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| Spanish Broadcasting System, Inc. |
| 3191 Coral Way, Miami, FL 33145 * (305) 441-6901 |
| Business Description | The company was founded in 1983 and is the second largest Spanish-language radio broadcasting company in the United States. |
| Offering Information Company has | |||
| Trading As | SBSA (NASNTL) | Industry | Telecommunications (SIC 4832) |
| Type of Stock Offered | Common Shares | Filing Date | 8/18/99 |
| Domestic Shares Offered | 21,787,000 | Offer Date | 10/27/99 |
| Foreign Shares Offered | 0 | Filing Range | $17.00 - $19.00 |
| Company Shares | 21,787,000 | Offer Price | $20.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.250 |
| Gross Proceeds | $435,740,000 | Selling | $0.750 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 56,950,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| 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 | 9/29/96 | 9/28/97 | 9/27/98 | 6/28/98 | 6/27/99 | ||
| Revenues | - | - | 55.338 | 67.982 | 86.766 | 62.099 | 80.437 |
| Income from Oper. | - | - | 12.455 | 15.755 | 20.853 | 14.304 | 23.692 |
| Net Income | - | - | -4.486 | -6.169 | 18.785 | -3.275 | -21.707 |
| E.P.S | - | - | -12.330 | -35.550 | -16.270 | -2.740 | -34.310 |
| Revenue Growth (%) | - | - | 22.85 | 27.631 | 29.53 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | 22.51 | 23.18 | 24.03 | 29.45 | 23.03 |
| Net Profit Margin (%) | - | - | - | - | 21.65 | - | - |
| Cash Flow - Oper. | 10.92 | 5.00 | 11.66 | ||||
| Cash Flow - Inv. | 32.19 | 32.55 | -27.96 | ||||
| Cash Flow - Fin. | -17.76 | -17.70 | -0.44 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/27/99 | Financial Ratios | ||||
| Total Assets | 359.50 | Current Assets | 44.06 | Current Ratio | 1.77 |
| Total Liab. | 427.40 | Current Liab. | 24.83 | Debt Ratio | 118.89% |
| Total Equity | -67.90 | Working Cap. | 19.23 | Debt to Equity Ratio | - |
| Cash | 20.90 | Return on Assets | 5.23% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to redeem our preferred stock and for general corporate purposes including the refinancing of existing debt. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kaye, Scholer, Fierman, Hays & Handler |
| Bank's Law Firm | Rogers & Wells |
| Registrar/Transfer Agent | First Union National Bank North Carolina |
| Auditor | KPMG LLC |
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