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| Advanced Switching Communications, Inc. |
| 8330 Boone Boulevard, Vienna, VA 22182 * (703) 448-5540 |
| Business Description | The company is a leading provider of next-generation broadband access platforms to telecommunications service providers. |
| Offering Information Company has | |||
| Trading As | ASCX (NASNTL) | Industry | Telecommunications (SIC 4812) |
| Type of Stock Offered | Common Shares | Filing Date | 6/30/00 |
| Domestic Shares Offered | 6,250,000 | Offer Date | 10/4/00 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 6,250,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $93,750,000 | Selling | $0.680 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| Chase H&Q; | Co-manager | (415) 439-3626 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| 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 | 4.278 | 0.186 | 4.994 |
| Income from Oper. | - | - | -0.309 | -5.127 | -9.781 | -2.184 | -3.472 |
| Net Income | - | - | -0.293 | -5.111 | -9.329 | -2.109 | -2.868 |
| E.P.S | - | - | -0.050 | -0.480 | -1.010 | -0.200 | -0.350 |
| Revenue Growth (%) | - | - | - | - | 2,584.95 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -12.66 | -2.44 | -1.66 | ||||
| Cash Flow - Inv. | 2.22 | 3.30 | -19.34 | ||||
| Cash Flow - Fin. | 42.01 | -0.05 | 0.07 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/00 | Financial Ratios | ||||
| Total Assets | 40.94 | Current Assets | 31.44 | Current Ratio | 5.79 |
| Total Liab. | 62.28 | Current Liab. | 5.43 | Debt Ratio | 152.12% |
| Total Equity | -21.34 | Working Cap. | 26.01 | Debt to Equity Ratio | - |
| Cash | 12.08 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Fried, Frank, Harris, Shriver & Jacobson |
| Bank's Law Firm | Davis, Polk & Wardwell |
| Auditor | Deloitte & Touche |
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| Industry Competition |
Many of the Company�s current and potential competitors, including Alcatel, Cisco Systems, Lucent Technologies, Marconi (Fore) and Nortel Networks, are large public companies that have longer operating histories and significantly greater financial, technical, marketing and other resources than the Company. As a result, these competitors are able to devote greater resources to the development, promotion, sale and support of their products. In addition, competitors with large market capitalizations or cash reserves are much better positioned than the Company is to acquire other companies, including the Company�s competitors, and thereby acquire new technologies or products that may displace the Company�s product lines. |
| Business Plan |
Key elements of our strategy include: (i) Broaden Customer Base Domestically and Internationally, (ii) Leverage Technology Leadership from Access into Core, (iii) Provide Customers with a Smooth Migration Path to Next-Generation Network Architectures, (iv) Expand Our Global Sales Efforts and Our Customer Service and Support Capabilities and (v) Continue to Outsource Product Manufacturing. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Baker Communications Fund, L.P. | 31.10 | |
| Technology Crossover Ventures | 9.10 | |
| New Enterprise Associates | 9.10 | |
| Note: represents ownership of 5% or more prior to the offering. | ||