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| CompuCredit Corporation |
| Two Ravinia Drive, Suite 1750, Atlanta, GA 30346 * (770) 901-5840 |
| Business Description | The company is an information-based, technology driven originator and purchaser of credit products and a direct marketer of fee-based products and services. |
| Offering Information Company has | |||
| Trading As | CCRT (NASNTL) | Industry | Financial (SIC 6141) |
| Type of Stock Offered | Common Shares | Filing Date | 12/30/1998 |
| Domestic Shares Offered | 5,000,000 | Offer Date | 04/22/1999 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 5,000,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.810 |
| Gross Proceeds | $60,000,000 | Selling | $0.460 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 39,301,392 | Employees | 78 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| PaineWebber Incorporated | Lead Manager | (212) 713-2626 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Nationsbanc Montgomery Securities, Inc. | Co-manager | (415) 627-2100 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 09/30/1997 | 09/30/1998 | ||||
| Revenues | - | - | - | - | 2.658 | 1.707 | 1.220 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | - | -0.725 | -0.796 | 20.019 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | - | - | -28.53 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | 1,640.90 | - |
| Cash Flow - Oper. | -1.70 | -0.75 | 29.65 | ||||
| Cash Flow - Inv. | -16.37 | -17.75 | -35.29 | ||||
| Cash Flow - Fin. | 19.70 | 19.70 | 9.95 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1998 | Financial Ratios | ||||
| Total Assets | 68.17 | Current Assets | - | Current Ratio | - |
| Total Liab. | 19.07 | Current Liab. | - | Debt Ratio | 27.98% |
| Total Equity | 49.10 | Working Cap. | - | Debt to Equity Ratio | 0.39 |
| Cash | 5.99 | Return on Assets | 29.37% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to finance the growth of the company through the origination and purchase of credit card receivables and for marketing costs, working capital and other general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Troutman Sanders LLP, of Atlanta, Georgia |
| Bank's Law Firm | Orrick, Herrington & Sutcliffe |
| Auditor | Ernst & Young |
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| Industry Competition |
The Company faces intense and increasing competition from other consumer lenders. In particular, the Company's credit card business competes with national, regional and local bank card issuers, and with other general-purpose credit card issuers, including American Express, Discover and issuers of Visa and MasterCard. The Company also competes, to a lesser extent, with retail credit card issuers, such as department stores and oil companies, and other providers of unsecured credit. Large credit card issuers may compete with the Company for clients by offering lower interest rates and fees. In addition, new issuers have entered the market in recent years. Many of these competitors are substantially larger than the Company and have greater financial resources. Clients choose credit card issuers largely on the basis of price (mostly interest rates and fees), credit limit and other product features. For this reason, client loyalty is often limited. The Company may lose entire accounts, or may lose account balances, to competing credit card issuers. |
| Business Plan |
CompuCredit's operational strategy is to focus on those functions that constitute its competitive advantages and core competencies while outsourcing certain back office and fulfillment functions. |