| Innova Corporation | |||
| Ticker: | INVA | 3325 South 116th Street | |
| Exchange: | NASDAQ-National Market | Seattle, WA 98168 | |
| Industry: | Manufacturing (SIC Code 3663) | (206) 439-9121 | |
| Type of Shares: | Common Shares | Filing Date: | 6/18/97 | |
| U.S. Shares: | 2,750,000 | Offer Date: | 8/8/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 2,750,000 | Offer Price: | $13.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.91 | |
| Offering Amount: | $30,250,000 | Selling: | $0.55 | |
| Expenses: | $800,000 | Reallowance: | $0.10 | |
| Shares Out After: | 12,124,012 |
| Manager | Tier | Phone |
| UBS Securities Inc. | Lead Manager | (212) 821-4510 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Wessels, Arnold & Henderson | Co-manager | (612) 373-6105 |
| Issuer's Law Firm: | Graham & James |
| Bank's Law Firm: | Drinker Biddle & Reath |
| Auditor: | KPMG Peat Marwick |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
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: | $2.10 | $4.91 | $0.14 | Assets: | $13.69 |
| Net Income: | -$7.33 | -$2.12 | -$3.42 | Curr Assets: | |
| EPS: | -$0.73 | -$0.21 | Liabilities: | $52.54 | |
| Prior EPS: | -$2.38 | -$9.55 | Curr Liabilities: | ||
| Cash Flow/Oper: | -$7.36 | Equity: | -$38.85 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company designs, manufactures and supports millimeter wave radios for use as short- to medium-distance wireless communication links in telecommunications networks in both developed and developing markets. The company's products enable telecommunications service providers to establish reliable and cost-effective voice, data and video communications links within their networks. The company's products operate in frequencies ranging from 15-38 GHz and may be used in various applications, including cellular and PCS/PCN networks, broadband communications, local loop services, and long distance networks. In recent years, growing demand for telecommunications services has been driven by the emergence of improved technologies and by the recognition that effective communications enhance business productivity and can accelerate economic growth. Regulatory changes, including the privatization of state-run telephone monopolies, allocation of additional radio spectrum licensing of new entrants to the telecommunications market, have created a competitive environment in which an increasing number of service providers are seeking to meet this demand and capture market share by rapidly establishing new networks and expanding existing networks. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of indebtedness, equipment purchases, working capital and general corporate purposes. |