| Boron, Lepore & Associates, Inc. | |||
| Ticker: | BLPG | 17-17 Route 208 North | |
| Exchange: | NASDAQ-National Market | Fairlawn, NJ 07410 | |
| Industry: | Service (SIC Code 7389) | (201) 791-7272 | |
| Type of Shares: | Common Shares | Filing Date: | 7/1/97 | |
| U.S. Shares: | 3,600,000 | Offer Date: | 9/23/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $16.00 - $18.00 | |
| Primary Shares: | 3,600,000 | Offer Price: | $17.50 | |
| Secondary Shares: | 0 | Gross Spread: | $1.23 | |
| Offering Amount: | $61,200,000 | Selling: | $0.74 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 10,812,978 |
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Smith Barney Inc. | Co-manager | (212) 723-7300 |
| Wessels, Arnold & Henderson | Co-manager | (612) 373-6105 |
| Issuer's Law Firm: | Goodwin Procter & Hoar |
| Bank's Law Firm: | Paul, Weiss, Rifkind, Wharton & Garrison |
| Auditor: | Arthur Andersen |
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: | $40.22 | $13.67 | $6.97 | Assets: | $18.49 |
| Net Income: | -$7.11 | $0.88 | $0.25 | Curr Assets: | |
| EPS: | -$0.96 | $0.12 | Liabilities: | $34.47 | |
| Prior EPS: | -$5.38 | $0.97 | Curr Liabilities: | ||
| Cash Flow/Oper: | -$0.71 | Equity: | -$15.97 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company provides outsourced promotional, marketing and educational services to the pharmaceutical industry. The Company was founded in 1981 and has become a leading provider of peer-to-peer meetings, which typically involve gatherings of 10 to 12 physicians meeting under the chairmanship of a Company moderator to discuss a new drug or new indication for a familiar drug. The company recently expanded the range of its outsourced promotional, marketing and educational services. Newer service offerings include coordination of other types of meetings such as symposia, continuing education conferences and video satellite conferences; product marketing services (which involve obtaining rights to market a pharmaceutical product, often on a shared reward basis); and teleservices such as teledetailing, telemarketing, sales support and fulfillment. In July 1997, the Company expects to open a teleservice center in Norfolk, Virginia to support expansion of its teleservices business. |
| Competition |
| The business of providing promotional, marketing and educational services to the pharmaceutical industry is competitive. The business of providing pharmaceutical conferencing services is highly fragmented and the Company's competitors in this area generally include smaller, regionally focused companies that provide a limited number of promotional, marketing and educational services, usually focused on the pharmaceutical industry. Several of the Company's competitors in this area, however, offer services that are somewhat wider in scope. Although the company believes it is a leading provider of peer-to-peer meetings, there are many larger providers of symposia and educational conferences. As the Company seeks to expand its range of services, it is likely to face competition from companies which already have established a strong business presence providing similar services to other businesses. The outsourced product marketing business is currently in its formative stage and is expected to become increasingly competitive. A large number of companies currently provide teleservices such as telemarketing and teledetailing to companies in many industries including the pharmaceutical industry, and many of these companies have greater resources and access to capital than the Company. Overall, the company believes that its most significant competition is potentially from other companies that provide outsourced promotional, marketing and educational services and large advertising agencies which may seek to expand their service offerings. In addition, the pharmaceutical companies' in-house marketing departments may provide similar services to those provided by the company and competition could increase as a result of the expansion of the in-house marketing capabilities by the company's customers or in the pharmaceutical industry generally. |
| Business Plan |
| The Company's business strategy includes consideration of strategic acquisitions in complementary and existing business areas. The Company believes that acquiring outsourced marketing companies may in some cases facilitate more effective and rapid development of a broader array of services, or expansion of existing services, than developing these service capabilities internally. The Company's strategy following any acquisition would be to use its competitive strengths, including its reputation in the industry, its long-standing customer relationships and its range of available services, to improve the financial and market performance of both the company and the acquired company. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay existing indebtedness, to redeem all outstanding shares of redeemable preferred stock and for working capital and other general corporate purposes. |
| Officer Name | Title | Age |
| Patrick G. LePore | Chairman of the Board, Chief Executive Officer, President and Director | 42 |
| Gregory F. Boron | Chief Operating Officer, Executive Vice President--Administration and Director | 44 |
| Roger Boissonneault | Director | 49 |
| Roger B. Kafker | Director | 35 |
| Joseph E. Smith | Director | 58 |
| John A Staley, IV | Director | 54 |
| Jacqueline C. Morby | Director | 59 |
| Timothy J. McIntyre | Executive Vice President and President--Promotional Conferencing Services Division | 42 |
| Christopher J. Sweeney | Executive Vice President--Corproate Development | 35 |