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| DirectChef, Inc. |
| 5719 Overland Avenue, Culver City, CA 90230 * (310) 253-9751 |
| Business Description | The company was formed in June 1998 to become a full-service national distributor of foodservice equipment and supplies. |
|
Filing Information IPO has been | ||||
| To Trade As | DCHF (NASNTL) | Industry | Wholesale (SIC 5099) | |
| Type of Stock Offered | Common Shares | Filing Date | 03/04/1999 | |
| Domestic Shares Filed | 6,250,000 | Filing Price | $8.00 | |
| Foreign Shares Filed | 0 | Offering Amount | $50,000,000 | |
| Company Shares | 6,250,000 | Est. Expenses | - - | |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | 9,474,919 | |
| Employees | 310 | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| BancAmerica Robertson Stephens | Lead Manager | (415) 989-8500 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| Thomas Weisel Partners LLC | Co-manager | (415) 364-2500 |
| 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 | 12/31/1998 | ||||||
| Revenues | - | - | - | - | 129.700 | - | - |
| Income from Oper. | - | - | - | - | 3.616 | - | - |
| Net Income | - | - | - | - | 1.900 | - | - |
| E.P.S | - | - | - | - | 0.200 | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 2.79 | - | - |
| Net Profit Margin (%) | - | - | - | - | 1.46 | - | - |
| Cash Flow - Oper. | - | - | - | ||||
| Cash Flow - Inv. | - | - | - | ||||
| Cash Flow - Fin. | - | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 103.24 | Current Assets | 57.91 | Current Ratio | 2.75 |
| Total Liab. | 21.29 | Current Liab. | 21.04 | Debt Ratio | 20.62% |
| Total Equity | 81.95 | Working Cap. | - | Debt to Equity Ratio | 0.26 |
| Cash | 26.71 | Return on Assets | 1.84% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to pay the cash portion of the purchase price for the founding companies and for general corporate purposes, including future acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Howard, Rice, Nemerovski, Canady, Robertson, Falk |
| Bank's Law Firm | Brobeck, Phleger & Harrison |
| Auditor | Arthur Andersen |
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| Industry Competition |
The foodservice equipment and supply industry is intensely competitive. Competition in the industry is based primarily on service, selection, location and price. HDSI competes with a large number of equipment and supply businesses on a regional and local basis, some of which may have greater financial resources than HDSI and some of which are divisions of large public companies. HDSI may also face competition for acquisition candidates from such competitors, some of which have acquired foodservice equipment and supply companies during the past decade. HDSI believes that its strategy of becoming the leading national foodservice equipment and supply distributor will enhance its competitive position. HDSI also believes that the implementation of an enhanced management information system and standardized operating procedures will provide it with additional competitive advantages. |