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| FASTNET Corporation |
| Two Courtney Place - Suite 130 3864 Courtney Street, Bethleham, PA 18017 * (610) 266-6700 |
| Business Description | The company is a growing Internet service provider targeting small and medium sized enterprises in selected high growth markets in the Mid-Atlantic area of the United States. |
| Offering Information Company has | |||
| Trading As | FSST (NASNTL) | Industry | Internet (SIC 7379) |
| Type of Stock Offered | Common Shares | Filing Date | 8/18/99 |
| Domestic Shares Offered | 4,000,000 | Offer Date | 2/8/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 4,000,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $48,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| ING Baring Furman Selz | Lead Manager | (212) 309-8200 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| FAC/Equities | Co-manager | (518) 447-8641 |
| SoundView Financial Group, Inc. | Co-manager | (203) 462-7242 |
| 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 | 12/31/96 | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 | ||
| Revenues | - | - | 1.943 | 3.671 | 5.528 | 2.655 | 3.549 |
| Income from Oper. | - | - | -0.092 | -0.286 | -1.128 | -0.205 | -0.970 |
| Net Income | - | - | -0.115 | -0.322 | -1.274 | -0.252 | -1.080 |
| E.P.S | - | - | -0.010 | -0.030 | -0.140 | -0.020 | -0.150 |
| Revenue Growth (%) | - | - | 88.95 | 50.601 | 33.66 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -0.61 | -0.76 | 0.01 | ||||
| Cash Flow - Inv. | -0.90 | -0.20 | -0.74 | ||||
| Cash Flow - Fin. | 1.68 | 1.66 | 0.99 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 4.32 | Current Assets | 1.86 | Current Ratio | 0.24 |
| Total Liab. | 7.90 | Current Liab. | 7.74 | Debt Ratio | 182.72% |
| Total Equity | -3.58 | Working Cap. | -5.88 | Debt to Equity Ratio | - |
| Cash | 0.52 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital, capital expenditures for the construction of additional CNFs, the expansion of our sales and marketing capabilities, other general corporate purposes and potential strategic acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morgan, Lewis & Bockius |
| Bank's Law Firm | Morrison & Foerster |
| Registrar/Transfer Agent | StockTrans, Inc. |
| Auditor | Arthur Andersen |
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