| ExecuStay Corporation | |||
| Ticker: | EXEC | 7595 Rickenbacker Drive | |
| Exchange: | NASDAQ-National Market | Gaithersburg, MD 20879 | |
| Industry: | Service (SIC Code 7021) | (301) 948-4888 | |
| Type of Shares: | Common Shares | Filing Date: | 6/25/97 | |
| U.S. Shares: | 2,650,000 | Offer Date: | 8/26/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $9.00 - $11.00 | |
| Primary Shares: | 2,650,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.70 | |
| Offering Amount: | $26,500,000 | Selling: | $0.40 | |
| Expenses: | $500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 6,400,000 |
| Manager | Tier | Phone |
| A.G. Edwards & Sons, Inc. | Lead Manager | (314) 955-3039 |
| Issuer's Law Firm: | Dorsey & Whitney |
| Bank's Law Firm: | Hale and Dorr |
| Auditor: | Grant Thornton |
| Registrar/Transfer Agent: | Norwest Bank of Minnesota |
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: | $29.65 | $9.64 | $5.10 | Assets: | $3.85 |
| Net Income: | $1.60 | $0.56 | $0.18 | Curr Assets: | |
| EPS: | $0.40 | $0.14 | Liabilities: | $0.05 | |
| Prior EPS: | -$0.93 | $0.00 | Curr Liabilities: | ||
| Cash Flow/Oper: | $1.12 | Equity: | $3.79 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading provider of interim housing for corporate clients and professionals. Through its ten regional offices, the company provides fully furnished high-quality apartments for stays of 30 days or more, offering a choice of locations, types of accommodation and accessories. The company residents enjoy home-like accommodations that are furnished according to their needs and preferences and generally priced comparably or more affordably than traditional full service hotels or all-suite hotels. The number of apartments occupied by the company residents has grown from approximately 190 at January 1, 1995 to approximately 1,630 at June 1, 1997, with an average rental period in the first half of 1997 of more than three months. The company currently leases apartments in over 40 states and Puerto Rico. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for payment of the S Corporation and other distributions to current stockholders, repayment of debt, funding of possible acquisitions and working capital and other general corporate purposes. |