| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Birner Dental Management Services, Inc. |
| 3801 East Florida Avenue, Suite 208, Denver, CO 80210 * (303) 691-2707 |
| The company acquires, develops, and manages geographically dense dental practice networks in select markets, currently including Colorado and New Mexico, and the company believes it is the largest provider of dental management services in Colorado. |
| Manager | Tier | Phone |
| Wheat First Butcher & Singer Capital Markets | Lead Manager | (804) 782-3278 |
| A.G. Edwards & Sons, Inc. | Co-manager | (314) 955-3039 |
| NASNTL: | BDMS | Service: | SIC 8741 | |
| Type of Shares: | Common Shares | Filing Date: | 9/25/97 | |
| U.S. Shares: | 2,100,000 | Offer Date: | 2/11/98 | |
| Non-U.S. Shares: | 0 | Filing Range: | $9.00 - $11.00 | |
| Primary Shares: | 2,100,000 | Offer Price: | $7.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.51 | |
| Offering Amount: | $21,000,000 | Selling: | $0.30 | |
| Expenses: | $0 | Reallowance: | $0.10 | |
| Post-IPO Shares: | - |
| Issuer's Law Firm: | Holland & Hart LLP |
| Bank's Law Firm: | Alston & Bird |
| Registrar/Transfer Agent: | American Securities Transfer, Inc |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $7.28 | $6.84 | $2.12 | Assets: | $10.56 |
| Net Income: | -$0.34 | $0.27 | -$0.10 | Curr Assets: | $3.01 |
| EPS: | -$0.09 | $0.07 | -$0.03 | Liabilities: | $8.94 |
| Prior EPS: | -$0.05 | Curr Liab: | $1.50 | ||
| Cash Flow/Oper: | -$0.55 | $0.96 | -$0.03 | Equity: | $1.62 |
| Cash Flow/Fin: | $5.67 | $0.14 | $4.19 | Cash: | $1.79 |
| Cash Flow/Inv: | -$4.80 | -$1.10 | -$4.15 | Working Cap: | $1.51 |
| Competition |
| The dental services industry is highly fragmented, consisting primarily of solo and smaller group practices. The dental practice management segment of this industry is highly competitive and is expected to become more competi- tive. In this regard, the Company expects that the provision of multi- specialty dental services at convenient locations will become increasingly more common. The Company is aware of several dental practice management companies that are operating in its markets. Companies with dental practice management businesses similar to that of the Company which currently operate in other parts of the country, may begin targeting the Company's existing markets for expansion. Such competitors may have greater financial resources or otherwise enjoy competitive advantages which may make it difficult for the Company to compete against them or to acquire additional Offices on terms acceptable to the Company. As the Company seeks to expand its operations into new markets, it is likely to face competition from dental practice management companies which already have established a strong business presence in such locations. The business of providing general dental, orthodontic and other specialty dental services is highly competitive in the markets in which the Company operates. The Company believes it competes with other providers of dental and specialty services on the basis of factors such as brand name recognition, convenience, cost and the quality and range of services provided. Competition may include practitioners who have more established practices and reputations. The Company also competes against established practices in the retention and recruitment of general dentists, specialists, hygienists and other personnel. If the availability of such dentists, specialists, hygienists and other personnel begins to decline in the Company's markets, it may become more difficult to attract qualified dentists, specialists, hygienists and other personnel to staff the Offices sufficiently or to expand them. |
| Business Plan |
| The company's objective is to be the leading dental practice management company in the markets it serves. The key elements of the company's strategy include: (I) Develop and Operate Geographically Dense Dental Practice Networks, (ii) Capitalize on Flexible Growth Strategy, (iii) Enhance Operating Performance, (iv) Catpure Specialty Service Revenue and (v) Develop Brand Identity. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for the repayment of certain indebtedness, for potential acquisitions and development of new offices, and working capital and general corporate purposes. |
| Name of Shareholder | % Owned Before | % Owned After |
| Frederic W.J. Birner | 0.25 | |
| Mark A. Birner, D.D.S. | 0.24 | |
| Dennis N. Genty | 0.16 | |
| Lee Schlessman | 0.15 | |
| James M. Ciccarelli | 0.08 | |
| Susan M. Duncan | 0.07 |
| Officer Name | Title | Age |
| Frederic W.J. Birner | Chairman of the Board, Chief Executive Officer and Director | 40 |
| Dennis N. Genty | Chief Financial Officer, Secretary, Treasurer and Director | 39 |
| James Abramowitz, D.D.S. | Colorado Dental Director | 52 |
| Susan E. Carwin | Field Representative | 28 |
| Cheryl A. Storm | Manager of Information Systems | 27 |
| Mark A. Birner, D.D.S. | President and Director | 38 |
| Pamela K. Bernardini | Vice President, Controller and Secretary | 41 |