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| Western Multiplex Corporation |
| 1196 Borregas Avenue, Sunnyvale, CA 94089 * (408) 542-5200 |
| Business Description | The company is a global provider of broadband, or high-speed, wireless access systems that enable service providers, businesses and other enterprises to deliver data, voice and video services. |
| Offering Information Company has | |||
| Trading As | WMUX (NASNTL) | Industry | Manufacturing (SIC 3679) |
| Type of Stock Offered | Class A Common Shares | Filing Date | 4/20/00 |
| Domestic Shares Offered | 7,500,000 | Offer Date | 7/31/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 7,500,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $90,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 51,740,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | 12/31/99 | ||
| Revenues | 18.259 | 28.012 | 32.108 | 32.903 | 44.750 | - | - |
| Income from Oper. | 2.315 | 7.513 | 6.039 | 3.553 | 7.524 | - | - |
| Net Income | 1.751 | 5.944 | 4.096 | 2.168 | 1.240 | - | - |
| E.P.S | 0.020 | 0.070 | 0.050 | 0.030 | 0.020 | - | - |
| Revenue Growth (%) | 53.41 | 14.62 | 2.48 | 36.006 | - | ||
| Net Income Growth (%) | 239.46 | -31.09 | -47.07 | -42.80 | - | ||
| Oper. Profit Margin (%) | 12.68 | 26.82 | 18.81 | 10.80 | 16.81 | - | - |
| Net Profit Margin (%) | 9.59 | 21.22 | 12.76 | 6.59 | 2.77 | - | - |
| Cash Flow - Oper. | 6.39 | - | - | ||||
| Cash Flow - Inv. | -1.22 | - | - | ||||
| Cash Flow - Fin. | -4.63 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 35.15 | Current Assets | 13.98 | Current Ratio | 3.45 |
| Total Liab. | 4.33 | Current Liab. | 4.05 | Debt Ratio | 12.33% |
| Total Equity | 30.81 | Working Cap. | 9.93 | Debt to Equity Ratio | 0.14 |
| Cash | 1.38 | Return on Assets | 3.53% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay outstanding indebtedness, for general corporate purposes including working capital, expansion of engineering organization, product development programs, sales and marketing capabilities, and general administrative functions and capital expenditures, as well as acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Simpson, Thacher & Bartlett |
| Bank's Law Firm | Cravath, Swaine & Moore |
| Registrar/Transfer Agent | Harris Trust Company of California |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Ripplewood Partners, L.P. | 93.60 | |
| Glenayre Technologies, Inc. | 4.80 | |
| Note: represents ownership of 5% or more prior to the offering. | ||