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| MKS Instruments, Inc. |
| Six Shattuck Road, Andover, MA 01810 * (978) 975-2350 |
| Business Description | The company is a leading worldwide supplier of instruments and components used to measure, control, analyze and isolate gases in semiconductor and other manufacturing processes. |
| Offering Information Company has | |||
| Trading As | MKSI (NASNTL) | Industry | Manufacturing (SIC 3823) |
| Type of Stock Offered | Common Shares | Filing Date | 11/14/1997 |
| Domestic Shares Offered | 6,500,000 | Offer Date | 03/29/1999 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 6,000,000 | Offer Price | $14.00 |
| Selling Shrhldrs Shares | 500,000 | Gross Spread | $0.980 |
| Gross Proceeds | $91,000,000 | Selling | $0.550 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 24,053,167 | Employees | 1126 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Nationsbanc Montgomery Securities, Inc. | Lead Manager | (415) 627-2100 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1994 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||
| Revenues | 106.829 | 157.164 | 170.862 | 188.080 | 139.863 | - | - |
| Income from Oper. | 12.087 | 24.106 | 16.068 | 23.963 | 9.135 | - | - |
| Net Income | 10.003 | 21.658 | 12.503 | 20.290 | 7.186 | - | - |
| E.P.S | - | - | - | - | 0.250 | - | - |
| Revenue Growth (%) | 47.12 | 8.72 | 10.08 | -25.636 | - | ||
| Net Income Growth (%) | 116.52 | -42.27 | 62.28 | -64.58 | - | ||
| Oper. Profit Margin (%) | 11.31 | 15.34 | 9.40 | 12.74 | 6.53 | - | - |
| Net Profit Margin (%) | 9.36 | 13.78 | 7.32 | 10.79 | 5.14 | - | - |
| Cash Flow - Oper. | 22.98 | - | - | ||||
| Cash Flow - Inv. | -2.14 | - | - | ||||
| Cash Flow - Fin. | -11.79 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 96.23 | Current Assets | 58.53 | Current Ratio | 2.16 |
| Total Liab. | 41.41 | Current Liab. | 27.04 | Debt Ratio | 43.03% |
| Total Equity | 54.83 | Working Cap. | 31.49 | Debt to Equity Ratio | 0.76 |
| Cash | 11,188.00 | Return on Assets | 7.47% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for distributions to current shareholders and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | Ropes & Gray |
| Registrar/Transfer Agent | Bank of Boston |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The market for the Company's products is highly competitive. The Company encounters substantial competition in each of its product lines from a number of competitors, although no one competitor competes with the Company across all product lines. Certain of the Company's competitors have greater financial and other resources than the Company. Other competitors are smaller than the Company but well established in specific product niches. In some cases, particularly with respect to mass flow controllers, end-user semiconductor device manufacturers may direct semiconductor equipment OEMs to use a specified supplier's product in their equipment. Accordingly, for such products, the Company's success will depend in part on its ability to have semiconductor device manufacturers specify that its products be used at their fabrication facilities and the Company may encounter difficulties in changing established relationships of competitors with a large installed base of products at such customers' fabrication facilities. There can be no assurance that competitors will not develop products that offer price or performance features superior to those of the Company's products. To the extent that the Company's products do not achieve performance or other advantages over products offered by competitors, the Company is likely to experience greater price competition or loss of market share with respect to such products. Also, certain of the Company's customers may develop in-house products that serve the functions of and replace the Company's products. The Company believes that the worldwide competitive pressures in the Company's markets could result in a decline in the prices of its products in the future. Declines in the selling prices of the Company's products, if not offset by reductions in the cost of producing such products and increased unit volume sales or by sales of products with higher gross margins, could have a material adverse effect on the Company's business and results of operations. |
| Business Plan |
The Company's objective is to be the leading worldwide supplier of instruments and components used to measure, control, analyze and isolate gases in semiconductor and other advanced thin-film materials processing applications. The principal elements of the Company's strategy to achieve this objective are set forth below: (I) Extend Technology Leadership, (ii) Offer Comprehensive Product Lines, (iii) Build Upon Close Working Relationships with Customers, (iv) Pursue Applications in Related Markets and (v) Leverage Global Infrastructure. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| John R. Bertucci | 95.62 | 71.77 |
| Richard S. Chute | 11.89 | 8.92 |
| Thomas H. Belknap | 10.64 | 7.99 |
| Note: represents ownership of 5% or more prior to the offering. | ||
| Executive Officers and Directors | ||
| Officer Name | Officer Title | Age |
| John R. Bertucci | Chairman of the Board of Directors, President and Chief Executive Officer | 56 |
| John J. Sullivan | Executive Vice President of Technology | 62 |
| William D. Stewart | President, HPS | 53 |
| Ronald C. Weigner | Vice President and Chief Financial Officer | 52 |
| Leo Berlinghieri | Vice President, Customer Support Operations | 44 |