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| Insight Communications Company, Inc. |
| 126 East 56th Street, New York, NY 10022 * (212) 371-2266 |
| Business Description | The company is the 10th largest cable television system operator in the United States based on customers served, with approximately 1,046,000 customers as of December 31, 1998, on a pro forma basis. We have a tightly grouped cluster of cable television systems with approximately 98% of our customers concentrated in the four contiguous states of Indiana, Kentucky, Ohio and Illinois. |
| Offering Information Company has | |||
| Trading As | ICCI (NASNTL) | Industry | Telecommunications (SIC 4841) |
| Type of Stock Offered | Class A Common Shares | Filing Date | 05/12/1999 |
| Domestic Shares Offered | 23,000,000 | Offer Date | 07/20/1999 |
| Foreign Shares Offered | 0 | Filing Range | $21.00 - $23.00 |
| Company Shares | 23,000,000 | Offer Price | $24.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.445 |
| Gross Proceeds | $563,500,000 | Selling | $0.860 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 55,933,230 | Employees | 1032 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| 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 | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1994 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 12/31/1998 | ||
| Revenues | 52.820 | 57.108 | 61.839 | 67.698 | 112.902 | - | - |
| Income from Oper. | 10.996 | 14.178 | 15.309 | 16.156 | 14.206 | - | - |
| Net Income | -5.670 | -4.602 | -2.815 | 73.882 | 138.606 | - | - |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | 8.12 | 8.28 | 9.47 | 66.773 | - | ||
| Net Income Growth (%) | - | - | - | 87.60 | - | ||
| Oper. Profit Margin (%) | 20.82 | 24.83 | 24.76 | 23.86 | 12.58 | - | - |
| Net Profit Margin (%) | - | - | - | 109.13 | 122.77 | - | - |
| Cash Flow - Oper. | 44.76 | - | - | ||||
| Cash Flow - Inv. | -142.19 | - | - | ||||
| Cash Flow - Fin. | 116.25 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 659.84 | Current Assets | - | Current Ratio | - |
| Total Liab. | 667.77 | Current Liab. | - | Debt Ratio | 101.20% |
| Total Equity | -7.93 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | 19.90 | Return on Assets | 21.01% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to finance, the Kentucky Acquisition, the introduction of new and enhanced products and services for customers, an equity investment in a telephone joint venture with AT&T;, other strategic acquisitions and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cooperman Levitt Winikoff Laster & Newman, P.C. |
| Bank's Law Firm | Latham & Watkins |
| Registrar/Transfer Agent | Bank of New York |
| Auditor | Ernst & Young |
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| Industry Competition |
Cable systems face increasing competition from alternative methods of receiving and distributing their core video business. Both wireline and wireless competitors have made inroads in competing against incumbent cable operators. The extent to which a cable operator is competitive depends, in part, upon its ability to provide to customers, at a reasonable price, a greater variety of programming and other communications services than are available off-air or through alternative delivery sources and upon superior technical performance and customer service. Currently, our most significant wireline competition is from an affiliate of Ameritech Corporation, which has been awarded cable franchises in the Columbus, Ohio metropolitan area that are currently served by us as the incumbent cable operator. Local exchange telephone companies and other companies also provide facilities for the transmission and distribution to homes and businesses of interactive computer-based services, including the Internet, as well as data and other non-video services. The ability of local exchange telephone companies to cross-subsidize video, data and telephony services also poses some threat to cable operators. Cable operators also compete with wireless program distribution services such as analog and digital multichannel, multipoint distribution service, commonly known as MMDS, which use microwave frequencies to transmit video programming over-the-air to customers. |