| Vision Twenty-One, Inc. | |||
| Ticker: | EYES | 7209 Bryan Diary Road | |
| Exchange: | NASDAQ-National Market | Largo, FL 34647 | |
| Industry: | Service (SIC Code 8741) | (813) 545-4300 | |
| Type of Shares: | Common Shares | Filing Date: | 6/13/97 | |
| U.S. Shares: | 2,100,000 | Offer Date: | 8/18/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 2,100,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.70 | |
| Offering Amount: | $25,200,000 | Selling: | $0.40 | |
| Expenses: | $900,000 | Reallowance: | $0.10 | |
| Shares Out After: | 7,616,124 |
| Manager | Tier | Phone |
| Prudential Securities Incorporated | Lead Manager | (212) 778-5420 |
| Wheat First Butcher & Singer Capital Markets | Co-manager | (804) 782-3278 |
| Issuer's Law Firm: | Shumaker, Loop & Kendrick, LLP |
| Bank's Law Firm: | King & Spalding |
| Auditor: | Ernst & Young |
| 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: | $9.56 | $7.72 | $2.10 | Assets: | $19.99 |
| Net Income: | -$6.12 | -$0.45 | -$0.82 | Curr Assets: | |
| EPS: | -$0.45 | -$0.01 | Liabilities: | $16.59 | |
| Prior EPS: | -$0.27 | $0.07 | Curr Liabilities: | ||
| Cash Flow/Oper: | -$4.17 | Equity: | $3.40 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company provides a wide range of management and administrative services to local area delivery systems. LADS are integrated networks of optometrists, ophthalmologists, ASCs and retail optical centers designed to offer full eye care services. The company began operations in 1984, providing management services to seven optometrists practicing at eight clinic locations. The company currently provides its services to 11 LADS located in six states through which 659 Affiliated Providers deliver eye care services. Of these Affiliated Providers, 62 are Managed Providers, consisting of 41 optometrists and 21 ophthalmologists practicing at 39 clinic locations and two ASCs, and 597 are Contract Providers, consisting of 260 optometrists and 337 ophthalmologists practicing at 308 clinic locations and 38 ASCs. The company signed its first managed care contract in 1988 for 18,000 patient lives serviced through the company's network of optometrists practicing within retail optical locations. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness and to finance the acquisition and development of optometry and ophthalmology clinics and ASCs. |