| International Total Services, Inc. | |||
| Ticker: | ITSW | 5005 Rockside Road | |
| Exchange: | NASDAQ-National Market | Independence, OH 44131 | |
| Industry: | Service (SIC Code 7382) | (216) 642-4522 | |
| Type of Shares: | Common Shares | Filing Date: | 6/18/97 | |
| U.S. Shares: | 2,825,000 | Offer Date: | 9/19/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 2,547,727 | Offer Price: | $11.25 | |
| Secondary Shares: | 277,273 | Gross Spread: | ||
| Offering Amount: | $31,075,000 | Selling: | ||
| Expenses: | - | Reallowance: | ||
| Shares Out After: | 6,251,636 |
| Manager | Tier | Phone |
| McDonald & Company Securities, Inc. | Lead Manager | (216) 443-2370 |
| Issuer's Law Firm: | Baker & Hostetler |
| Bank's Law Firm: | Calfee, Halter & Griswold |
| Auditor: | Grant Thornton |
| Registrar/Transfer Agent: | First Chicago Trust Company of NY |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/31/97 | 3/31/97 | ||||
| Revenue: | $115.24 | Assets: | $27.00 | ||
| Net Income: | $1.70 | Curr Assets: | |||
| EPS: | $0.14 | Liabilities: | $23.81 | ||
| Prior EPS: | $0.17 | Curr Liabilities: | |||
| Cash Flow/Oper: | $1.94 | Equity: | $3.19 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading domestic provider of aviation security and other aviation services. The company provides predeparture screening services for more than 60 U.S. and international carriers at more than 130 U.S. airports. The company has used its predeparture screening business to establish a growing presence in the broader aviation services market and believes that it offers a wider array of services than its competitors in this market. Aviation services offered by the company include skycap, baggage handling and aircraft cleaning services, and wheelchair and electric cart operations. The company's security services extend beyond aviation security, and include the provision of commercial security services to government and business clients, hospitals, arenas and museums. The company's revenues have grown at a compounded annual rate of 14.2% over the past five years, driven by growth in both aviation security and other aviation services as well as growth resulting from acquisitions. The company has experienced significant revenue growth in its predeparture screening business, attributable primarily to the trend toward consolidation in this market and the company's historic ability to pass on wage increases to customers. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay outstanding indebtedness consisting of outstandings under a revolving line of credit with the company's senior lender and Subordinated Notes, for general corporate purposes including working capital to support the company's growth, and possible acquisitions. |