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| KBW, Inc. |
| Two World Trade Center, 85th Floor, New York, NY 10048 * (212) 323-8300 |
| Business Description | The company is an institutionally oriented investment banking firm that is a nationally recognized authority on the commercial banking and thrift industries, which has been the Company's primary focus since its inception in 1962. |
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Filing Information IPO has been | ||||
| To Trade As | KBW (NYSE) | Industry | Financial (SIC 6211) | |
| Type of Stock Offered | Common Shares | Filing Date | 04/16/1999 | |
| Domestic Shares Filed | 4,722,000 | Filing Range | $17.00 - $19.00 | |
| Foreign Shares Filed | 0 | Offering Amount | $84,996,000 | |
| Company Shares | 2,361,000 | Est. Expenses | - - | |
| Selling Shrhldrs Shares | 2,361,000 | Post-IPO Shares | 16,932,345 | |
| Employees | 143 | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Keefe, Bruyette & Woods, Inc. | Co-manager | (212) 323-8470 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1993 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||
| Revenues | 46.534 | 66.260 | 86.604 | 143.019 | 155.445 | - | - |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | 8.331 | 15.326 | 17.945 | 37.312 | 30.780 | - | - |
| E.P.S | 9.730 | 17.950 | 1.330 | 2.690 | 2.120 | - | - |
| Revenue Growth (%) | 42.39 | 30.70 | 65.14 | 8.688 | - | ||
| Net Income Growth (%) | 83.96 | 17.09 | 107.92 | -17.51 | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | 17.90 | 23.13 | 20.72 | 26.09 | 19.80 | - | - |
| Cash Flow - Oper. | -8.80 | - | - | ||||
| Cash Flow - Inv. | 2.08 | - | - | ||||
| Cash Flow - Fin. | 5.06 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 221.54 | Current Assets | - | Current Ratio | - |
| Total Liab. | 49.50 | Current Liab. | - | Debt Ratio | 22.34% |
| Total Equity | 172.05 | Working Cap. | - | Debt to Equity Ratio | 0.29 |
| Cash | 4.75 | Return on Assets | 13.89% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wachtell, Lipton, Rosen & Katz |
| Bank's Law Firm | Brown & Wood |
| Auditor | KPMG Peat Marwick |
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| Industry Competition |
The Company is engaged in the highly competitive securities brokerage and financial services businesses. It competes directly with large Wall Street securities firms, regional securities firms and securities subsidiaries of major commercial bank holding companies as well as companies, such as Instinet(R), that provide electronic communications networks ("ECNs") that permit subscribers to bypass brokers and trade directly among themselves. The Company's industry focus also subjects it to direct competition from a number of specialty securities firms and smaller investment banking boutiques that specialize in providing services to the financial services industry. Competition from commercial banks has increased because of recent acquisitions of securities firms by commercial banks, as well as because of internal expansion by commercial banks into the securities business. In addition, the Company expects competition from domestic and international banks to increase as a result of recent and anticipated legislative and regulatory initiatives in the United States to reduce or eliminate certain restrictions on commercial banks. Many of the Company's competitors have greater capital, personnel and financial resources than the Company. Larger competitors, for example, are able to offer their customers access to international markets and other products and services not offered by the Company, which may provide such firms with competitive advantages over the Company. Industry developments, such as the emergence of ECNs, may materially reduce the Company's revenues from sales and trading. In recent years, competitive pressures have reduced market making spreads and underwriting and agency spreads for corporate finance transactions. This trend is expected to continue. Such reductions could adversely affect the Company's operating results. |