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| JNI Corp. |
| 9775 Towne Centre Drive, San Diego, CA 92121 * (858) 535-3121 |
| Business Description | The company is a leading designer and supplier of fiber channel hardware and software products that connect servers and data storage devices to form storage area networks, or SANs. |
| Offering Information Company has | |||
| Trading As | JNIC (NASNTL) | Industry | High-Tech (SIC 3674) |
| Type of Stock Offered | Common Shares | Filing Date | 9/3/99 |
| Domestic Shares Offered | 4,900,000 | Offer Date | 10/26/99 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 2,800,000 | Offer Price | $19.00 |
| Selling Shrhldrs Shares | 2,100,000 | Gross Spread | $1.330 |
| Gross Proceeds | $93,100,000 | Selling | $0.790 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 21,782,900 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| 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 | - | - | 0.374 | 2.903 | 12.189 | 3.826 | 15.071 |
| Income from Oper. | - | - | -1.487 | -1.054 | 0.603 | 2.096 | 0.640 |
| Net Income | - | - | -1.487 | -1.184 | 0.311 | -0.284 | 1.756 |
| E.P.S | - | - | -2.480 | -1.970 | 0.520 | -0.470 | 2.930 |
| Revenue Growth (%) | - | - | 676.20 | 319.876 | 293.91 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 4.95 | 4.25 | 54.78 |
| Net Profit Margin (%) | - | - | - | - | 2.55 | 11.65 | - |
| Cash Flow - Oper. | 0.75 | -0.04 | -0.46 | ||||
| Cash Flow - Inv. | -1.60 | -0.11 | -1.41 | ||||
| Cash Flow - Fin. | 0.85 | 0.15 | 1.87 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 12.71 | Current Assets | 8.86 | Current Ratio | 0.96 |
| Total Liab. | 9.38 | Current Liab. | 9.25 | Debt Ratio | 73.81% |
| Total Equity | 3.33 | Working Cap. | -0.39 | Debt to Equity Ratio | 2.82 |
| Cash | - | Return on Assets | 13.81% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of indebtedness to Jaycor, an affiliate and working capital and general corporate purposes, including product development, sales and marketing and potential acquisitions of products, technologies or companies. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Gray Cary Ware & Freidenrich |
| Bank's Law Firm | O'Melveny & Meyers |
| Auditor | Pricewaterhouse Coopers LLC |
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