle dealerships in retail unit sales of vehicles in both the Orlando and Tallahassee markets. The company also been awarded the exclusive Driver's Mart/trademark/ used vehicle superstore franchise for the greater Orlando market, and expects to open its first superstore in 1998. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund the recent acquisitions, including repaying indebtedness incurred by the company in connection with the recent acquisitions, and repay a portion of the company's floor plan indebtedness. |