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| Aether Systems, Inc. |
| 11460 Cronridge drive, Owings Mills, MD 21117 * (410) 654-6400 |
| Business Description | The company is a leading provider of wireless data services and systems enabling people to use wireless handheld devices for real-time data communications and transactions. |
| Offering Information Company has | |||
| Trading As | AETH (NASNTL) | Industry | High-Tech (SIC 7373) |
| Type of Stock Offered | Common Shares | Filing Date | 8/20/99 |
| Domestic Shares Offered | 6,000,000 | Offer Date | 10/20/99 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 6,000,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.120 |
| Gross Proceeds | $96,000,000 | Selling | $0.670 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 26,067,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| 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 | - | - | 1.355 | 1.786 | 1.512 | 0.561 | 0.787 |
| Income from Oper. | - | - | -0.253 | -2.308 | -4.767 | -2.126 | -4.461 |
| Net Income | - | - | -0.417 | -2.673 | -4.693 | -2.119 | -4.394 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 31.81 | -15.342 | 40.29 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -4.38 | -1.87 | -2.54 | ||||
| Cash Flow - Inv. | -6.47 | -0.06 | 1.62 | ||||
| Cash Flow - Fin. | 12.47 | 2.22 | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 5.87 | Current Assets | 4.70 | Current Ratio | 4.58 |
| Total Liab. | 1.03 | Current Liab. | 1.03 | Debt Ratio | 17.49% |
| Total Equity | 4.84 | Working Cap. | 3.67 | Debt to Equity Ratio | 0.21 |
| Cash | 0.84 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay indebtedness and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilmer, Cutler & Pickering |
| Bank's Law Firm | Hogan & Hartson |
| Auditor | KPMG LLC |
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| Industry Competition |
The market for the company's services is becoming increasingly competitive. The company believes it offers the broadest range of services to businesses necessary to enable the development, offering and ongoing support of wireless data communication systems for their employees or customers. The widespread adoption of industry standards may make it easier for new market entrants to offer some or all of the services the company offers and may make it easier for existing competitors to introduce some or all of the services they do not now provide, or improve the quality of their services. The company expects that it will compete primarily on the basis of the functionality, breadth, quality and price of its services. Many of its existing and potential competitors have substantially greater financial, technical, marketing and distribution resources than the company does. Additionally, many of these companies have greater name recognition and more established relationships with the company's target customers. Furthermore, these competitors may be able to adopt more aggressive pricing policies and offer customers more attractive terms than the company can. |
| Business Plan |
The company's strategy is to be the dominant provider of wireless data services and systems by using its engineering expertise, its AIM software platform, its customer service and network operations center and its other resources to offer businesses complete systems for wireless data communications and transactions. The company's strategy includes the following key elements: (i) Develop the market for existing and new products in the financial services sector; (ii) Expand into new industries and international markets; (iii) Pursue mass-market opportunities, including wireless Internet access, e-mail and Internet and other electronic transactions; (iv) Expand our customer base and strengthen the Aether brand through enhanced sales and marketing efforts; (v) Maintain and strengthen our strategic relationships with suppliers and customers; (vi) Use the expertise we gain by providing engineering services to develop new Aether products; and (vii) Pursue selective acquisitions to expand our capabilities. |