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| PC-Tel, Inc. |
| 70 Rio Robles, San Jose, CA 95134 * (408) 965-2100 |
| Business Description | The company is a leading developer and supplier of cost-effective software-based connectivity solutions. Our solutions enable Internet access and other communications applications through an existing analog and emerging broadband networks. |
| Offering Information Company has | |||
| Trading As | PCTI (NASNTL) | Industry | High-Tech (SIC 3661) |
| Type of Stock Offered | Common Shares | Filing Date | 08/06/1999 |
| Domestic Shares Offered | 4,600,000 | Offer Date | 10/18/1999 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 4,600,000 | Offer Price | $17.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.190 |
| Gross Proceeds | $78,200,000 | Selling | $0.680 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 15,602,078 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Banc of America Securities LLC | Lead Manager | (415) 627-2100 |
| Needham & Company | Co-manager | (212) 705-0344 |
| Warburg Dillon Read LLC | Co-manager | (203) 719-4290 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1994 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 12/31/1998 | 06/30/1998 | 06/30/1999 |
| Revenues | 0.000 | 0.191 | 16.573 | 24.009 | 33.004 | 12.343 | 33.046 |
| Income from Oper. | -0.283 | -1.127 | 3.882 | 2.957 | 0.228 | 0.732 | 4.454 |
| Net Income | -0.280 | -1.093 | 3.004 | 2.301 | 0.495 | 0.683 | 2.704 |
| E.P.S | - | - | 4.790 | 1.130 | 0.210 | 0.290 | 1.100 |
| Revenue Growth (%) | - | 8,576.96 | 44.87 | 37.465 | 167.73 | ||
| Net Income Growth (%) | - | - | -23.40 | -78.49 | 295.90 | ||
| Oper. Profit Margin (%) | - | - | 23.42 | 12.32 | 0.69 | 13.48 | 5.93 |
| Net Profit Margin (%) | - | - | 18.13 | 9.58 | 1.50 | 8.18 | 5.53 |
| Cash Flow - Oper. | 2.72 | 1.08 | 12.26 | ||||
| Cash Flow - Inv. | -17.34 | -0.15 | -6.98 | ||||
| Cash Flow - Fin. | 20.93 | 4.76 | -1.02 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1999 | Financial Ratios | ||||
| Total Assets | 50.48 | Current Assets | 37.77 | Current Ratio | 1.99 |
| Total Liab. | 32.62 | Current Liab. | 18.99 | Debt Ratio | 64.62% |
| Total Equity | 17.86 | Working Cap. | 18.78 | Debt to Equity Ratio | 1.83 |
| Cash | 17.25 | Return on Assets | 5.36% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay bank debt, for general corporate purposes including working capital, and for potential investments in and acquisitions of complementary products, technologies or businesses. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Brobeck, Phleger & Harrison |
| Registrar/Transfer Agent | Norwest Bank of Minnesota |
| Auditor | Pricewaterhouse Coopers LLC |
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