| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Capstar Broadcasting Corporation |
| 600 Congress Avenue, Suite 1400, Austin, TX 78701 * (512) 340-7800 |
| The Company is the largest radio broadcaster in the United States operating primarily in mid-sized markets. Since its first acquisition in October 1996, the company has assembled a portfolio of 300 radio stations in 75 mid sized markets. |
| Manager | Tier | Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| BT Alex Brown | Co-manager | (410) 727-1700 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Morgan Stanley Dean Witter Discover & Co. | Co-manager | (212) 761-5900 |
| Nationsbanc Montgomery Securities, Inc. | Co-manager | (415) 627-2100 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| NYSE: | CRB | Service: | SIC 4832 | |
| Type of Shares: | Class A Common Shares | Filing Date: | 3/27/98 | |
| U.S. Shares: | 31,000,000 | Offer Date: | 5/26/98 | |
| Non-U.S. Shares: | 0 | Filing Range: | $18.00 - $21.00 | |
| Primary Shares: | 31,000,000 | Offer Price: | $19.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.07 | |
| Offering Amount: | $604,500,000 | Selling: | $0.64 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Post-IPO Shares: | - | |||
| Employees: | 1871 |
| Issuer's Law Firm: | Vinson & Elkins |
| Bank's Law Firm: | Weil, Gotshal & Manges |
| Auditor: | Coopers & Lybrand |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 12/31/97 | ||||
| Revenue: | $175.44 | Assets: | $1,121.46 | ||
| Net Income: | -$52.81 | Curr Assets: | $114.69 | ||
| EPS: | -$0.20 | Liabilities: | $889.37 | ||
| Prior EPS: | -$0.14 | Curr Liab: | $34.27 | ||
| Cash Flow/Oper: | $6.70 | Equity: | $232.09 | ||
| Cash Flow/Fin: | $540.54 | Cash: | $70.06 | ||
| Cash Flow/Inv: | -$487.00 | Working Cap: | $80.42 | ||
| Competition |
| Radio broadcasting is a highly competitive business. The Company's radio stations, now owned or to be acquired upon completion of the SFX Transactions and the Pending Acquisitions, compete for audiences and advertising revenues within their respective markets directly with other radio stations, as well as with other media, such as newspapers, magazines, cable television, outdoor advertising and direct mail. Audience ratings and market shares are subject to change and any adverse change in a particular market could have a material adverse effect on the revenue of stations located in that market. While the Company already competes with other stations with comparable programming formats in many of its markets, if another radio station in the market were to convert its programming format to a format similar to one of the Company's stations, if a new station were to adopt a competitive format, or if an existing competitor were to strengthen its operations, the Company's stations could suffer a reduction in ratings and/or advertising revenue and could require increased promotional and other expenses. |
| Business Plan |
| The Company's primary goals are to (i) achieve revenue growth rates at its stations that are significantly in excess of historical growth rates achieved in comparable markets and (ii) to increase its operating margins at these stations at growth rates which exceed the average in operating margins growth rates being achieved in large markets. The Company intends to achieve these goals through the implementation of the following strategies: (I) Enhance Revenue Growth through Multiple Station Ownership, (ii) Utilize Sophisticated Revenue Generating Techniques, (iii) Use Innovative Computer Technology to Enhance Programming, (iv) Create Low Cost Operating Structure and (v) Capitalize on Extensive Regional Management Experience. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to finance current acquisitions, reduce indebtedness and redeem preferred stock and for general corporate purposes. |