| Porex Corporation | |||
| Proposed Ticker: | PORX | 500 Bohannon Road | |
| Exchange: | NASDAQ-National Market | Fairburn, GA 30213 | |
| Industry: | Manufacturing (SIC Code 3089) | (770) 964-2503 | |
| # of Employees: | 600 | ||
| Type of Shares: | Common Shares | Filing Date: | 11/14/97 | |
| U.S. Shares Filed: | 2,000,000 | Filing Range: | $14.50 - $16.50 | |
| Non-U.S. Shares Filed: | 500,000 | Offering Amount: | $38,750,000 | |
| Primary Shares: | 2,500,000 | Expenses: | - | |
| Secondary Shares: | 0 | Shares Out After: | 17,500,000 |
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Prudential Securities Incorporated | Co-manager | (212) 778-5420 |
| Issuer's Law Firm: | Shearman & Sterling |
| Bank's Law Firm: | Brown & Wood |
| Auditor: | Arthur Andersen |
| Registrar/Transfer Agent: | Registrar and Transfer Company, New Jersey |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/97 | 9/30/97 | 9/30/96 | 9/30/97 | ||
| Revenue: | $52.88 | $14.83 | $11.19 | Assets: | $58.72 |
| Net Income: | $8.11 | $2.07 | $1.62 | Curr Assets: | $24.29 |
| EPS: | $0.54 | $0.14 | $0.11 | Liabilities: | $11.81 |
| Prior EPS: | $0.40 | $2.03 | $1.74 | Curr Liabilities: | $10.71 |
| Cash Flow/Oper: | $13.32 | -$0.13 | $0.17 | Equity: | $46.90 |
| Cash Flow/Fin: | -$0.62 | -$0.92 | -$2.02 | Cash: | $7.35 |
| Cash Flow/Inv: | -$17.89 | -$0.92 | Working Cap: | $13.58 | |
| Business Description |
| The company is a leading developer, manufacturer and distributor of porous plastic products and has a 35-year history of innovation and market leadership in the field of porous plastics. The Company's porous and solid plastic components and products are used in a wide range of healthcare, consumer and industrial applications, primarily to filter, wick, diffuse, drain, vent or control the flow of fluids or gases. For the healthcare industry, Porex designs and manufactures various components that are incorporated in the products of other healthcare manufacturers. In addition, the Company produces its own line of pipette tips, blood serum filters, surgical implants and plastic pharmaceutical vials. In the consumer products market, Porex designs and manufactures porous plastic components for use by other manufacturers in a variety of home and office products and appliances, such as writing pen tips, or "nibs", used in marking and highlighting pens, home water filters and deodorant and fragrance applicators. |
| Competition |
| The Company competes with other producers of porous plastic materials, as well as producers of non-plastic porous materials used instead of porous plastic in certain applications. The Company's ongoing success requires the continued development of new products and applications of its existing products. The Company's competitors may succeed in developing porous plastic and other products that are more effective than the Company's products. |
| Business Plan |
| The Company's objective is to increase sales and net income by leveraging the Company's competitive strengths and broadening its product offerings. To achieve this objective, the Company intends to internally develop and acquire new products and technologies that complement the Company's current product offerings. In addition, the Company intends to pursue growth opportunities in international markets. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes which may include acquisitions. |
| Name of Shareholder | % Owned Before | % Owned After |
| Synetic, Inc. | 100.00% | 86.00% |
| Officer Name | Title | Age |
| Martin J. Wygod | Chairman of the Board | 57 |
| Ray E. Hannah | President, Chief Executive Officer and Director | 61 |
| Donald K. Jackson | Senior Vice President--Chief Financial Officer | 39 |
| Joachim Wernersbach | Senior Vice President--Corporate Marketing and Development | 42 |
| Michael W. Smith | Senior Vice President--President, Porex Technologies Americas | 44 |
| Philip C. White | Vice President--Human Resources | 51 |
| L. Franklin Bost | Vice President--President, Porex Sugrical | 52 |
| Ioakim Haldopoules | Vice President--Technology | 61 |