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| Interwave Communications International, Ltd. |
| Clarendon House, 2 Church Street, Hamilton, Bermuda 1022 * 4412955950 |
| Business Description | The company provides compact wireless communications systems using GSM, an international standard for voice and data communications. |
| Offering Information Company has | |||
| Trading As | IWAV (NASNTL) | Industry | Telecommunications (SIC 3663) |
| Type of Stock Offered | Common Shares | Filing Date | 12/17/99 |
| Domestic Shares Offered | 8,500,000 | Offer Date | 1/27/00 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $10.00 |
| Company Shares | 8,500,000 | Offer Price | $13.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.910 |
| Gross Proceeds | $110,500,000 | Selling | $0.550 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 40,626,003 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| SG Cowen | Co-manager | (212) 495-6000 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 6/30/97 | 6/30/98 | 6/30/99 | 9/30/98 | 9/30/99 | ||
| Revenues | - | - | 1.841 | 12.995 | 17.293 | 4.487 | 5.377 |
| Income from Oper. | - | - | -29.245 | -29.902 | -22.106 | -5.144 | -7.066 |
| Net Income | - | - | -29.182 | -30.822 | -24.468 | -5.091 | -8.966 |
| E.P.S | - | - | -7.120 | -6.680 | -4.960 | -1.050 | -1.640 |
| Revenue Growth (%) | - | - | 605.87 | 33.074 | 19.84 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -13.29 | -5.18 | -1.23 | ||||
| Cash Flow - Inv. | -1.97 | -0.29 | -0.98 | ||||
| Cash Flow - Fin. | 11.77 | 1.36 | 11.36 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/99 | Financial Ratios | ||||
| Total Assets | 35.08 | Current Assets | 26.07 | Current Ratio | 3.13 |
| Total Liab. | 9.51 | Current Liab. | 8.33 | Debt Ratio | 27.12% |
| Total Equity | 25.57 | Working Cap. | 17.74 | Debt to Equity Ratio | 0.37 |
| Cash | 12.99 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to increase working capital investment and research and development and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Brobeck, Phleger & Harrison |
| Registrar/Transfer Agent | Norwest Bank of Minnesota |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Nortel Networks Corporation | 24.00 | |
| Entities affiliated with EXCELlink | 11.20 | |
| Entities affiliated with Mayfield Funds | 8.10 | |
| Sasson International Holdings, Inc. | 7.60 | |
| Entities affiliated with Morgan Stanley Dean Witter Venture Partners | 6.80 | |
| Mainwell Corporation | 4.60 | |
| MKT Holdings LLC and related entities | 3.50 | |
| Note: represents ownership of 5% or more prior to the offering. | ||