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| Turnstone Systems, Inc. |
| 274 Ferguson Drive, Mountain View, CA 94043 * (650) 404-0200 |
| Business Description | The company is a leading provider of loop management solutions that enable local exchange carriers to rapidly deploy and efficiency maintain Digital Subscriber Line, or DSL, services. |
| Offering Information Company has | |||
| Trading As | TSTN (NASNTL) | Industry | Telecommunications (SIC 3669) |
| Type of Stock Offered | Common Shares | Filing Date | 11/22/1999 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 1/31/2000 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 3,000,000 | Offer Price | $29.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $2.030 |
| Gross Proceeds | $87,000,000 | Selling | $1.210 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| 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 | 12/31/1998 | 9/30/1998 | 9/30/1999 | ||||
| Revenues | - | - | - | - | - | - | 14.704 |
| Income from Oper. | - | - | - | - | -4.941 | -3.075 | -0.756 |
| Net Income | - | - | - | - | -4.749 | -2.904 | -0.707 |
| E.P.S | - | - | - | - | -3.510 | -2.810 | -0.180 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -4.32 | -2.60 | -0.94 | ||||
| Cash Flow - Inv. | -0.22 | -0.52 | -0.44 | ||||
| Cash Flow - Fin. | 5.88 | 5.88 | 6.99 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/1999 | Financial Ratios | ||||
| Total Assets | 16.20 | Current Assets | 15.17 | Current Ratio | 2.29 |
| Total Liab. | 6.97 | Current Liab. | 6.63 | Debt Ratio | 43.01% |
| Total Equity | 9.23 | Working Cap. | 8.54 | Debt to Equity Ratio | 0.75 |
| Cash | 6.95 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including working capital and capital expenditures and potential acquisitions of, or investments in complementary businesses, technologies and products. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Sullivan & Cromwell |
| Registrar/Transfer Agent | BankBoston |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Matrix Partners | 22.90 | |
| Institutional Venture Partners | 22.90 | |
| Benchmark Capital Partners | 9.10 | |
| Note: represents ownership of 5% or more prior to the offering. | ||