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| drkoop.com, Inc. |
| 8920 Business Park Drive, Suite 200, Austin, TX 78759 * (512) 726-5110 |
| Business Description | The company operates drkoop.com, an Internet-based consumer healthcare network. Their network consists of a consumer-focused interactive website which provides users with comprehensive healthcare information and services, as well as affiliate relationships with Internet portals, other websites, healthcare organizations and traditional media outlets. |
| Offering Information Company has | |||
| Trading As | KOOP (NASNTL) | Industry | Internet (SIC 7375) |
| Type of Stock Offered | Common Shares | Filing Date | 03/05/1999 |
| Domestic Shares Offered | 9,375,000 | Offer Date | 06/07/1999 |
| Foreign Shares Offered | 0 | Filing Range | $7.00 - $9.00 |
| Company Shares | 9,375,000 | Offer Price | $9.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.630 |
| Gross Proceeds | $84,375,000 | Selling | $0.380 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 27,514,591 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| 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 | 12/31/1997 | 12/31/1998 | |||||
| Revenues | - | - | - | 0.000 | 0.043 | - | - |
| Income from Oper. | - | - | - | 0.622 | -9.030 | - | - |
| Net Income | - | - | - | 0.622 | -17.713 | - | - |
| E.P.S | - | - | - | -0.230 | -5.470 | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -6.80 | - | - | ||||
| Cash Flow - Inv. | -0.34 | - | - | ||||
| Cash Flow - Fin. | 7.13 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 0.38 | Current Assets | 0.06 | Current Ratio | 0.02 |
| Total Liab. | 0.99 | Current Liab. | 2.97 | Debt Ratio | 261.58% |
| Total Equity | -0.61 | Working Cap. | -2.90 | Debt to Equity Ratio | - |
| Cash | 0.00 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund operating losses and for general corporate purposes, including advertising, brand promotion, content development and working capital. A portion of the proceeds may be used for strategic alliances and acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Latham & Watkins |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
A large number of Internet companies compete for users, advertisers, e- commerce transactions and other sources of on-line revenue. The number of Internet websites offering users healthcare content, products and services is vast and increasing at a rapid rate. In addition, traditional media and healthcare providers compete for consumers' attention both through traditional means as well as through new Internet initiatives. We believe that competition for healthcare consumers will continue to increase as the Internet develops as a communication and commercial medium. We compete directly for users, advertisers, e-commerce merchants, syndication partners and other affiliates with numerous Internet and non-Internet businesses, including: health-related on-line services or websites targeted at consumers, such as accesshealth.com, ahn.com, betterhealth.com, drweil.com, healthcentral.com, healthgate.com, intelihealth.com, mayohealth.org; mediconsult.com, onhealth.com, thriveonline.com and webmd.com; on-line and Internet portal companies, such as America Online, Inc.; Microsoft Network; Yahoo! Inc.; Excite, Inc.; Lycos Corporation and Infoseek Corporation; electronic merchants and conventional retailers that provide healthcare goods and services competitive to those available from links on our website; hospitals, HMOs, managed care organizations, insurance companies and other healthcare providers and payors which offer healthcare information through the Internet; and other consumer affinity groups, such as the American Association of Retired Persons, SeniorNet and ThirdAge Media, Inc. which offer healthcare-related content to special demographic groups. Many of these potential competitors are likely to enjoy substantial competitive advantages compared to our company, including: the ability to offer a wider array of on-line products and services; larger production and technical staffs; greater name recognition and larger marketing budgets and resources; larger customer and user bases; and substantially greater financial, technical and other resources. To be competitive, we must respond promptly and effectively to the challenges of technological change, evolving standards and our competitors' innovations by continuing to enhance our products and services, as well as our sales and marketing channels. Increased competition could result in loss of market share, reduced prices or reduced margins, any of which could adversely affect our business. Competition is likely to increase significantly as new companies enter the market and current competitors expand their services. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Donald W. Hackett | 30.00 | |
| Superior Consultant Holding Corp. | 22.00 | |
| Adventist Health System Sunbelt Healthcare Corp | 12.00 | |
| C. Everett Koop, MD | 11.00 | |
| John F. Zaccarro | 7.00 | |
| Louis A. Scalpati | 6.00 | |
| Robert C. Hackett, Jr. | 5.00 | |
| Note: represents ownership of 5% or more prior to the offering. | ||