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| Neuberger Berman, Inc. |
| 605 Third Avenue, New York, NY 10158 * (212) 476-9000 |
| Business Description | The company is an independent investment advisory firm founded in 1939. The company is a prominent provider of investment advisory services to high net worth, mutual fund and institutional segments of the investment management industry. |
| Offering Information Company has | |||
| Trading As | NEU (NYSE) | Industry | Financial (SIC 6282) |
| Type of Stock Offered | Common Shares | Filing Date | 8/4/99 |
| Domestic Shares Offered | 6,250,000 | Offer Date | 10/6/99 |
| Foreign Shares Offered | 1,000,000 | Filing Range | $31.00 - $35.00 |
| Company Shares | 3,030,303 | Offer Price | $32.00 |
| Selling Shrhldrs Shares | 4,219,697 | Gross Spread | $2.080 |
| Gross Proceeds | $232,000,000 | Selling | $1.240 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 1025 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Morgan Stanley Dean Witter | Co-manager | (212) 761-5900 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Schroder Wertheim & Company, Incorporated | Co-manager | (212) 492-6900 |
| 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 | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 | |
| Revenues | - | 444.074 | 535.565 | 627.055 | 711.466 | 351.961 | 348.568 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | 167.119 | 202.081 | 264.982 | 284.951 | 149.703 | 141.081 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | 20.60 | 17.08 | 13.461 | -0.96 | ||
| Net Income Growth (%) | - | 20.92 | 31.13 | 7.54 | -5.76 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | 37.63 | 37.73 | 42.26 | 40.05 | 40.47 | 42.53 |
| Cash Flow - Oper. | 255.76 | 120.64 | 162.08 | ||||
| Cash Flow - Inv. | -11.93 | -5.76 | -6.82 | ||||
| Cash Flow - Fin. | -296.89 | -159.83 | -159.04 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 3,070.61 | Current Assets | - | Current Ratio | - |
| Total Liab. | 2,961.41 | Current Liab. | - | Debt Ratio | 96.44% |
| Total Equity | 109.20 | Working Cap. | - | Debt to Equity Ratio | 27.12 |
| Cash | 46.60 | Return on Assets | 4.59% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Debevoise & Plimpton |
| Bank's Law Firm | Sullivan & Cromwell |
| Auditor | Arthur Andersen |
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| Industry Competition |
The investment management business is highly competitive, with competition based on a variety of factors including the range of products offered, brand recognition, investment performance, business reputation, the continuity of client relationships and of assets under management, quality of service provided to clients, the level of fees charged for services, the level of commissions and other compensation paid, financial strength and distribution support offered to financial intermediaries and other distribution participants. The Company competes in all aspects of its business with a large number of investment management firms, commercial banks, investment banks, broker-dealers, insurance companies and other financial institutions. A number of these institutions have greater capital and other resources, and offer more comprehensive lines of products and services, than the Company. The recent trend toward consolidation within the investment management industry and the securities industry in general has served to increase the size and strength of a number of the Company's competitors. Additionally, there are relatively few barriers to entry by new investment management firms, and the successful efforts of new entrants into the Company's various lines of business, including major banks, insurance companies and other financial institutions, have also resulted in increased competition. Competitors of the Company are also seeking to expand market share in the products and services offered or to be offered in the future by the Company. |
| Business Plan |
The Company's business strategy is to continue to provide premier investment management services to a growing number of clients, to offer an expanding array of investment products and to increase its presence in a number of distribution channels. In addition, the Company believes that a broad base of employee stock ownership following the Offerings will strengthen the alignment of interests across its business segments and enhance the Company's ability to produce steadily improving financial results for its stockholders. |