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| Valley Media, Inc. |
| 1280 Santa Anita Court, Woodland, CA 95776 * (530) 661-6600 |
| Business Description | The company is the largest independent full-line distributor of music and video entertainment products in the United States. |
| Offering Information Company has | |||
| Trading As | VMIX (NASNTL) | Industry | Wholesale (SIC 5191) |
| Type of Stock Offered | Common Shares | Filing Date | 12/21/1998 |
| Domestic Shares Offered | 3,500,000 | Offer Date | 03/25/1999 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $16.00 |
| Company Shares | 3,500,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.120 |
| Gross Proceeds | $56,000,000 | Selling | $0.670 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 8,448,268 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| J.P. Morgan Securities Inc. | Lead Manager | (212) 648-0517 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| 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 | 03/31/1994 | 03/31/1995 | 03/30/1996 | 03/29/1997 | 03/28/1998 | 09/27/1997 | 09/26/1998 |
| Revenues | 100.172 | 140.916 | 156.557 | 199.231 | 583.492 | 234.446 | 343.351 |
| Income from Oper. | 2.139 | 4.830 | 4.677 | 2.973 | 11.682 | 2.971 | 3.736 |
| Net Income | 0.954 | 2.317 | 1.453 | 0.611 | 3.021 | 0.168 | -1.333 |
| E.P.S | 1.580 | 3.790 | 2.350 | 1.020 | 5.070 | 0.280 | -2.220 |
| Revenue Growth (%) | 40.67 | 11.10 | 27.26 | 192.872 | 46.45 | ||
| Net Income Growth (%) | 142.87 | -37.29 | -57.95 | 394.44 | - | ||
| Oper. Profit Margin (%) | 2.14 | 3.43 | 2.99 | 1.49 | 2.00 | 1.09 | 1.27 |
| Net Profit Margin (%) | 0.95 | 1.64 | 0.93 | 0.31 | 0.52 | - | 0.07 |
| Cash Flow - Oper. | -13.09 | -4.05 | -49.56 | ||||
| Cash Flow - Inv. | -37.55 | -35.25 | -6.60 | ||||
| Cash Flow - Fin. | 50.72 | 39.18 | 56.57 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/26/1998 | Financial Ratios | ||||
| Total Assets | 352.77 | Current Assets | 311.72 | Current Ratio | 0.93 |
| Total Liab. | 343.12 | Current Liab. | 333.62 | Debt Ratio | 97.27% |
| Total Equity | 9.64 | Working Cap. | -21.90 | Debt to Equity Ratio | 35.58 |
| Cash | 0.80 | Return on Assets | 0.86% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of debt and working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Howard, Rice, Nemerovski, Canady, Robertson, Falk |
| Bank's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Registrar/Transfer Agent | Norwest Bank of Minnesota |
| Auditor | Deloitte & Touche |
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