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| Capital Environmental Resource, Inc. |
| 1005 Skyview Drive, Burlington, Ontario, Canada l7p 5b1 * (905) 319-1237 |
| Business Description | Capital Environmental is a regional, integrated solid waste services company that provides collection, transfer, disposal and recycling services. |
| Offering Information Company has | |||
| Trading As | CERI (NASNTL) | Industry | Utilities (SIC 4953) |
| Type of Stock Offered | Common Shares | Filing Date | 05/03/1999 |
| Domestic Shares Offered | 3,260,000 | Offer Date | 06/04/1999 |
| Foreign Shares Offered | 0 | Filing Price | $11.00 |
| Company Shares | 3,260,000 | Offer Price | $11.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $35,860,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 6,885,479 | Employees | 650 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Raymond James & Associates, Inc. | Co-manager | (813) 573-8108 |
| Sanders Morris Mundy Inc. | Co-manager | (713) 250-4281 |
| 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 | - | - | - | 15.089 | 62.056 | - | - |
| Income from Oper. | - | - | - | -2.455 | 5.072 | - | - |
| Net Income | - | - | - | -2.072 | 1.193 | - | - |
| E.P.S | - | - | - | -1.510 | 0.520 | - | - |
| Revenue Growth (%) | - | - | - | 311.266 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 8.17 | - | - |
| Net Profit Margin (%) | - | - | - | - | 1.92 | - | - |
| Cash Flow - Oper. | 2.71 | - | - | ||||
| Cash Flow - Inv. | -36.19 | - | - | ||||
| Cash Flow - Fin. | 32.31 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 98.34 | Current Assets | 10.94 | Current Ratio | 0.15 |
| Total Liab. | 92.85 | Current Liab. | 70.90 | Debt Ratio | 94.42% |
| Total Equity | 5.49 | Working Cap. | -59.96 | Debt to Equity Ratio | 16.91 |
| Cash | 1.06 | Return on Assets | 1.21% | ||
| Use Of Proceeds |
We intend to use the net proceeds to repay a portion of the outstanding indebtedness under our credit facility. Our credit facility provides for borrowing capacity of up to $70.0 million, of which approximately $59.4 million was outstanding as of April 15, 1999. Of this outstanding amount, $23.5 million consisted of U.S. dollar loans bearing interest at 7.5% and $35.9 million consisted of Canadian dollar loans bearing interest at 7.6%. Our credit facility will terminate in January 2002 at which time its entire principal amount will become due. The credit facility is used for acquisitions of businesses in the solid waste services industry that meet our acquisition criteria. While we continuously and actively evaluate acquisition candidates, we are not presently negotiating any probable acquisitions. In addition, the proceeds of our credit facility are used for capital expenditures, standby letter of credit and general corporate purposes. The proceeds of our credit facility were used to repay a $14.7 million loan from Dresdner Bank Canada and to redeem common stock. The terms of our credit facility permit us, subject to some restrictions, to redraw on the facility for future acquisitions, capital expenditures and general corporate purposes. The repayment of our debt under the credit facility using the proceeds of this offering may be temporary and we do not expect any permanent decrease in our interest expense in the near future. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morgan, Lewis & Bockius |
| Bank's Law Firm | Shearman & Sterling |
| Auditor | Pricewaterhouse Coopers LLC |
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