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| Focal Communications Corporation |
| 200 North LaSalle Street, Suite 1100, Chicago, IL 60601 * (312) 895-8400 |
| Business Description | Focal is a rapidly growing competitive local exchange carrier, or CLEC. We provide data, voice and colocation services to large, communications-intensive users in major cities. Our target customers include large corporations, Internet service providers and value-added resellers. We offer our customers an attractive alternative to incumbent local exchange carriers, or ILECs. Since other CLECs have chosen to compete in smaller cities or target smaller customers, we believe we have a unique strategy. |
| Offering Information Company has | |||
| Trading As | FCOM (NASNTL) | Industry | Telecommunications (SIC 4813) |
| Type of Stock Offered | Common Shares | Filing Date | 05/07/1999 |
| Domestic Shares Offered | 9,950,000 | Offer Date | 07/27/1999 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 9,950,000 | Offer Price | $13.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.910 |
| Gross Proceeds | $129,350,000 | Selling | $0.550 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 58,108,400 | Employees | 327 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| CS First Boston | Co-manager | (212) 325-2000 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Morgan Stanley Dean Witter | Co-manager | (212) 761-5900 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | ||
| Revenues | - | - | 0.000 | 4.023 | 43.531 | 5.102 | 26.003 |
| Income from Oper. | - | - | -0.531 | -2.934 | 6.296 | 0.752 | 5.544 |
| Net Income | - | - | -0.514 | -2.866 | -7.968 | -0.341 | 1.447 |
| E.P.S | - | - | -30.220 | -35.210 | -91.050 | -3.860 | 16.460 |
| Revenue Growth (%) | - | - | - | 982.053 | 409.66 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 14.46 | 21.32 | 14.74 |
| Net Profit Margin (%) | - | - | - | - | - | 5.56 | - |
| Cash Flow - Oper. | 22.60 | 3.75 | -1.30 | ||||
| Cash Flow - Inv. | -72.19 | -7.59 | -23.98 | ||||
| Cash Flow - Fin. | 173.38 | 154.35 | 5.84 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 226.57 | Current Assets | 131.18 | Current Ratio | 11.14 |
| Total Liab. | 204.86 | Current Liab. | 11.78 | Debt Ratio | 90.42% |
| Total Equity | 21.71 | Working Cap. | 119.41 | Debt to Equity Ratio | 9.43 |
| Cash | 106.60 | Return on Assets | 0.64% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used, together with amounts available from our existing cash balances, our equipment term loan and future cash flow from ongoing operations, to fund capital expenditures and operating losses, working capital and potential acquisitions, and for general corporate purposes. We will have broad discretion in determining the uses and exact amounts for each use of the net proceeds. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Jones, Day, Reavis & Pogue |
| Bank's Law Firm | Paul, Hastings, Janofsky & Walker |
| Auditor | Arthur Andersen |
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