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| Aironet Wireless Communications, Inc. |
| 3875 Embassy Parkway, Akron, OH 44333 * (330) 664-7900 |
| Business Description | The company is a leading provider of high speed, standards-based wireless local area networking solutions designed to provide wireless network connectivity and Internet access to personal computer users within a building or campus environment. |
| Offering Information Company has | |||
| Trading As | AIRO (NASNTL) | Industry | High-Tech (SIC 3577) |
| Type of Stock Offered | Common Shares | Filing Date | 5/14/99 |
| Domestic Shares Offered | 6,000,000 | Offer Date | 7/29/99 |
| Foreign Shares Offered | 0 | Filing Range | $9.00 - $11.00 |
| Company Shares | 4,000,000 | Offer Price | $11.00 |
| Selling Shrhldrs Shares | 2,000,000 | Gross Spread | $0.910 |
| Gross Proceeds | $66,000,000 | Selling | $0.460 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 13,566,348 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Dain Rauscher Wessels | Lead Manager | (612) 371-2818 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Prudential Securities Incorporated | Co-manager | (212) 778-5420 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 3/31/96 | 3/31/97 | 3/31/98 | 12/31/97 | 12/31/98 | ||
| Revenues | - | - | 44.323 | 61.328 | 45.134 | 36.009 | 32.413 |
| Income from Oper. | - | - | -0.474 | 3.059 | 4.510 | 4.002 | 1.158 |
| Net Income | - | - | -2.628 | 0.889 | 2.501 | 2.329 | 0.433 |
| E.P.S | - | - | -0.330 | 0.110 | 0.310 | 0.290 | 0.050 |
| Revenue Growth (%) | - | - | 38.37 | -26.406 | -9.99 | ||
| Net Income Growth (%) | - | - | - | 181.33 | -81.41 | ||
| Oper. Profit Margin (%) | - | - | - | 4.99 | 9.99 | 3.57 | 11.11 |
| Net Profit Margin (%) | - | - | - | 1.45 | 5.54 | 1.34 | 6.47 |
| Cash Flow - Oper. | 0.08 | -2.35 | 2.75 | ||||
| Cash Flow - Inv. | -1.68 | -1.42 | -0.93 | ||||
| Cash Flow - Fin. | 2.85 | 2.87 | 1.08 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/98 | Financial Ratios | ||||
| Total Assets | 26.55 | Current Assets | 20.02 | Current Ratio | 1.92 |
| Total Liab. | 12.92 | Current Liab. | 10.40 | Debt Ratio | 48.66% |
| Total Equity | 13.63 | Working Cap. | 9.62 | Debt to Equity Ratio | 0.95 |
| Cash | 5.76 | Return on Assets | 1.63% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including working capital and to repay indebtedness outstanding under an existing working capital credit line. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Goodman Weiss Miller LLP |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Registrar/Transfer Agent | Harris Trust & Savings Bank |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The market for the company's products is very competitive, and the company expects that competition will increase in the future. Increased competition could adversely affect the company's revenues and profitability through pricing pressure, loss of market share and other factors. This market has historically been dominated by relatively few companies, including Lucent, Proxim and BreezeCom. The company believes it will encounter competition from a number of other companies that develop, or have announced plans to develop, wireless networking products. The company believes that its success will depend in part on their ability to compete favorably in the following areas: (i) expertise and familiarity with 2.4 GHz spread spectrum technology, wireless data communication protocols and LAN technology; (ii) product performance, features, functionality and reliability; (iii) price/performance characteristics; (iv) timeliness of new product introductions; (v) adoption of emerging industry standards; (vi) customer service and support; (vii) size and scope of distribution network; and (viii) brand name. The company has also historically faced competitive pressure from companies that have increased their brand awareness by dedicating significant resources to marketing and advertising. The company faces the risk that its competitors may introduce faster, more competitively priced products. Many of the company's current and potential competitors have significantly greater financial, marketing, research, technical and other resources. If the company is unable to compete successfully, it could experience price reductions, reduced operating margins and loss of market share, any of which could have a material adverse effect on the company's business and operating results. |
| Business Plan |
The company's objective is to become the dominant worldwide developer and provider of high speed wireless LAN products. The company intends to achieve its objective by implementing the following strategies: (i) Leverage the Company's Technology Leadership; (ii) Strengthen Brand Awareness; (iii) Deliver Standards Based Solutions; and (iv) Expand Channel Distribution. |