| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies | Company's Home Page |
| Astropower, Inc. |
| Solar Park, Newark, NJ 19716 * (302) 366-0400 |
| The company develops, manufactures, markets and sells photovoltaic solar cells, modules and panels for generating solar electric power. |
| Manager | Tier | Phone |
| Needham & Company | Lead Manager | (212) 705-0344 |
| First Albany Corporation | Co-manager | (518) 447-8641 |
| NASNTL: | APWR | High-Tech: | SIC 3674 | |
| Type of Shares: | Common Shares | Filing Date: | 12/18/97 | |
| U.S. Shares: | 2,700,000 | Offer Date: | 2/12/98 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $10.00 | |
| Primary Shares: | 2,700,000 | Offer Price: | $6.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.42 | |
| Offering Amount: | $24,300,000 | Selling: | $0.22 | |
| Expenses: | $450,000 | Reallowance: | $0.10 | |
| Post-IPO Shares: | 8,053,191 | |||
| Employees: | 153 |
| Issuer's Law Firm: | Opton, Handler, Feiler & Landau, LLP |
| Bank's Law Firm: | Choate, Hall & Stewart |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/96 | 9/30/97 | 9/30/96 | 9/30/97 | ||
| Revenue: | $10.58 | $12.11 | $7.94 | Assets: | $13.85 |
| Net Income: | -$2.36 | $0.45 | -$2.12 | Curr Assets: | $9.33 |
| EPS: | -$0.40 | $0.08 | Liabilities: | $16.19 | |
| Prior EPS: | Curr Liab: | $3.98 | |||
| Cash Flow/Oper: | $0.37 | $0.63 | $0.39 | Equity: | -$2.34 |
| Cash Flow/Fin: | $0.60 | $4.85 | $0.35 | Cash: | $5.13 |
| Cash Flow/Inv: | -$0.97 | -$0.37 | -$0.75 | Working Cap: | $5.36 |
| Competition |
| The markets for the Company's products are intensely competitive. There are many competitors engaged in all areas of solar electric power generation in the United States and abroad including, among others, major electrical, oil and chemical companies, specialized electronics firms, universities, research institutions and foreign government-sponsored companies. Most of these entities have substantially greater financial, research and development, manufacturing and marketing resources than the Company. There is also a large number of smaller companies involved in the development, manufacturing and marketing of solar electric power products and systems. |
| Business Plan |
| The Company's goal is to become the leading supplier of high-quality, low- cost solar cells and modules. To achieve this goal, the Company intends to: (I) Capitalize on the Advantages of the Silicon-Film Process, (ii) Rapidly Expand Manufacturing Capacity, (iii) Add New Strategic Customers, (iv) Increase Sales Volume with Existing Customers, (v) Develop the Astropower brand and (vi) Develop Next-Generation Silicon-Film. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for major expansion of manufacturing capacity and associated capital expenditures, product development and commercialization, working capital and other general corporate purposes. |