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| Avici Systems Inc. |
| 101 Billerica Avenue, North Billerica, MA 01862 * (978) 964-2000 |
| Business Description | The Company develops and sells high-speed data networking equipment that enables communications service providers to intelligently transmit high volumes of information across their fiber optic networks. |
| Offering Information Company has | |||
| Trading As | AVCI (NASNTL) | Industry | High-Tech (SIC 3571) |
| Type of Stock Offered | Common Shares | Filing Date | 5/18/00 |
| Domestic Shares Offered | 7,000,000 | Offer Date | 7/27/00 |
| Foreign Shares Offered | 0 | Filing Range | $18.00 - $20.00 |
| Company Shares | 7,000,000 | Offer Price | $31.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $2.170 |
| Gross Proceeds | $217,000,000 | Selling | $1.310 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 45,040,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| J.P. Morgan & Co. | Co-manager | (212) 648-0517 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| UBS Warburg LLC | Co-manager |
| 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 | 12/31/97 | 12/31/98 | 12/31/99 | 3/31/99 | 3/31/00 | ||
| Revenues | - | - | 0.000 | 0.000 | 0.000 | 0.000 | 0.504 |
| Income from Oper. | - | - | -5.351 | -31.057 | -47.638 | -9.950 | -16.710 |
| Net Income | - | - | -5.164 | -30.118 | -46.794 | -9.885 | -16.433 |
| E.P.S | - | - | -34.710 | -19.050 | -13.700 | -3.550 | -3.620 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -40.97 | -8.08 | -14.78 | ||||
| Cash Flow - Inv. | -13.92 | -0.09 | 5.37 | ||||
| Cash Flow - Fin. | 65.94 | 3.53 | -0.75 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/00 | Financial Ratios | ||||
| Total Assets | 49.11 | Current Assets | 39.82 | Current Ratio | 2.99 |
| Total Liab. | 142.22 | Current Liab. | 13.33 | Debt Ratio | 289.60% |
| Total Equity | -93.11 | Working Cap. | 26.49 | Debt to Equity Ratio | - |
| Cash | 24.08 | 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. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Testa, Hurwitz & Thibeault |
| Bank's Law Firm | Ropes & Gray |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Nortel Networks Inc. | 16.60 | |
| Accel Partners | 12.50 | |
| Oak Investment Partners | 9.80 | |
| Brentwood Venture Capital | 9.80 | |
| Note: represents ownership of 5% or more prior to the offering. | ||