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| Butterfield & Butterfield, Auctioneers Corp. |
| 220 San Bruno Avenue, San Francisco, CA 94103 * (415) 861-7500 |
| Business Description | Established in 1865, the company is the third largest auctioneer of fine and decorative art and collectibles in the United States. |
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Filing Information IPO has been | |||
| To Trade As | BFLD (NASNTL) | Industry | Retail (SIC 5999) |
| Type of Stock Offered | Common Shares | Filing Date | 02/12/1999 |
| Domestic Shares Filed | 1,500,000 | Filing Range | $10.00 - $12.00 |
| Foreign Shares Filed | 0 | Offering Amount | $16,500,000 |
| Company Shares | 1,500,000 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | 6,252,364 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| First Security Van Kasper | Lead Manager | (415) 954-0650 |
| 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 | 12/31/1996 | 12/31/1997 | 09/30/1997 | 09/30/1998 | |||
| Revenues | - | - | - | 17.068 | 20.271 | 13.555 | 13.382 |
| Income from Oper. | - | - | - | 2.441 | 3.893 | 2.206 | 0.820 |
| Net Income | - | - | - | 1.580 | 2.532 | 1.472 | 0.626 |
| E.P.S | - | - | - | - | 0.490 | - | 0.120 |
| Revenue Growth (%) | - | - | - | 18.766 | -1.28 | ||
| Net Income Growth (%) | - | - | - | 60.25 | -57.47 | ||
| Oper. Profit Margin (%) | - | - | - | 14.30 | 19.20 | 6.13 | 16.27 |
| Net Profit Margin (%) | - | - | - | 9.26 | 12.49 | 4.68 | 10.86 |
| Cash Flow - Oper. | 8.67 | 0.43 | -5.24 | ||||
| Cash Flow - Inv. | 0.14 | 0.25 | -0.56 | ||||
| Cash Flow - Fin. | -3.91 | -1.61 | -0.37 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1998 | Financial Ratios | ||||
| Total Assets | 14.53 | Current Assets | 10.20 | Current Ratio | 1.15 |
| Total Liab. | 9.69 | Current Liab. | 8.87 | Debt Ratio | 66.69% |
| Total Equity | 4.84 | Working Cap. | 1.34 | Debt to Equity Ratio | 2.00 |
| Cash | 1.06 | Return on Assets | 4.31% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund S Corporation distributions to stockholders, and for ongoing expansion, working capital and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Bank's Law Firm | Perkins Coie |
| Registrar/Transfer Agent | Norwest Bank of Minnesota |
| Auditor | BDO Seidman |
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| Industry Competition |
Competition in the fine and decorative art market is intense. A fundamental challenge facing all auction companies and dealers in this market is to obtain high quality and valuable property for sale. The Company competes with a number of domestic and international auction companies, several of which have greater resources than the Company, including Christie's and Sotheby's, the two largest auction companies in the world, each of which has significantly greater financial and marketing resources than the Company. Christie's and Sotheby's each had total auction sales of approximately $2 billion in 1997. Sotheby's recently announced that it will begin conducting auctions online for art, jewelry and collectibles. |
| Business Plan |
The company's objective is to leverage its reputation, broad geographic reach and full service capabilities to become recognized as the leading auctioneer of middle market properties. To achieve this objective, the company intends to further expand geographically, increase its online auction presence, further integrate the Internet into their existing operations and increase their auction property categories. |