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SonicWALL, Inc.
5400 Betsy Ross Drive, Santa Clara, CA 95054 * (408) 844-9900
Business Description The company is a leading provider of Internet security solutions designed for broadband access customers in the small to medium enterprise, or SME, branch office, telecommuter and education markets.
Offering
Information

Company has
gone public

Trading As  SNWL (NASNTL) Industry  Internet (SIC 7372)
Type of Stock Offered  Common Shares Filing Date  8/27/99
Domestic Shares Offered  4,000,000 Offer Date  11/10/99
Foreign Shares Offered  0 Filing Range  $10.00 - $12.00
Company Shares  4,000,000 Offer Price  $14.00
Selling Shrhldrs Shares  0 Gross Spread  $0.980
Gross Proceeds  $56,000,000 Selling  $0.590
Expenses  - - Reallowance  $0.100
Post-IPO Shares  23,675,400 Employees  - -
Primary
Underwriting
Group
Underwriter NameParticipationUnderwriter Phone
Bear, Stearns & Co. Inc. Lead Manager (212) 272-4850
Hambrecht & Quist Incorporated Co-manager (415) 439-3626
Thomas Weisel Partners LLC Co-manager (415) 364-2500
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   - - 9.356 9.342 7.515 3.306 6.690
Income from Oper.   - - 0.296 -0.595 -1.234 -0.928 0.399
Net Income   - - -0.032 -0.467 -1.186 -0.906 0.038
E.P.S   - - - -0.060 -0.110 -0.110 -
Revenue Growth (%)      - - -0.15 -19.557   102.36
Net Income Growth (%)      - - - -   -
Oper. Profit Margin (%)    - - 3.16 - - 5.96 -
Net Profit Margin (%)    - - - - - 0.57 -
Cash Flow - Oper.     0.37 0.23 0.67
Cash Flow - Inv.     -0.11 0.03 -0.10
Cash Flow - Fin.     - - 5.15
Balance Sheet
Summary
and
Financial
Ratios
Balance sheet as of: 6/30/99 Financial Ratios
Total Assets    11.28 Current Assets    11.07 Current Ratio    1.85
Total Liab.    10.96 Current Liab.    5.99 Debt Ratio    97.18%
Total Equity    0.32 Working Cap.    5.08 Debt to Equity Ratio    34.46
Cash    6.77    Return on Assets   0.34%
Use Of
Proceeds
The proceeds from the proposed offering will be used for general corporate purposes including working capital.
Legal Counsel
Registrar
Auditor
Issuer's Law Firm  Manatt, Phelps and Phillips
Bank's Law Firm  Latham & Watkins
Registrar/Transfer Agent  BankBoston
Auditor  Pricewaterhouse Coopers LLC
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Last updated: 11/21/99 12:56:25 PM
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