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| Paradyne Corporation |
| 8545 126th Avenue North, Largo, FL 33773 * (727) 530-2000 |
| Business Description | We are a leading developer, manufacturer and distributor of broadband and narrowband network access products for network service providers ("NSPs") and business customers. We offer solutions that enable business class, service level managed, high-speed connectivity over the existing telephone network infrastructure and provide for cost-effective access speeds of up to 45 Mbps. |
| Offering Information Company has | |||
| Trading As | PDYN (NASNTL) | Industry | High-Tech (SIC 3671) |
| Type of Stock Offered | Common Shares | Filing Date | 04/15/1999 |
| Domestic Shares Offered | 6,000,000 | Offer Date | 07/15/1999 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 4,000,000 | Offer Price | $17.00 |
| Selling Shrhldrs Shares | 2,000,000 | Gross Spread | $1.190 |
| Gross Proceeds | $102,000,000 | Selling | $0.710 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 30,312,508 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| Raymond James & Associates, Inc. | Co-manager | (813) 573-8108 |
| 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 | - | - | - | 181.303 | 198.801 | - | - |
| Income from Oper. | - | - | - | -15.580 | -1.825 | - | - |
| Net Income | - | - | - | 21.342 | -3.645 | - | - |
| E.P.S | - | - | - | 0.420 | -0.070 | - | - |
| Revenue Growth (%) | - | - | - | 9.651 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | 11.77 | - | - | - |
| Cash Flow - Oper. | 6.51 | - | - | ||||
| Cash Flow - Inv. | -5.41 | - | - | ||||
| Cash Flow - Fin. | -1.73 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 75.06 | Current Assets | 55.75 | Current Ratio | 1.18 |
| Total Liab. | 47.72 | Current Liab. | 47.37 | Debt Ratio | 63.58% |
| Total Equity | 27.34 | Working Cap. | 8.38 | Debt to Equity Ratio | 1.75 |
| Cash | 2.36 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay indebtedness and for general corporate purposes including working capital and capital expenditures. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Bank's Law Firm | Alston & Bird |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The telecommunications market is highly competitive, and we believe that competition may increase substantially as the introduction of new technologies, deployment of broadband networks and potential regulatory changes create new opportunities for established and emerging companies in the industry. We compete directly with other providers of broadband and narrowband access equipment, including ADC Telecommunications, Adtran, Alcatel, Ascend, Cisco, Copper Mountain, Digital Link, Larscom, Motorola, Nokia, Nortel Networks, Orckit, PairGain, Sync Research, 3Com, Tut Systems and Visual Networks. We expect that competition for products that address the broadband access market will grow as more companies and an increasing number of new companies focus on this market to develop solutions for higher speed access to public networks. We expect that competition for products that address the narrowband market will not dramatically change over the course of the next few years. |