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| Vixel Corporation |
| 11911 Northcreek Parkway South, Bothell, WA 98011 * (425) 806-5509 |
| Business Description | The company is a leading provider, based on revenue and number of ports shipped, of comprehensive solutions used in storage area networks, or SANs. |
| Offering Information Company has | |||
| Trading As | VIXL (NASNTL) | Industry | Telecommunications (SIC 3669) |
| Type of Stock Offered | Common Shares | Filing Date | 6/23/99 |
| Domestic Shares Offered | 4,300,000 | Offer Date | 10/1/99 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 4,300,000 | Offer Price | $18.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $77,400,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 21,629,003 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| BancBoston Robertson Stephens | Lead Manager | (415) 989-8500 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Needham & Company | Co-manager | (212) 705-0344 |
| 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 | 12/29/96 | 12/28/97 | 1/3/99 | 6/28/98 | 7/4/99 | ||
| Revenues | - | - | 6.941 | 22.783 | 39.445 | 21.234 | 22.059 |
| Income from Oper. | - | - | -17.260 | -13.525 | -29.560 | -12.713 | -8.974 |
| Net Income | - | - | -17.652 | -13.759 | -21.233 | -3.930 | -9.856 |
| E.P.S | - | - | - | - | -10.320 | - | -2.420 |
| Revenue Growth (%) | - | - | 228.24 | 73.133 | 3.89 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -9.23 | -4.12 | -5.33 | ||||
| Cash Flow - Inv. | 2.70 | 2.00 | -0.45 | ||||
| Cash Flow - Fin. | 6.60 | -0.16 | 2.53 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 7/4/99 | Financial Ratios | ||||
| Total Assets | 25.17 | Current Assets | 12.74 | Current Ratio | 0.61 |
| Total Liab. | 33.00 | Current Liab. | 20.77 | Debt Ratio | 131.10% |
| Total Equity | -7.83 | Working Cap. | -8.04 | Debt to Equity Ratio | - |
| Cash | 0.60 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of a promissory note and accrued interest, working capital, general corporate purposes and repayment of other corporate indebtedness. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Bank's Law Firm | Gray Cary Ware & Freidenrich |
| Registrar/Transfer Agent | American Securities Transfer and Trust |
| Auditor | Pricewaterhouse Coopers LLC |
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