| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| General Roofing Services, Inc. |
| 951 South Andrews Avenue, Pomano Beach, FL 33069 * (954) 942-3550 |
| The company was founded in 1998 to become the leading nationwide provider of commercial roofing services. The company plans to acquire 18 leading commercial roofing companies which have been business for an average of approximately 28 years. |
| Manager | Tier | Phone |
| Robinson-Humphrey Company, Inc., The | Lead Manager | (404) 266-6450 |
| BancAmerica Robertson Stephens | Co-manager | (415) 989-8500 |
| NASNTL: | ROOF | Construction: | SIC 1761 | |
| Type of Shares: | Common Shares | Filing Date: | 5/27/98 | |
| U.S. Shares Filed: | 4,000,000 | Filing Range: | $13.00 - $15.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $56,000,000 | |
| Primary Shares: | 4,000,000 | Expenses: | - | |
| Secondary Shares: | 0 | Post-IPO Shares: | ||
| Employees: | 1960 |
| Issuer's Law Firm: | Baker & McKenzie |
| Bank's Law Firm: | King & Spalding |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
| Auditor: | Deloitte & Touche |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 3/31/98 | 3/31/98 | |||
| Revenue: | $195.91 | $39.58 | Assets: | $118.56 | |
| Net Income: | $7.25 | -$0.39 | Curr Assets: | ||
| EPS: | $0.71 | -$0.04 | Liabilities: | $70.54 | |
| Prior EPS: | Curr Liab: | ||||
| Cash Flow/Oper: | Equity: | $48.02 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | Working Cap: | -$22.80 | |||
| Competition |
| The commercial roofing industry is highly fragmented and competitive and is served principally by small, owner-operated private companies. The Company competes for sales with numerous roofing companies in each of its markets. Certain of these smaller competitors have lower overhead cost structures and may be able to provide their services at lower rates than the Company. There can be no assurance that the Company will not encounter increased competition from existing competitors or new market entrants that may be significantly larger and have greater financial and marketing resources. In addition, to the extent existing or future competitors seek to gain or retain market share by reducing prices, the Company may be required to lower its prices, which may adversely affect operating results. Existing or future competitors also may seek to compete with the Company for acquisition candidates. Other consolidators of commercial roofing companies may have greater financial and other resources than the Company, which could have the effect of increasing the price for acquisitions or reducing the number of suitable acquisition candidates. |
| Business Plan |
| The Company believes that its size, geographic diversity of operations, knowledge of local markets and industry relationships will give the Company significant competitive advantages. Through increased size, the Company believes that it will have a greater ability to (i) provide services to customers with locations in multiple markets, (ii) more effectively allocate resources in serving customers in each of its markets, (iii) attract, train and retain skilled roofing labor and (iv) achieve economies of scale in the purchase of roofing material. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund the cash portion of the purchase price for the Founding Companies, to repay indebtedness of the Founding Companies and for general corporate purposes including working capital and future acquisitions. |