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| C2, Inc. |
| 700 North Water Street, Suite 1200, Milwaukee, WI * (414) 291-9000 |
| Business Description | The company provides refrigerated and dry third party logistic services including warehousing, transportation, distribution and international freight forwarding. |
| Offering Information Company has | |||
| Trading As | CTOO (NASSCM) | Industry | Transportation (SIC 4731) |
| Type of Stock Offered | Common Shares | Filing Date | 02/10/1998 |
| Domestic Shares Offered | 5,202,664 | Offer Date | 03/05/1999 |
| Foreign Shares Offered | 0 | Filing Price | $4.00 |
| Company Shares | 5,202,664 | Offer Price | $4.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.000 |
| Gross Proceeds | $20,810,656 | Selling | $0.000 |
| Expenses | $275,000 | Reallowance | $0.000 |
| Post-IPO Shares | 5,202,689 | Employees | 735 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Non Underwritten Offering | Lead Manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 06/30/1993 | 06/30/1994 | 06/01/3095 | 06/30/1996 | 06/30/1997 | 09/30/1996 | 09/30/1997 |
| Revenues | 15.190 | 42.355 | 71.029 | 76.976 | 84.208 | 20.480 | 23.047 |
| Income from Oper. | - | - | - | - | 6.311 | 1.763 | 1.947 |
| Net Income | 0.585 | 0.995 | 2.562 | 1.536 | 12.181 | 0.503 | 0.923 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | 178.83 | 67.70 | 8.37 | 9.395 | 12.53 | ||
| Net Income Growth (%) | 70.09 | 157.49 | -40.05 | 693.03 | 83.50 | ||
| Oper. Profit Margin (%) | - | - | - | - | 7.49 | 8.45 | 8.61 |
| Net Profit Margin (%) | 3.85 | 2.35 | 3.61 | 2.00 | 14.47 | 4.00 | 2.46 |
| Cash Flow - Oper. | 9.29 | - | - | ||||
| Cash Flow - Inv. | -1.82 | - | - | ||||
| Cash Flow - Fin. | -7.28 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1997 | Financial Ratios | ||||
| Total Assets | 90.14 | Current Assets | 8.31 | Current Ratio | 1.16 |
| Total Liab. | 46.68 | Current Liab. | 7.17 | Debt Ratio | 51.79% |
| Total Equity | 43.46 | Working Cap. | 1.14 | Debt to Equity Ratio | 1.07 |
| Cash | 0.22 | Return on Assets | 1.02% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund the acquisition, and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Foley & Lardner |
| Auditor | Arthur Andersen |
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| Industry Competition |
Each of TLC's individual business segments is highly fragmented and competitive with significant competition from local and regional companies and national companies which may seek to expand their presence into local markets in which TLC competes. Some of these companies have substantially greater financial and other resources than TLC. Competition generally varies by local market and is characterized by low barriers to entry since any competitor able to obtain financing may build a warehouse facility. Companies that compete in the warehousing market include Americold Corporation, United Refrigerated Services, Inc., Millard Refrigerated Services, Christian Salvesen, Inc. and KLLM Transfer Services in the refrigerated warehousing sector and Exel Logistics and many regional operators and real estate developers in the dry warehousing sector. Competition in the third-party logistic services sector includes Menlo Logistics, Schneider Logistics, Inc., Caliber Logistics and Ryder Dedicated Logistics. In the transportation market, TLC's competitors include Schneider National, J.B. Hunt, M.S. Carriers, CR England and a substantial number of local and regional operators. Additionally, TLC's customers, many of which have substantially greater resources than TLC, may divert business from TLC by building their own warehouse facilities or establishing their own fleet operations. To the extent there is a proliferation of competition which leads to excess warehousing capacity, it will likely have a depressing effect on the pricing of warehousing, a function which, in fiscal 1997, accounted for approximately 58% of TLC's business. |
| Business Plan |
The company�s strategy is to grow its business by emphasizing and enhancing its ability to offer "one-stop shopping" to its customers through its wide variety of asset and non-asset based services. The company believes that its asset base of refrigerated and dry warehouses and fleet operations, together with its expertise in logistics strategy and solutions, provides it with an advantage over its competitors which generally offer only asset or non-asset based services. |