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| Penson Worldwide Inc. |
| 1700 Pacific Avenue, Suite 1400, Dallas, TX 75201 * (214) 765-1100 |
| Business Description | We are a technology-focused provider of a broad range of securities clearing, margin lending and other related services to the brokerage industry, primarily to direct access and online broker-dealers. |
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Filing Information Not yet | ||||
| To Trade As | PNSN (NASNTL) | Industry | Financial (SIC 6211) | |
| Type of Stock Offered | Common Shares | Filing Date | 9/15/00 | |
| Domestic Shares Filed | 8,000,000 | Filing Range | $12.50 - $14.50 | |
| Foreign Shares Filed | 0 | Offering Amount | $108,000,000 | |
| Company Shares | 8,000,000 | Est. Expenses | - - | |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | 36,657,800 | |
| Employees | 195 | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Chase H&Q; | Lead Manager | (415) 439-3626 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | 6/30/99 | 6/30/00 | ||
| Revenues | - | - | 14.753 | 17.256 | 36.595 | 14.592 | 32.525 |
| Income from Oper. | - | - | 1.787 | 1.522 | 6.947 | 2.167 | -19.085 |
| Net Income | - | - | 1.787 | 1.733 | 8.938 | 2.619 | -15.536 |
| E.P.S | - | - | 0.060 | 0.050 | 0.270 | 0.090 | -0.680 |
| Revenue Growth (%) | - | - | 16.97 | 112.071 | 122.90 | ||
| Net Income Growth (%) | - | - | -3.02 | 415.75 | - | ||
| Oper. Profit Margin (%) | - | - | 12.11 | 8.82 | 18.98 | - | 14.85 |
| Net Profit Margin (%) | - | - | 12.11 | 10.04 | 24.42 | - | 17.95 |
| Cash Flow - Oper. | -6.98 | -3.93 | -0.59 | ||||
| Cash Flow - Inv. | -2.41 | -1.22 | -3.27 | ||||
| Cash Flow - Fin. | 11.79 | 3.00 | 7.52 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/00 | Financial Ratios | ||||
| Total Assets | 754.44 | Current Assets | - | Current Ratio | - |
| Total Liab. | 735.76 | Current Liab. | - | Debt Ratio | 97.52% |
| Total Equity | 18.67 | Working Cap. | - | Debt to Equity Ratio | 39.40 |
| Cash | 8.92 | Return on Assets | 1.18% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay $42.3 million worth of indebtedness under various bank and promissory notes whose terms range from 6 months to 7 years with a weighted average interest rate of 9.6% as of August 15, 2000. Of this amount, $25.0 million was incurred in March 2000 for working capital and the repayment of outstanding promissory notes to Bank One. An additional $10.0 million was incurred in July 2000 for working capital; and fund our working capital needs and for other general corporate purposes, including the satisfaction of net capital requirements as we increase our loans to customers. We may also use a portion of the net proceeds for acquisitions of businesses, products and technologies or the establishment of joint ventures that are complementary to our business. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Brobeck, Phleger & Harrison |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Ernst & Young |
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