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| AppliedTheory Corporation |
| 40 Cutter Mill Road, Suite 405, Great Neck, NY 11021 * (516) 466-8422 |
| Business Description | The company is a leading provider of Internet solutions, offering an extensive array of high performance, reliable and scalable Internet technology products and services that can be tailored to meet their customers' requirements. |
| Offering Information Company has | |||
| Trading As | ATHY (NASNTL) | Industry | Internet (SIC 7373) |
| Type of Stock Offered | Common Shares | Filing Date | 02/10/1999 |
| Domestic Shares Offered | 4,500,000 | Offer Date | 04/29/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $15.00 |
| Company Shares | 4,500,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.120 |
| Gross Proceeds | $72,000,000 | Selling | $0.680 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 20,471,445 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| CIBC Oppenheimer & Company | Co-manager | (212) 667-7400 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Wit Capital Corporation | Co-manager | (212) 253-4400 |
| 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 | - | - | 6.226 | 15.172 | 22.563 | - | - |
| Income from Oper. | - | - | -3.920 | -5.500 | -5.201 | - | - |
| Net Income | - | - | -3.925 | -6.057 | -5.977 | - | - |
| E.P.S | - | - | - | -0.930 | -0.710 | - | - |
| Revenue Growth (%) | - | - | 143.69 | 48.715 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -2.70 | - | - | ||||
| Cash Flow - Inv. | -2.78 | - | - | ||||
| Cash Flow - Fin. | 7.13 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 10.52 | Current Assets | 5.63 | Current Ratio | 0.63 |
| Total Liab. | 18.03 | Current Liab. | 8.87 | Debt Ratio | 171.37% |
| Total Equity | -7.51 | Working Cap. | -3.25 | Debt to Equity Ratio | - |
| Cash | 1.79 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for expansion of sales and marketing efforts and working capital and general corporate purposes including possible acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Dewey Ballantine |
| Bank's Law Firm | Paul, Hastings, Janofsky & Walker |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Grant Thornton |
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| Industry Competition |
The markets in which we compete are highly competitive and this competition is increasing. There are few substantial barriers to entry, and we expect that we will face additional competition from existing competitors and new market entrants in the future. We believe that the primary competitive factors in our markets are: (i)technical expertise in developing applications focused on Web integration and IP-centric solutions; (ii) a reliable and robust network infrastructure; (iii) network security; (iv) price; (v) flexibility and willingness to consult and work with customers about how to deploy their Internet solutions in meaningful ways; (vi) quality customer care; (vii) experienced and knowledgeable salesforce and engineers; (viii) customization; (ix) breadth of service offerings; (x) brand recognition; (xi) broad geographic presence; and (xii) financial resources. Our competitors include: (i) Internet Service Providers (ISPs); (ii) global, regional, and local telecommunications companies; and (iii) IT integrators and outsourcing firms. |
| Business Plan |
Our objective is to become the leading national provider of advanced Internet technology solutions to mid-sized businesses (including mid-size departments of larger businesses) and selected public sector organizations. To achieve this objective, our strategy is to: (i) Offer One-Stop Solutions to the Business Mid-Market and Public Sectors, (ii) Rapidly Expand Sales and Marketing Efforts, (iii) Leverage Public Sector Experience and Relationships, (iv) Complete National Network Buildout, (v) Minimize Capital Expenditures, (vi) Jointly Market and Sexx with IXC and (vii) Acquire Complementary Assets or Businesses. |