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| U.S. Aggregates, Inc. |
| 400 South El Camino Real, Suite 500, San Mateo, CA 94402 * (650) 685-4880 |
| Business Description | The company is a leading producer and marketer of aggregates and associated aggregate-based materials and services. Aggregates consists of crushed stone, sand and gravel. |
| Offering Information Company has | |||
| Trading As | AGA (NYSE) | Industry | Natural Resource (SIC 1429) |
| Type of Stock Offered | Common Shares | Filing Date | 5/24/99 |
| Domestic Shares Offered | 5,000,000 | Offer Date | 8/13/99 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 5,000,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $75,000,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Deutsch Banc Alex. Brown | Lead Manager | (410) 727-1700 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| Schroder Wertheim & Company, Incorporated | Co-manager | (212) 492-6900 |
| 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 | 12/31/96 | 12/31/97 | 12/31/98 | 3/31/98 | 3/31/99 | ||
| Revenues | - | - | 131.710 | 163.243 | 228.739 | 28.513 | 49.171 |
| Income from Oper. | - | - | 16.017 | 18.006 | 24.420 | -0.067 | 0.963 |
| Net Income | - | - | 6.444 | 5.505 | 5.330 | -2.033 | -1.675 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 23.94 | 40.122 | 72.45 | ||
| Net Income Growth (%) | - | - | -14.57 | -3.18 | - | ||
| Oper. Profit Margin (%) | - | - | 12.16 | 11.03 | 10.68 | 1.96 | - |
| Net Profit Margin (%) | - | - | 4.89 | 3.37 | 2.33 | - | - |
| Cash Flow - Oper. | -0.70 | -1.20 | -1.30 | ||||
| Cash Flow - Inv. | 96.97 | -18.15 | -6.64 | ||||
| Cash Flow - Fin. | 100.04 | 19.44 | 6.89 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/99 | Financial Ratios | ||||
| Total Assets | 344.99 | Current Assets | 76.17 | Current Ratio | 1.47 |
| Total Liab. | 335.39 | Current Liab. | 51.68 | Debt Ratio | 97.22% |
| Total Equity | 9.61 | Working Cap. | 24.50 | Debt to Equity Ratio | 34.91 |
| Cash | 1.79 | Return on Assets | 1.54% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay outstanding indebtedness and to redeem preferred stock. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kirkland & Ellis |
| Bank's Law Firm | Winston & Strawn |
| Registrar/Transfer Agent | Harris Trust & Savings Bank |
| Auditor | Deloitte & Touche |
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| Industry Competition |
Because of the impact of high transportation costs on the aggregates business, competition in each of the company's markets tends to be limited to producers in proximity to the company's production facilities. Although the company experiences competition in all of its markets, the company believes that it is generally a leading producer in the market areas that the company serves. Competition is based primarily on aggregate production site location and price, but quality of aggregates and level of customer service are also important factors. The company competes directly with a number of large and small producers in the markets it serves. Some of the company's competitors have greater financial resources than the company has. |
| Business Plan |
The company believes that long-term, high-quality aggregate reserves located near customers are central to the company's success. The company's strategy is to utilize its management and financial resources to strengthen its position in local markets by: (i) Serving Growth In Existing Market Areas; (ii) Expanding Capacity and Maintaining Cost-Competitiveness; (iii) Making Add-On Acquisitions and Developing New Aggregate Reserves In Existing Markets; (iv) Serving Markets In Contiguous Areas; and (v) Expanding Into New Markets Primarily Trough Acquisitions. |