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| CVC, Inc. |
| 525 Lee Road, Rochester, NY 14606 * (716) 458-2550 |
| Business Description | The company is a leading supplier of deposition equipment for the fabrication of thin film recording heads for the data storage industry. |
| Offering Information Company has | |||
| Trading As | CVCI (NASNTL) | Industry | Manufacturing |
| Type of Stock Offered | Common Shares | Filing Date | 10/16/97 |
| Domestic Shares Offered | 3,500,000 | Offer Date | 11/11/99 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $13.00 |
| Company Shares | 3,000,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 500,000 | Gross Spread | $0.700 |
| Gross Proceeds | $35,000,000 | Selling | $0.410 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 11,947,410 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| Prudential Securities Incorporated | Co-manager | (212) 778-5420 |
| SG Cowen | Co-manager | (212) 495-6000 |
| Warburg Dillon Read LLC | Co-manager | (203) 719-4290 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 9/30/96 | 6/30/96 | 6/30/97 | ||||
| Revenues | - | - | - | - | 48.378 | 34.622 | 44.640 |
| Income from Oper. | - | - | - | - | 3.377 | 2.111 | 2.160 |
| Net Income | - | - | - | - | 3.180 | 1.957 | 0.991 |
| E.P.S | - | - | - | 0.020 | 0.290 | 0.180 | 0.090 |
| Revenue Growth (%) | - | - | - | - | 28.94 | ||
| Net Income Growth (%) | - | - | - | - | -49.36 | ||
| Oper. Profit Margin (%) | - | - | - | - | 6.98 | 4.84 | 6.10 |
| Net Profit Margin (%) | - | - | - | - | 6.57 | 2.22 | 5.65 |
| Cash Flow - Oper. | -1.52 | 1.75 | -1.05 | ||||
| Cash Flow - Inv. | -3.68 | -2.25 | -1.69 | ||||
| Cash Flow - Fin. | 2.77 | -0.14 | 2.11 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/97 | Financial Ratios | ||||
| Total Assets | 35.08 | Current Assets | 26.66 | Current Ratio | 1.28 |
| Total Liab. | 24.75 | Current Liab. | 20.79 | Debt Ratio | 70.55% |
| Total Equity | 10.33 | Working Cap. | 5.87 | Debt to Equity Ratio | 2.40 |
| Cash | 0.11 | Return on Assets | 2.83% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including working capital, capital expenditures and repayment of debt. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Dewey Ballantine |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Auditor | Price Waterhouse |
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| Industry Competition |
The data storage and semiconductor manufacturing equipment industries are highly competitive. A substantial investment is required to install and integrate capital equipment into a data storage or semiconductor production line. The Company believes that once a device manufacturer has selected a particular supplier's capital equipment, that manufacturer generally relies upon that supplier's equipment for the specific production line application and, to the extent possible, subsequent generations of similar systems. Accordingly, it may be extremely difficult to achieve significant sales to a particular customer once another supplier's manufacturing equipment has been selected by that customer, unless there are compelling reasons to do so, such as significant performance or cost advantages. Increased competitive pressure could lead to lower prices for the Company's products, thereby adversely affecting the Company's operating results. The Company believes that its ability to compete in the data storage and semiconductor manufacturing equipment markets depends on a number of factors, including the ability to develop and introduce new products rapidly, product innovation, product quality and reliability, product performance, breadth of its product line, price, technical service and support, adequacy of manufacturing quality and capacity and sources of raw materials, efficiency of production, delivery capabilities and protection of the Company's products by intellectual property laws. The Company competes in the data storage and semiconductor manufacturing markets based on differentiated value-added process technologies, system performance, customer support and the cost of ownership of its equipment. In the data storage market, the Company's current competitors include Balzers, Sputtered Films, Nordiko and Veeco Instruments. In the semiconductor market, the Company's competitors include Applied Materials and Novellus. Certain of the Company's competitors have substantially greater financial resources, more extensive engineering, manufacturing, marketing and customer service and support capabilities, larger installed bases of semiconductor capital equipment and broader semiconductor process equipment offerings as well as greater name recognition than the Company. The Company expects its competitors in the data storage and semiconductor process equipment industries to continue to improve the design and performance of their current systems and processes and to introduce new systems and processes with improved price and performance characteristics. No assurance can be given that the Company will be able to compete successfully in the United States or worldwide. |
| Business Plan |
The company is a leading provider of deposition equipment for the fabrication of thin film magnetic recording heads for the data storage industry. The Company believes that it has also made significant advances in the development and initial delivery of cluster-integrated copper deposition technologies for the semiconductor industry. The Company's objective is to become one of the leading suppliers of advanced thin film process solutions to both the data storage and semiconductor industries. To meet this objective, the Company is pursuing the following strategies: (I) Expand Leadership in Thin Film Process Solutions For the Data Storage Industry, (ii) Leverage Strategic Partnerships with Market Leaders, (iii) Maintain and Leverage Technological Leadership, (iv) Target Advanced Metallization Opportunities in the Semiconductor Industry and (v) Continue To Emphasize Worldwide Customer Service and Support. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Seagate Technology | 47.50 | 19.40 |
| Donald Waite | 47.50 | 19.40 |
| Brendan C. Hegarty | 47.50 | 19.40 |
| Seiya Miyanishi | 23.60 | 8.90 |
| Mikko Tecno | 23.60 | 8.90 |
| Anne G. Whitman | 20.50 | 4.00 |
| Christine B. Whitman | 11.20 | 4.40 |
| Mehrdad M. Moslehi | 5.00 | 1.90 |
| Note: represents ownership of 5% or more prior to the offering. | ||
| Executive Officers and Directors | ||
| Officer Name | Officer Title | Age |
| Christine B. Whitman | President, Chief Executive Officer and Chairman of the Board | 46 |
| Emilio O. DiCataldo | Senior Vice President and Chief Financial Officer | 46 |
| Mehrdad M. Moslehi, Ph.D. | Senior Vice President and Chief Technical Officer | 37 |
| Christopher J. Mann | Senior Vice President, Data Storage Products | 39 |
| Richard J. Chicotka, Ph.D. | Vice President, Operations | 56 |