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| NATCO Group, Inc. |
| 2950 North Loop West, Suite 750, Houston, TX 77092 * (713) 683-9292 |
| Business Description | The company is a leading provider of wellhead equipment, systems and services used in the production of oil and gas. The company's production system are used to separate oil and gas and to remove contaminants from the oil and gas stream. |
| Offering Information Company has | |||
| Trading As | NTG (NASNTL) | Industry | Manufacturing (SIC 3443) |
| Type of Stock Offered | Common Shares | Filing Date | 3/30/98 |
| Domestic Shares Offered | 7,500,000 | Offer Date | 1/27/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 4,000,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 3,500,000 | Gross Spread | $0.700 |
| Gross Proceeds | $75,000,000 | Selling | $0.420 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 1515 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Simmons & Company | Co-manager | (713) 223-7840 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 3/31/95 | 3/31/96 | 3/31/97 | 12/31/96 | 12/31/97 | ||
| Revenues | - | - | 109.909 | 112.724 | 126.657 | 91.375 | 146.653 |
| Income from Oper. | - | - | - | - | -0.429 | 1.311 | 5.137 |
| Net Income | - | - | 4.990 | -0.336 | -0.488 | 0.760 | 4.419 |
| E.P.S | - | - | 0.770 | -0.060 | -0.080 | 0.130 | 0.590 |
| Revenue Growth (%) | - | - | 2.56 | 12.360 | 60.50 | ||
| Net Income Growth (%) | - | - | - | - | 481.45 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | 3.50 | 1.43 |
| Net Profit Margin (%) | - | - | 4.54 | - | - | 3.01 | 0.83 |
| Cash Flow - Oper. | -3.62 | -3.52 | -4.02 | ||||
| Cash Flow - Inv. | -0.80 | -0.47 | -20.79 | ||||
| Cash Flow - Fin. | 3.64 | 2.44 | 25.45 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/97 | Financial Ratios | ||||
| Total Assets | 96.74 | Current Assets | 74.78 | Current Ratio | 1.58 |
| Total Liab. | 91.27 | Current Liab. | 47.34 | Debt Ratio | 94.35% |
| Total Equity | 5.47 | Working Cap. | 27.44 | Debt to Equity Ratio | 16.69 |
| Cash | 1.45 | Return on Assets | 4.57% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to pay the cash portion of the consideration for the Cynara Acquisition, to repay outstanding indebtedness under the company's bank credit facilities, to pay deferred employee compensation and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Vinson & Elkins |
| Bank's Law Firm | Akin, Gump, Strauss, Hauer & Feld |
| Auditor | KPMG Peat Marwick |
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| Industry Competition |
Production equipment companies servicing the oil and gas industry compete intensely for available projects. Contracts for the Company's products and services are generally awarded on a competitive basis. Customers may consider, among other things, the availability and capabilities of equipment, the contractor's reputation, experience and safety record. Price and ability to meet a customer's delivery schedule are the principal factors in determining which qualified contractor is awarded the job. Historically, the market for oilfield services and equipment has experienced overcapacity which has resulted in increased price competition in many areas of the Company's business. The Company competes with a large number of companies, some of which may offer different technologies or possess greater financial and other resources than the Company. In addition, because of subsidies, import duties and fees, taxes imposed on foreign operators and lower wage rates in foreign countries along with fluctuations in the value of the United States dollar and other factors, the Company may not be able to remain competitive with foreign contractors for projects designed for use in international locations. |
| Business Plan |
The Company has achieved a 25% compounded annual growth rate in Adjusted EBITDA over the four fiscal years ended March 31, 1997, principally as a result of increasing its market penetration of the production equipment and services industry. The Company's strategy for increasing EBITDA and earnings per share in the future is to expand its existing market position and improve productivity through: (I) Focusing on Customer Alliances, (ii) Providing Turnkey Integrated Systems and Solutions, (iii) Introducing New Technologies and Products, (iv) Pursuing Complementary Acquisitions, (v) Expanding International Presence and (vi) Improving Productivity. |