| First Wave Marine, Inc. | |||
| Proposed Ticker: | FWAV | 4000 South Sherwood Forest Boulevard, Suite 603 | |
| Exchange: | NASDAQ-National Market | Baton Rouge, LA 70816 | |
| Industry: | Manufacturing (SIC Code 3731) | (504) 292-8800 | |
| Type of Shares: | Common Shares | Filing Date: | 10/17/97 | |
| U.S. Shares Filed: | 0 | Filing Price: | - | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $100,000,000 | |
| Primary Shares: | 0 | Expenses: | $725,000 | |
| Secondary Shares: | 0 | Shares Out After: |
| Manager | Tier | Phone |
| Schroder Wertheim & Company, Incorporated | Lead Manager | (212) 492-6900 |
| Jefferies & Company Incorporated | Co-manager | (212) 903-2342 |
| Morgan Keegan & Company, Incorporated | Co-manager | (901) 529-5357 |
| Issuer's Law Firm: | Griggs & Harrison, P.C. |
| Bank's Law Firm: | Baker & Botts |
| Auditor: | Grant Thornton |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
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 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $27.96 | $16.94 | $11.77 | Assets: | $26.70 |
| Net Income: | $1.56 | $2.03 | $0.51 | Curr Assets: | $9.40 |
| EPS: | Liabilities: | $22.77 | |||
| Prior EPS: | $1.92 | $0.67 | Curr Liabilities: | $3.27 | |
| Cash Flow/Oper: | $1.18 | -$1.26 | -$0.30 | Equity: | $3.92 |
| Cash Flow/Fin: | $0.17 | -$0.30 | -$0.43 | Cash: | $0.36 |
| Cash Flow/Inv: | -$1.43 | -$0.30 | Working Cap: | $6.13 | |
| Business Description |
| The company is a leading provider of shipyard and related environmental services to the offshore support vessel, offshore barge and inland marine industries. The Company offers a full range of repair, conversion, new construction and related environmental services, including cleaning, degassing and wastewater treatment. Following the consummation of two pending acquisitions, the Company will significantly expand its operations and capacity, particularly into the offshore drilling industry. The Company will be the largest shipyard operator in the Houston-Galveston area with five of the eight major shipyard facilities in this strategic location. First Wave believes that, following the pending acquisitions, it will be the only "one-stop" source of all shipyard services for all segments of the offshore support vessel, offshore barge and inland marine markets in Texas. |
| Competition |
| The Company principally competes in each of its service lines with approximately 10 to 20 companies, based on the scope of work to be performed and the type of projects. Some of these competitors have significantly greater financial resources than the Company. Although the Company believes customers consider, among other things, the availability and technical capabilities of equipment and personnel, efficiency, condition of equipment, safety record and reputation, price competition is a primary factor in determining which qualified shipbuilder is awarded a job. |
| Business Plan |
| The Company's strategy is to leverage its reputation as an efficient, reliable, customer driven shipyard operator providing a diversified range of shipyard services to the offshore support vessel, offshore drilling, offshore barge and inland marine industries. The Company intends to utilize its proven strengths in order to expand into the Gulf of Mexico offshore drilling market. Key elements of this strategy are: (I) Maintaining a high Quality Dedicated Workforce, (ii) Development of Strategic Alliances with Key Customers, (iii) Continuous Optimization of the Mix of Shipyard Services, (iv) One-Stop Souce for Shipyard Services, (v) Focus on Core Geographic Areas: Houston and Galveston, (vi) Leveraging Economies of Scale and (vii) Expansion into the Offshour gulf of Mexico Market. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund the Bludworth Acquisition, to fund the company's anticipated capital requirements over the next 12 months, including capital expenditures to upgrade the East Pelican Island and West Pelican Island shipyard facilities in Galveston, to repay a portion of the company's indebtedness and for general corporate purposes. |
| Officer Name | Title | Age |
| Samuel F. Eakin | Chairman of the Board, Chief Executive Officer | 42 |
| Joseph O'Toole | Executive Vice President -- Operations | 64 |
| David B. Ammons | Executive Vice President, Chief Financial Officer, Secretary, Director | 47 |
| Frank W. Eakin | President and Chief Operating Officer, Director | 36 |
| Hugh G. Walker, III | vice President, Evironmental Services -- Brady Island | 37 |
| Dale Payne, III | Vice President, Shipyard Operations -- Brady Island | 48 |
| Ben Ramirez | Vice President, Shipyard Operations -- Greens Bayou | 45 |