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| Official Payments Corporation |
| 2333 San Ramon Valley Boulevard, Suite 450, San Ramon, CA 94583 * (925) 855-5000 |
| Business Description | The company is the leading provider of electronic payment options to government entities enabling consumers to use their credit cards to pay, by telephone or through the Internet, personal federal and state income taxes, sales and use taxes, property taxes and fines for traffic violations and parking citations. |
| Offering Information Company has | |||
| Trading As | OPAY (NASNTL) | Industry | High-Tech (SIC 7374) |
| Type of Stock Offered | Common Shares | Filing Date | 10/26/1999 |
| Domestic Shares Offered | 5,000,000 | Offer Date | 11/22/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 5,000,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $75,000,000 | Selling | $0.630 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 15,000,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| 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 | 12/31/1996 | 12/31/1997 | 12/31/1998 | 09/30/1998 | 09/30/1999 | ||
| Revenues | - | - | 0.786 | 1.202 | 2.369 | 1.434 | 7.208 |
| Income from Oper. | - | - | -0.285 | -0.496 | -0.270 | -0.271 | -1.261 |
| Net Income | - | - | -0.323 | -0.502 | -0.325 | -0.308 | -1.290 |
| E.P.S | - | - | -0.010 | -0.030 | -0.020 | -0.020 | -0.090 |
| Revenue Growth (%) | - | - | 52.93 | 97.088 | 402.65 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -0.25 | -0.10 | -0.90 | ||||
| Cash Flow - Inv. | -0.30 | -0.15 | -0.26 | ||||
| Cash Flow - Fin. | 0.99 | 0.43 | 1.04 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1999 | Financial Ratios | ||||
| Total Assets | 2.06 | Current Assets | 1.28 | Current Ratio | 0.55 |
| Total Liab. | 2.53 | Current Liab. | 2.33 | Debt Ratio | 122.90% |
| Total Equity | -0.47 | Working Cap. | -1.05 | Debt to Equity Ratio | - |
| Cash | 0.51 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay the balance of promissory notes, for working capital and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cadwalader, Wickersham & Taft |
| Bank's Law Firm | Simpson, Thacher & Bartlett |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Imperial Bank | 80.00 | |
| Beranson Holdings, Inc. | 20.00 | |
| Note: represents ownership of 5% or more prior to the offering. | ||