| Dan River, Inc. | |||
| Ticker: | DRF | 2291 Memorial Drive | |
| Exchange: | New York Stock Exchange | Danville, VA 24541 | |
| Industry: | Manufacturing (SIC Code 2211) | (804) 799-7000 | |
| Type of Shares: | Class A Common Shares | Filing Date: | 9/26/97 | |
| U.S. Shares: | 6,700,000 | Offer Date: | 11/20/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 6,700,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.05 | |
| Offering Amount: | $100,500,000 | Selling: | $0.63 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Morgan Stanley Dean Witter Discover & Co. | Lead Manager | (212) 761-5900 |
| J.P. Morgan Securities Inc. | Co-manager | (212) 648-0517 |
| SBC Warburg & Company | Co-manager | (212) 224-7274 |
| Issuer's Law Firm: | King & Spalding |
| Bank's Law Firm: | Cravath, Swaine & Moore |
| Auditor: | Ernst & Young |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 6/28/97 | 6/29/96 | 6/28/97 | ||
| Revenue: | $379.57 | $227.94 | $176.94 | Assets: | $390.39 |
| Net Income: | $5.69 | $2.31 | -$0.09 | Curr Assets: | |
| EPS: | Liabilities: | $311.33 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | $79.05 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | Working Cap: | $115.78 | |||
| Business Description |
| The company is a leading manufacturer and marketer of textile products for the home fashions and apparel fabrics markets. The company designs, manufactures a coordinated line of value-added home fashions products such as comforters and bed sheets. The company also manufactures and markets a broad range of high quality woven cotteon and cotton-blend fabrics and believes that it is the leading supplier of men's dress shirting fabrics in North America. The company's top five retail home fashions customers in fiscal 1996 were Wal-mart Stores, Inc., Kmart Corporation, Federated Department Stores, Inc., J.C. Penney Company, Inc. and The May Department Stores Company. The company's apparel fabrics are marketed to a diverse customer base including manufacturers of men's women's and children's clothing, uniforms and home furnishings, and retailers of sewing and craft fabrics. The company's apparel fabrics are used in garments marketed under such well-known brand names as Arros, Brooks Brothers, Hathaway, Levi Strauss, Liz Claiborne, L.L. Bean, Manhattan, Osh Kosh B'Gosh and Van Heusen, as well as numerous private labels marketed through retailers such as J.C. Penney Company Inc, and Sears, Roebuck & Co. |
| Business Plan |
| The company's principal business objective is to continue to expand the sales of its home fashions products and apprel fabrics, while improving the overall profitability of its operations. The primary components of the company's business strategy include the following: (I) Capitalize on Profit Opportunities In Home Fashions Market, (ii) Expand Distribution of Home Fashions Products Through Strategic Relationships With Major Retailers, (iii) Enhance Strong Apparel Fabrics Market Position, (iv) Reduce Production Costs and Improve Productivity, (v) Attain Textile Industry Leadership In Information Technology, (vi) Ehance Financial Flexibility. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness and for general corporate purposes. |
| Officer Name | Title | Age |
| Joseph L. Lanier, Jr. | Chairman, Chief Executive Officer and Director | 65 |
| Gary D. Waldman | Controller | 41 |
| Richard L. Williams | President, Chief Operating Officer and Director | 63 |
| Harry L. Goodrich | Vice President, Secretary and General Counsel | 46 |
| Larry W. Van de Visser | Vice President-Administration | 61 |
| Barry F. Shea | Vice President-Chief Financial Officer | 48 |
| George R. Herron | Vice President-Cotton Procurement | 57 |
| Scott D. Batson | Vice President-Finance | 41 |
| Edward E. Carroll | Vice President-Industrial Relations | 58 |
| Anthony J. Bender | Vice President-Information Systems and Chief Information Officer | 39 |
| Gregory R. Boozer | Vice president-Manufacturing Services | 42 |