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| Edison Schools, Inc. |
| 521 Fifth Avenue, 15th Floor, New York, NY 10175 * (212) 419-1600 |
| Business Description | The company is the nation's largest private operator of public schools serving students from kindergarten through 12th grade. |
| Offering Information Company has | |||
| Trading As | EDSN (NASNTL) | Industry | Service (SIC 8211) |
| Type of Stock Offered | Common Shares | Filing Date | 8/2/99 |
| Domestic Shares Offered | 5,440,000 | Offer Date | 11/10/99 |
| Foreign Shares Offered | 1,360,000 | Filing Range | $21.00 - $23.00 |
| Company Shares | 6,800,000 | Offer Price | $18.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.260 |
| Gross Proceeds | $122,400,000 | Selling | $0.740 |
| Expenses | - - | Reallowance | $1.000 |
| Post-IPO Shares | 40,732,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| J.P. Morgan & Co. | Co-manager | (212) 648-0517 |
| 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 | 6/30/94 | 6/30/95 | 6/30/96 | 6/30/97 | 6/30/98 | 3/31/98 | 3/31/99 |
| Revenues | 0.000 | 0.000 | 11.773 | 38.559 | 69.407 | 50.497 | 95.971 |
| Income from Oper. | -14.009 | -14.286 | -10.001 | -11.385 | -20.869 | -15.313 | -21.511 |
| Net Income | -14.364 | -14.125 | -10.103 | -11.522 | -22.034 | -16.045 | -20.715 |
| E.P.S | -2.310 | -2.270 | -1.630 | -1.850 | -4.280 | -3.310 | -3.460 |
| Revenue Growth (%) | - | - | 227.52 | 80.002 | 90.05 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -10.55 | -11.30 | -11.78 | ||||
| Cash Flow - Inv. | -20.08 | -17.15 | -26.72 | ||||
| Cash Flow - Fin. | 22.38 | 27.08 | 38.70 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/99 | Financial Ratios | ||||
| Total Assets | 78.16 | Current Assets | 26.93 | Current Ratio | 1.43 |
| Total Liab. | 35.31 | Current Liab. | 18.78 | Debt Ratio | 45.17% |
| Total Equity | 42.85 | Working Cap. | 8.15 | Debt to Equity Ratio | 0.82 |
| Cash | 7.70 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including funding operating losses, working capital and capital expenditures. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | Debevoise & Plimpton |
| Auditor | Pricewaterhouse Coopers LLC |
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