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| Airnet Communications Corporation |
| 100 Rialto Place, Melbourne, FL 32901 * (407) 953-6600 |
| Business Description | The company provides broadband, software-defined base stations, backhaul free base stations and other infrastructure products to wireless service operators who use the GSM, or global Systems for Mobile Communications, protocol. |
| Offering Information Company has | |||
| Trading As | ANCC (NASNTL) | Industry | Telecommunications (SIC 3663) |
| Type of Stock Offered | Common Shares | Filing Date | 9/24/99 |
| Domestic Shares Offered | 5,500,000 | Offer Date | 12/6/99 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $13.00 |
| Company Shares | 5,500,000 | Offer Price | $14.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.980 |
| Gross Proceeds | $77,000,000 | Selling | $0.600 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 22,223,700 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Volpe Brown Whelan & Company | Co-manager | (415) 274-4463 |
| 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 | - | - | 1.077 | 1.603 | 4.462 | 2.312 | 4.373 |
| Income from Oper. | - | - | -29.992 | -17.228 | -17.993 | -7.271 | -8.630 |
| Net Income | - | - | -29.174 | -17.236 | -17.917 | -7.317 | -8.537 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 48.84 | 178.353 | 89.14 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -17.79 | -7.84 | -3.15 | ||||
| Cash Flow - Inv. | -0.86 | -0.17 | -0.35 | ||||
| Cash Flow - Fin. | 14.88 | -0.24 | 5.66 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 24.92 | Current Assets | 21.48 | Current Ratio | 1.69 |
| Total Liab. | 18.73 | Current Liab. | 12.75 | Debt Ratio | 75.18% |
| Total Equity | 6.18 | Working Cap. | 8.74 | Debt to Equity Ratio | 3.03 |
| Cash | 9.73 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including working capital, research and development, sales and marketing and capital expenditures, as well as potential acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Edwards & Angell |
| Bank's Law Firm | Cravath, Swaine & Moore |
| Registrar/Transfer Agent | Continental Stock Transfer & Trust Co |
| Auditor | Deloitte & Touche |
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