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| Argosy Education Group, Inc. |
| Two First National Plaza, 20 South Clark Street, 3rd Floor, Chicago, IL 60603 * (312) 899-9900 |
| Business Description | The Company is a leading provider of for-profit postgraduate education with a primary focus on doctoral level programs. |
| Offering Information Company has | |||
| Trading As | ARGY (NASNTL) | Industry | Service (SIC 8221) |
| Type of Stock Offered | Class A Common Shares | Filing Date | 09/11/1998 |
| Domestic Shares Offered | 2,000,000 | Offer Date | 03/08/1999 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 2,000,000 | Offer Price | $14.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.980 |
| Gross Proceeds | $28,000,000 | Selling | $0.590 |
| Expenses | $1,000,000 | Reallowance | $0.100 |
| Post-IPO Shares | 6,900,000 | Employees | 308 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| ABN AMRO Bank | Co-manager |
| 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 | 08/31/1995 | 08/31/1996 | 08/31/1997 | 05/31/1997 | 05/31/1998 | ||
| Revenues | - | - | 14.041 | 17.840 | 20.460 | 16.565 | 22.742 |
| Income from Oper. | - | - | 1.458 | 1.323 | 2.858 | 3.582 | 3.262 |
| Net Income | - | - | 1.550 | 1.563 | 3.163 | 3.796 | 3.070 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 27.06 | 14.686 | 37.29 | ||
| Net Income Growth (%) | - | - | 0.84 | 102.37 | -19.13 | ||
| Oper. Profit Margin (%) | - | - | 10.38 | 7.42 | 13.97 | 14.34 | 21.62 |
| Net Profit Margin (%) | - | - | 11.04 | 8.76 | 15.46 | 13.50 | 22.92 |
| Cash Flow - Oper. | 3.91 | 5.97 | 4.18 | ||||
| Cash Flow - Inv. | -9.12 | -4.29 | 0.50 | ||||
| Cash Flow - Fin. | 5.19 | 1.12 | -2.66 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 05/31/1998 | Financial Ratios | ||||
| Total Assets | 20.75 | Current Assets | 9.06 | Current Ratio | 1.04 |
| Total Liab. | 14.51 | Current Liab. | 8.72 | Debt Ratio | 69.94% |
| Total Equity | 6.24 | Working Cap. | 0.34 | Debt to Equity Ratio | 2.33 |
| Cash | 6.23 | Return on Assets | 14.80% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of certain indebtedness of the company, including notes payable to the company's sole shareholder, and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kirkland & Ellis |
| Bank's Law Firm | Katten Muchin & Zavis |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Arthur Andersen |
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| Industry Competition |
The postsecondary education market in the United States is highly fragmented and competitive, with no private or public institution enjoying a significant market share. The Company competes for students with postgraduate, four-year and two-year degree granting institutions, which include non-profit public and private colleges, universities and proprietary institutions. An attractive employment market also reduces the number of students seeking postgraduate degrees, thereby increasing competition for potential postgraduate students. Management believes that competition among educational institutions is based on the quality of educational programs, location, perceived reputation of the institution, cost of the programs and employment opportunities for graduates. Certain public and private colleges and universities may offer programs similar to those of the Company at a lower tuition cost due in part to governmental subsidies, government and foundation grants, tax deductible contributions or other financial resources not available to proprietary institutions. Other proprietary institutions also offer programs that compete with those of the Company. Moreover, there is an increase in competition in the specific educational markets served by the Company. Certain of the Company's competitors in both the public and private sector have greater financial and other resources than the Company. There can be no assurance that competitive factors will not have a material adverse effect on the Company's business, results of operations or financial condition. |
| Business Plan |
The Company's mission is to provide academically-oriented, practitioner- focused education in fields with numerous employment opportunities and strong student demand. The key elements of the Company's business strategy are as follows: (i) Focusing on Advanced Degrees, (ii) Focusing on Curricula with Practical Professional Applications, (iii) Refining and Adapting Educational Programs and (iv) Emphasizing School Management Autonomy and Accountability. |