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| McDATA Corporation |
| 310 Interlocken Parkway, Broomfield, CO 80021 * (303) 460-9200 |
| Business Description | The Company is a leading provider of high performance enterprise switches and related software for connecting servers and storage systems in a storage area network, or SAN. |
| Offering Information Company has | |||
| Trading As | MCDT (NASNTL) | Industry | Telecommunications (SIC 3669) |
| Type of Stock Offered | Class B Common Shares | Filing Date | 5/31/00 |
| Domestic Shares Offered | 12,500,000 | Offer Date | 8/8/00 |
| Foreign Shares Offered | 0 | Filing Range | $24.00 - $26.00 |
| Company Shares | 12,500,000 | Offer Price | $28.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.610 |
| Gross Proceeds | $350,000,000 | Selling | $0.970 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 25,180,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| 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 | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | 12/31/99 | 3/31/99 | 3/31/00 |
| Revenues | 34.289 | 32.200 | 33.023 | 36.548 | 95.263 | 13.163 | 47.134 |
| Income from Oper. | 4.427 | 8.931 | -1.230 | -8.565 | -0.273 | -2.008 | 8.867 |
| Net Income | 2.805 | 5.770 | -3.224 | -2.468 | -1.033 | -1.980 | 5.312 |
| E.P.S | 0.030 | 0.060 | -0.040 | -0.030 | -0.010 | -0.020 | 0.060 |
| Revenue Growth (%) | -6.09 | 2.56 | 10.67 | 160.652 | 258.08 | ||
| Net Income Growth (%) | 105.70 | - | - | - | - | ||
| Oper. Profit Margin (%) | 12.91 | 27.74 | - | - | - | 18.81 | - |
| Net Profit Margin (%) | 8.18 | 17.92 | - | - | - | 11.27 | - |
| Cash Flow - Oper. | 7.63 | 2.99 | 3.52 | ||||
| Cash Flow - Inv. | -3.31 | -1.10 | -1.64 | ||||
| Cash Flow - Fin. | 0.46 | -0.25 | 0.01 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/00 | Financial Ratios | ||||
| Total Assets | 57.75 | Current Assets | 42.02 | Current Ratio | 2.16 |
| Total Liab. | 20.84 | Current Liab. | 19.43 | Debt Ratio | 36.08% |
| Total Equity | 36.91 | Working Cap. | 22.60 | Debt to Equity Ratio | 0.56 |
| Cash | 8.78 | Return on Assets | 9.20% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, including repayment of $1.9 million of outstanding indebtedness to McDATA Holdings Corporation, a wholly-owned subsidiary of EMC, capital expenditures and working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Auditor | Pricewaterhouse Coopers LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| McDATA Holdings Corporation | 86.40 | |
| Note: represents ownership of 5% or more prior to the offering. | ||