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| PEC Solutions, Inc. |
| 12750 Fair Lakes Circle, Fairfax, VA 22033 * (703) 679-4900 |
| Business Description | The company provides professional technology services that enable government entities to harness the power of the Internet and other advanced technologies to enhance productivity and improve services to the public. |
| Offering Information Company has | |||
| Trading As | PECS (NASNTL) | Industry | Internet (SIC 7389) |
| Type of Stock Offered | Common Shares | Filing Date | 1/25/00 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 4/19/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 3,000,000 | Offer Price | $9.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.670 |
| Gross Proceeds | $28,500,000 | Selling | $0.400 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 24,960,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 371-0641 |
| Chase H&Q; | Co-manager | (415) 439-3626 |
| DLJDirect, Inc. | Co-manager | (800) 825-5723 |
| Legg Mason Wood Walker, Inc. | Co-manager | (410) 539-4038 |
| 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 | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | 9/30/98 | 9/30/99 | |
| Revenues | - | 11.146 | 16.216 | 24.630 | 41.457 | 29.042 | 38.593 |
| Income from Oper. | - | 1.555 | 2.203 | 3.615 | 6.891 | 5.246 | 6.272 |
| Net Income | - | 1.093 | 1.452 | 2.305 | 4.455 | 3.378 | 3.976 |
| E.P.S | - | 0.130 | 0.160 | 0.260 | 0.520 | 0.390 | 0.470 |
| Revenue Growth (%) | - | 45.49 | 51.89 | 68.319 | 32.89 | ||
| Net Income Growth (%) | - | 32.85 | 58.75 | 93.28 | 17.70 | ||
| Oper. Profit Margin (%) | - | 13.95 | 13.59 | 14.68 | 16.62 | 16.25 | 18.06 |
| Net Profit Margin (%) | - | 9.81 | 8.95 | 9.36 | 10.75 | 10.30 | 11.63 |
| Cash Flow - Oper. | 2.89 | 2.41 | 4.61 | ||||
| Cash Flow - Inv. | -0.35 | -0.16 | -0.54 | ||||
| Cash Flow - Fin. | -1.69 | -1.74 | -1.44 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/99 | Financial Ratios | ||||
| Total Assets | 22.73 | Current Assets | 21.08 | Current Ratio | 2.36 |
| Total Liab. | 9.17 | Current Liab. | 8.94 | Debt Ratio | 40.34% |
| Total Equity | 13.56 | Working Cap. | 12.14 | Debt to Equity Ratio | 0.68 |
| Cash | 7.99 | Return on Assets | 17.49% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including working capital and potential acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Piper & Marbury |
| Bank's Law Firm | Sachnoff & Weaver |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Paul G. Rice | 41.20 | |
| David C. Karlgaard | 40.40 | |
| Note: represents ownership of 5% or more prior to the offering. | ||