| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Harvey Electronics, Inc. |
| 205 Chubb Avenue, Lyndhurst, NJ 07071 * (201) 842-0078 |
| The company is engaged in the retail sale, service and custom installation of high quality audio, video and home theater equipment. |
| Manager | Tier | Phone |
| Thornwater Company, L.P., The | Lead Manager |
| NASSCM: | HRVE | Retail: | SIC 5731 | |
| Type of Shares: | Common Shares | Filing Date: | 12/12/97 | |
| U.S. Shares: | 1,200,000 | Offer Date: | 3/31/98 | |
| Non-U.S. Shares: | 0 | Filing Price: | $5.00 | |
| Primary Shares: | 1,200,000 | Offer Price: | $5.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.50 | |
| Offering Amount: | $6,000,000 | Selling: | $0.00 | |
| Expenses: | $443,000 | Reallowance: | $0.00 | |
| Post-IPO Shares: | 3,109,368 | |||
| Employees: | 70 |
| Issuer's Law Firm: | Ruskin, Moscov, Evans & Faltischek |
| Bank's Law Firm: | Gersten, Savage, Kaplowitz & Curtin |
| Registrar/Transfer Agent: | Registrar and Transfer Company, New Jersey |
| Auditor: | Ernst & Young |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 1/27/96 | 8/2/97 | 7/27/96 | 8/2/97 | ||
| Revenue: | $15.87 | $11.60 | $10.93 | Assets: | $7.21 |
| Net Income: | -$3.42 | -$0.90 | -$1.64 | Curr Assets: | |
| EPS: | -$1.08 | -$0.42 | -$0.52 | Liabilities: | $4.70 |
| Prior EPS: | -$0.29 | Curr Liab: | |||
| Cash Flow/Oper: | -$0.88 | Equity: | $2.51 | ||
| Cash Flow/Fin: | $0.81 | Cash: | |||
| Cash Flow/Inv: | $0.03 | ||||
| Competition |
| The retail consumer electronics industry is extremely competitive. Although the Company has sought to distinguish itself by emphasizing high quality products, custom installation, and service, the Company nonetheless competes with a number of mass merchants including, but not limited to, Circuit City, Nobody Beats the Wiz, P.C. Richard & Son, J&R; Music World, Tops Appliance City, and a large group of boutique stores. Many of these competitors have greater financial and management resources and marketing capabilities, including name recognition, than the Company. Additionally, there is likely to be a significant change in the local competitive environment because a national consumer electronics chain has begun to open stores in the New York Metropolitan market. In order to succeed, the Company must be able to compete effectively with existing and new competitors for customers. There is no assurance that the Company will be able to successfully execute its marketing strategy and compete effectively. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to pay for the expenses of the offering, for consulting fees, to open or acquire additional retail stores, to promote their openings, and for working capital and for general corporate purposes. |
| Name of Shareholder | % Owned Before | % Owned After |
| Harvey Acquisition Company, LLC | 100.00% |
| Officer Name | Title | Age |
| Michael Recca | Chairman and Director | 47 |
| William F. Kenny, III | Director | 66 |
| Stewart L. Cohen | Director | 43 |
| Roland W. Hiemer | Director of Inventory Control | 36 |
| Joseph J. Calabrese | Executive Vice President, Chief Financial Officer, Treasurer, Secretary and Director | 38 |
| Franklin C. Karp | President and Director | 43 |
| Michael A. Beck | Vice President of Operations | 38 |
| Additional Underwriter Compensation |
| Warrant to purchase 85,000 shares/units at a nominal price. |
| Exercise price of $6.00 |
| $87,600.00 consulting agreement for 3 year(s). |