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| Worldgate Communications, Inc. |
| 3220 Tillman Drive, Suite 300, Bensalem, PA 19020 * (215) 633-5100 |
| Business Description | The company provides a new television-based Internet service, the Worldgate Service, that delivers the Internet through cable television systems. |
| Offering Information Company has | |||
| Trading As | WGAT (NASNTL) | Industry | Telecommunications (SIC 4841) |
| Type of Stock Offered | Common Shares | Filing Date | 02/09/1999 |
| Domestic Shares Offered | 5,000,000 | Offer Date | 04/15/1999 |
| Foreign Shares Offered | 0 | Filing Range | $18.00 - $20.00 |
| Company Shares | 5,000,000 | Offer Price | $21.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $105,000,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 20,433,282 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Gerard Klauer Mattison & Company, Incorporated | Lead Manager | (212) 885-4041 |
| Janney Montgomery Scott | Co-manager | (215) 665-6520 |
| Jefferies & Company Incorporated | Co-manager | (212) 903-2342 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||||
| Revenues | - | - | 0.000 | 0.141 | 1.022 | - | - |
| Income from Oper. | - | - | -2.929 | -14.447 | -27.343 | - | - |
| Net Income | - | - | -2.998 | -16.477 | -27.021 | - | - |
| E.P.S | - | - | -0.330 | -1.810 | -3.640 | - | - |
| Revenue Growth (%) | - | - | - | 624.823 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -25.72 | - | - | ||||
| Cash Flow - Inv. | 11.67 | - | - | ||||
| Cash Flow - Fin. | 9.30 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 5.62 | Current Assets | 3.85 | Current Ratio | 0.54 |
| Total Liab. | 8.59 | Current Liab. | 7.10 | Debt Ratio | 152.73% |
| Total Equity | -2.96 | Working Cap. | -3.25 | Debt to Equity Ratio | - |
| Cash | 0.37 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, including working capital and research and development. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Drinker Biddle & Reath |
| Bank's Law Firm | Hale and Dorr |
| Auditor | Pricewaterhouse Coopers LLC |
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