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| American Home Mortgage Holdings, Inc. |
| 12 East 49th Street, New York, NY 10017 * (212) 755-8600 |
| Business Description | The company is a leading independent retail mortgage banking company focused on expanding the business of originating residential mortgage loans through the Internet and other more traditional channels and then selling these loans and the related servicing rights to institutional buyers. |
| Offering Information Company has | |||
| Trading As | AHMH (NASNTL) | Industry | Financial (SIC 6162) |
| Type of Stock Offered | Common Shares | Filing Date | 7/7/99 |
| Domestic Shares Offered | 2,500,000 | Offer Date | 9/30/99 |
| Foreign Shares Offered | 0 | Filing Range | $5.00 - $7.00 |
| Company Shares | 2,500,000 | Offer Price | $6.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.420 |
| Gross Proceeds | $15,000,000 | Selling | $0.250 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Advest, Inc. | Co-manager | (860) 509-2177 |
| 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 | - | - | 6.585 | 11.322 | 20.217 | 3.705 | 5.658 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | 0.606 | 2.319 | 4.870 | 0.476 | 0.707 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 71.94 | 78.564 | 52.71 | ||
| Net Income Growth (%) | - | - | 282.67 | 110.00 | 48.53 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | 9.20 | 20.48 | 24.09 | 12.50 | 12.85 |
| Cash Flow - Oper. | -6.32 | -13.59 | 7.01 | ||||
| Cash Flow - Inv. | -0.94 | -0.20 | -0.33 | ||||
| Cash Flow - Fin. | 8.10 | 12.74 | -6.88 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/99 | Financial Ratios | ||||
| Total Assets | 36.09 | Current Assets | - | Current Ratio | - |
| Total Liab. | 29.55 | Current Liab. | - | Debt Ratio | 81.88% |
| Total Equity | 6.54 | Working Cap. | - | Debt to Equity Ratio | 4.52 |
| Cash | 2.69 | Return on Assets | 1.96% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay indebtedness incurred to fund an S corporation distribution to a shareholder, for Internet business expansion purposes, including hardware and software and an Internet advertising campaign and for general corporate purposes and working capital purposes including funding of potential acquisitions of related businesses. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cadwalader, Wickersham & Taft |
| Bank's Law Firm | Gibson, Dunn & Crutcher |
| Auditor | Deloitte & Touche |
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| Industry Competition |
Mortgage banking on the Internet is highly competitive. A large number of mortgage companies currently transact business over the Internet in one form or another. The sophistication of these companies in the Internet channel varies from simple one-page information Web sites to Web sites with extensive on-line content and features. Many of these mortgage companies share a business strategy and capability similar to that of the company's. The competition includes banks such as Chase and Bank of America, as well as mortgage originators such as Prism Financial Corporation, E-Loan and Mortgage.com, all of which are larger and better capitalized than the company. In addition, the company also competes on the Internet with large, national mortgage companies, such as Countrywide Credit Industries, Inc. and HomeSide Lending, which have greater origination volumes and capitalization than the company. A large number of mortgage companies also transact business through retail offices and other traditional channels. The company's competitors include other mortgage bankers (including those noted above), state and national commercial banks, savings and loan associations (including, for example, Dime Savings Bank of New York, FSB and Home Federal Savings Bank), credit unions, insurance companies and other finance companies. Many of these competitors are substantially larger and have considerably greater financial, technical and marketing resources than the company does. |
| Business Plan |
The company is focusing on the following key objectives: (i) Enhance and Expand Our Internet Business; (ii) Expand Our Traditional Business into New Regions; (iii) Increase the Market Share of Our Existing Community Loan Offices; and (iv) Expand Through Selective Strategic Acquisitions. |