| Vari-Lite International, Inc. | |||
| Proposed Ticker: | LITE | 201 Regal Row | |
| Exchange: | NASDAQ-National Market | Dallas, TX 75247 | |
| Industry: | Manufacturing (SIC Code 3648) | (214) 630-1963 | |
| # of Employees: | 481 | ||
| Type of Shares: | Common Shares | Filing Date: | 8/13/97 | |
| U.S. Shares Filed: | 2,000,000 | Filing Range: | $11.50 - $13.50 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $25,000,000 | |
| Primary Shares: | 2,000,000 | Expenses: | $600,000 | |
| Secondary Shares: | 0 | Shares Out After: |
| Manager | Tier | Phone |
| A.G. Edwards & Sons, Inc. | Lead Manager | (314) 955-3039 |
| Issuer's Law Firm: | Gardere & Wynne |
| Bank's Law Firm: | Vinson & Elkins |
| Auditor: | Deloitte & Touche |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $77.14 | $67.09 | $53.43 | Assets: | $89.92 |
| Net Income: | $3.12 | $2.78 | $1.14 | Curr Assets: | $18.80 |
| EPS: | Liabilities: | $62.36 | |||
| Prior EPS: | $4.73 | $3.50 | Curr Liabilities: | $18.32 | |
| Cash Flow/Oper: | $7.31 | $7.67 | $3.06 | Equity: | $27.56 |
| Cash Flow/Fin: | $2.56 | -$14.85 | -$9.13 | Cash: | $0.00 |
| Cash Flow/Inv: | -$11.21 | -$14.85 | Working Cap: | $0.48 | |
| Business Description |
| The company is a leading international provider of proprietary automated lighting systems and related services to the entertainment industry, servicing markets such as concert touring, theatre, television and film and corporate events. In 1981, the Company revolutionized the professional entertainment lighting industry by inventing the VARI*LITE-Registered Trademark- system, the first automated lighting system that allowed real-time, computerized, remote control of light beam features such as color, size, shape, position and intensity. As a result, the VARI*LITE-Registered Trademark- brand name has become recognized as the preeminent brand name for automated lighting. The Company rents its VARI*LITE-Registered Trademark- automated lighting systems exclusively through a domestic and international network of Company-owned offices and independent distributors. The Company believes that its position as an industry leader results from its broad range of innovative and technologically superior products, its longstanding collaborative relationship with participants in the entertainment industry, its worldwide distribution system and its dedication to customer service. |
| Competition |
| There is significant competition in many of the Company's markets, based primarily on product capability, quality and reliability, price, worldwide distribution capabilities, brand name recognition and reputation and customer service and support. In the Company's rental businesses, there are a number of competitors, particularly in the concert touring market. The Company competes in some cases with companies that are larger or have greater development, marketing and financial resources than the Company. There can be no assurance that the Company will be able to compete successfully in its markets or that the competitive pressures will not have a material adverse effect on the Company. |
| Business Plan |
| The company's principal objectives are to maintain its worldwide leadership positions in its existing markets and to create demand for its products in new markets. The key elements of this strategy include: (I) Maintaining Its Commitment To Innovation, (ii) Expanding Its Worldwide Distribution Capabilities and (iii) Continuing To Offer Value-Added Complementary Services. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness under the company's credit agreement. |
| Officer Name | Title | Age |
| H.R. Brutsche III | Chairman of the Board, President and Chief Executive Officer of the Company | 52 |
| John D. Maxson | Director of the Company; Chairman of the Board of Showco and Ignition | 57 |
| David W. Alley | Executive Vice President--International Operations and Director of Vari-Lite | 52 |
| Loren J. Haas | Executive Vice President--North American Operations of Vari-Lite | 39 |
| Brian L. Croft | Managing Director of VLEH | 58 |
| Keizo Akimoto | President and Representative Director of Vari-Lite Asia | 63 |
| J. Scott Thompson | President, Chief Executive Officer and Director of Ignition | 45 |
| Richard W. Bratcher, Jr. | President, Chief Executive Officer and Director of Showco | 37 |
| James M. Bornhorst | Vice President and Chief Science Officer of the Company and Vice President--Advanced Technology and Director of Vari-Lite | 51 |
| Robert V. Dungan | Vice President, General Manager and Director of Irideon | 44 |
| Janis C. Pestinger | Vice President--Administration and Assistant Secretary of the Company | 45 |
| James P. Bates | Vice President--Information Technology and Chief Information Officer of the Company | 50 |
| T. Clay Powers | Vice President--Product Development and Manufacturing of Vari-Lite and Director of Showco | 38 |
| Michael P. Herman | Vice President-Finance, Chief Financial Officer and Secretary of the Company | 54 |