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| ProVantage Health Services, Inc. |
| 13555 Bishops Court, Suite 201, Brookfield, WI 53005 * (414) 784-4600 |
| Business Description | The company is a leading health benefit management company providing pharmacy benefit management and health information technology products and services. |
| Offering Information Company has | ||||
| Trading As | PHS (NYSE) | Industry | Service (SIC 8099) | |
| Type of Stock Offered | Common Shares | Filing Date | 02/04/1999 | |
| Domestic Shares Offered | 5,600,000 | Offer Date | 07/13/1999 | |
| Foreign Shares Offered | 0 | Filing Range | $16.00 - $18.00 | |
| Company Shares | 5,600,000 | Offer Price | $18.00 | |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.260 | |
| Gross Proceeds | $100,800,000 | Selling | $0.750 | |
| Expenses | - - | Reallowance | $0.100 | |
| Post-IPO Shares | 17,850,000 | Employees | - - | |
| Spun out from: | ShopKo | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| William Blair & Company | Co-manager | (312) 364-8990 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 8 Months Ending | ||||||
| Figures in U.S. millions except per share data | 02/04/1995 | 02/03/1996 | 02/01/1997 | 01/31/1998 | 11/01/1997 | 10/31/1998 | |
| Revenues | - | 5.424 | 87.155 | 330.048 | 500.891 | 367.495 | 474.396 |
| Income from Oper. | - | 0.475 | 2.899 | 9.227 | 13.053 | 8.479 | 10.079 |
| Net Income | - | 0.255 | 1.553 | 5.416 | 7.534 | 4.864 | 5.779 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | 1,506.84 | 278.69 | 51.763 | 29.09 | ||
| Net Income Growth (%) | - | 509.02 | 248.74 | 39.11 | 18.81 | ||
| Oper. Profit Margin (%) | - | 8.76 | 3.33 | 2.80 | 2.61 | 2.12 | 2.31 |
| Net Profit Margin (%) | - | 4.70 | 1.78 | 1.64 | 1.50 | 1.22 | 1.32 |
| Cash Flow - Oper. | 11.99 | 2.38 | -17.04 | ||||
| Cash Flow - Inv. | -26.59 | -25.71 | -6.95 | ||||
| Cash Flow - Fin. | 21.19 | 17.39 | 11.84 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 10/31/1998 | Financial Ratios | ||||
| Total Assets | 160.53 | Current Assets | 78.50 | Current Ratio | 1.69 |
| Total Liab. | 50.71 | Current Liab. | 46.50 | Debt Ratio | 31.59% |
| Total Equity | 109.82 | Working Cap. | 32.00 | Debt to Equity Ratio | 0.46 |
| Cash | 0.38 | Return on Assets | 3.60% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital, capital expenditures, and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Godfrey & Kahn |
| Bank's Law Firm | Dewey Ballantine |
| Registrar/Transfer Agent | Norwest Bank of Minnesota |
| Auditor | Deloitte & Touche |
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