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| Plastic Surgery Company, The |
| 104 West Anapamu Street, Suite G, Santa Barbara, CA 93101 * (805) 963-0400 |
| Business Description | The Plastic Surgery Company develops and implements market expansion strategies and Internet-based consumer awareness programs for its alliance of Board certified plastic surgeons. |
| Offering Information Company has | |||
| Trading As | PSU (AMEX) | Industry | Service (SIC 8741) |
| Type of Stock Offered | Common Shares | Filing Date | 5/14/99 |
| Domestic Shares Offered | 1,400,000 | Offer Date | 12/9/99 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $9.00 |
| Company Shares | 1,400,000 | Offer Price | $8.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $11,200,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 5,850,500 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Cruttenden Roth Incorporated | Lead Manager | (800) 678-9147 |
| H.C. Wainwright & Co. Inc. | Co-manager | (617) 589-9482 |
| 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 | 12/31/97 | 12/31/98 | 3/31/98 | 3/31/99 | |||
| Revenues | - | - | - | 0.000 | 0.000 | 0.000 | 0.000 |
| Income from Oper. | - | - | - | -1.888 | -3.211 | -0.375 | -0.442 |
| Net Income | - | - | - | -1.888 | -3.203 | -0.374 | -0.438 |
| E.P.S | - | - | - | -1.270 | -1.840 | -0.230 | -0.230 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -1.32 | -0.21 | -0.33 | ||||
| Cash Flow - Inv. | -0.05 | 0.00 | 0.00 | ||||
| Cash Flow - Fin. | 1.76 | 0.23 | 0.24 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/99 | Financial Ratios | ||||
| Total Assets | 0.34 | Current Assets | - | Current Ratio | - |
| Total Liab. | 1.85 | Current Liab. | 1.85 | Debt Ratio | 543.13% |
| Total Equity | -1.51 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | 0.30 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to pay the cash portion of the consideration for the Founding Practices, to pay accrued salaries and consulting fees of employees and consultants, to repay indebtedness of the Founding practices, and to fund future acquisitions, and the development costs of satellite offices and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | King & Spalding |
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| Industry Competition |
There are several companies that affiliate with physicians in the area of plastic surgery and the company realizes that additional entities may enter this market. The company intends to capitalize on the reputations and relationships of the founding practices and their allied surgeons to assist it in affiliating with additional plastic surgery practices. Based on the company's experience with the founding practices, management believes that its emphasis on high quality patient care and its business, marketing, technological and practice-growth support systems will encourage plastic surgeons to affiliate with the company. The business of providing plastic surgery services is highly competitive in each market in which the allied surgeons operate. Allied surgeons compete with plastic surgeons that maintain single offices or operate a single satellite office, as well as with plastic surgeons that maintain group practices or operate in multiple offices. Allied surgeons also compete with general surgeons and dermatologists and ophthalmologist who provide certain plastic surgery services. The provision of plastic surgery services by such general practitioners and dermatologists has increased in recent years. The company believes that with the operations and growth strategies outlined above, the allied surgeons will continue to be leaders in their respective markets. |