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| Packaged Ice, Inc. |
| 8572 Katy Freeway, Suite 101, Houston, TX 77024 * (713) 464-9384 |
| Business Description | The company is the largest manufacturer and distributor of packaged ice in the United States and currently serves over 55,000 customer locations in 22 states. |
| Offering Information Company has | |||
| Trading As | ICED (NASNTL) | Industry | Manufacturing (SIC 2097) |
| Type of Stock Offered | Common Shares | Filing Date | 08/04/1998 |
| Domestic Shares Offered | 10,750,000 | Offer Date | 01/29/1999 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $13.00 |
| Company Shares | 10,750,000 | Offer Price | $8.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.595 |
| Gross Proceeds | $91,375,000 | Selling | $0.340 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 16,500,000 | Employees | 2600 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Jefferies & Company Incorporated | Co-manager | (212) 903-2342 |
| Nationsbanc Montgomery Securities, Inc. | Co-manager | (415) 627-2100 |
| Stephens Inc. | Co-manager | (501) 377-2130 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1995 | 12/31/1996 | 12/31/1997 | 06/30/1997 | 06/30/1998 | ||
| Revenues | - | - | 2.830 | 4.427 | 28.981 | 8.124 | 59.416 |
| Income from Oper. | - | - | -0.687 | -1.045 | -2.509 | -0.587 | 5.356 |
| Net Income | - | - | -0.688 | -0.990 | -8.439 | -1.698 | -20.612 |
| E.P.S | - | - | -0.260 | -0.350 | -2.400 | -0.530 | -1.110 |
| Revenue Growth (%) | - | - | 56.43 | 554.642 | 631.36 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | 9.01 | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -3.29 | -1.34 | -2.53 | ||||
| Cash Flow - Inv. | -61.54 | -12.40 | -240.35 | ||||
| Cash Flow - Fin. | 79.49 | 29.43 | 235.36 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1998 | Financial Ratios | ||||
| Total Assets | 392.56 | Current Assets | 42.54 | Current Ratio | 1.34 |
| Total Liab. | 317.19 | Current Liab. | 31.66 | Debt Ratio | 80.80% |
| Total Equity | 75.37 | Working Cap. | 10.87 | Debt to Equity Ratio | 4.21 |
| Cash | 7.31 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to redeem shares of the 10% Mandatory Redeemable Preferred Stock, to repay debt under the company's current credit facility and for working capital and future acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Akin, Gump, Strauss, Hauer & Feld |
| Bank's Law Firm | Vinson & Elkins |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Deloitte & Touche |
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