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| Albany Molecular Research, Inc. |
| 21 Corporate Circle, Albany, NY 12203 * (518) 464-0279 |
| Business Description | The company is an integrated chemistry outsourcing company that offers a broad range of chemistry research and development services to pharmaceutical and biotechnology companies involved in drug discovery and development. |
| Offering Information Company has | |||
| Trading As | AMRI (NASNTL) | Industry | Pharmaceutical (SIC 2833) |
| Type of Stock Offered | Common Shares | Filing Date | 07/09/1998 |
| Domestic Shares Offered | 2,500,000 | Offer Date | 02/03/1999 |
| Foreign Shares Offered | 0 | Filing Range | $17.00 - $19.00 |
| Company Shares | 2,500,000 | Offer Price | $20.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.400 |
| Gross Proceeds | $50,000,000 | Selling | $0.840 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 9,476,114 | Employees | 122 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| ING Baring Furman Selz | Lead Manager | (212) 309-8200 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| 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 | 12/31/1998 | 03/31/1997 | 03/31/1998 | ||||
| Revenues | - | - | - | - | 8.104 | 1.509 | 2.873 |
| Income from Oper. | - | - | - | - | 0.897 | 0.101 | 0.273 |
| Net Income | - | - | - | - | 2.189 | 0.075 | 4.539 |
| E.P.S | - | - | 0.070 | 0.170 | 0.310 | 0.010 | 0.630 |
| Revenue Growth (%) | - | - | - | - | 90.39 | ||
| Net Income Growth (%) | - | - | - | - | 5,952.00 | ||
| Oper. Profit Margin (%) | - | - | - | - | 11.07 | 9.50 | 6.69 |
| Net Profit Margin (%) | - | - | - | - | 27.01 | 157.99 | 4.97 |
| Cash Flow - Oper. | 1.65 | -0.19 | 7.28 | ||||
| Cash Flow - Inv. | -1.06 | -0.21 | -1.17 | ||||
| Cash Flow - Fin. | -0.58 | -0.11 | 0.09 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 19.17 | Current Assets | 13.89 | Current Ratio | 2.49 |
| Total Liab. | 7.68 | Current Liab. | 5.57 | Debt Ratio | 40.04% |
| Total Equity | 11.50 | Working Cap. | 8.31 | Debt to Equity Ratio | 0.67 |
| Cash | 7.46 | Return on Assets | 23.67% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay a portion of indebtedness, for expansion of existing facilities, for additional capital expenditures, and working capital and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Goodwin Procter & Hoar |
| Bank's Law Firm | Brobeck, Phleger & Harrison |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | KPMG Peat Marwick |
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| Industry Competition |
The Company faces competition based on a number of factors, including size, relative expertise and sophistication, speed and costs of identifying and optimizing potential lead compounds and of developing and optimizing chemical processes. The Company competes with the research departments of pharmaceutical companies, biotechnology companies, combinatorial chemistry companies, contract research companies and research and academic institutions. Many of these competitors have greater financial and other resources and more experience in research and development than the Company. Smaller companies may also prove to be significant competitors, particularly through arrangements with large corporate collaborators. The Company believes that the successful recruitment and retention of qualified Ph.D., masters and bachelor level scientists is a key element in achieving its strategic goals. The Company believes that as competitive pressures in the pharmaceutical industry to produce lead compounds increase, the recruitment and retention of chemists will become increasingly competitive. In order to meet this challenge, the Company actively recruits scientists at colleges and universities, through third-party recruitment firms and through contacts of the Company's employees. |
| Business Plan |
The Company's objective is to be the leading provider of comprehensive outsourced chemistry research and development services to the pharmaceutical and biotechnology industries. Key elements of the Company's business strategy include the following: (i) Expand Service Offerings, (ii) Increase Capacity, (iii) Leverage Customer Relationships, (iv) Expand Customer Base and (v) Leverage Proprietary Technology. |