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| Convergent Networks, Inc. |
| 900 Chemsford Street, Lowell, MA 01851 * (978) 323-3300 |
| Business Description | The company is a leading provider of broadband voice infrastructure products for the new public networks. The company designs, develops and markets a new generation of carrier-class switching equipment and software that enables service providers to deliver voice and data services over high-end, or broadband, networks. |
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Filing Information Not yet | |||
| To Trade As | CVNI (NASNTL) | Industry | High-Tech (SIC 3577) |
| Type of Stock Offered | Common Shares | Filing Date | 9/28/00 |
| Domestic Shares Filed | 5,000,000 | Filing Range | $15.00 - $17.00 |
| Foreign Shares Filed | 0 | Offering Amount | $80,000,000 |
| Company Shares | 5,000,000 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| J.P. Morgan & Co. | Co-manager | (212) 648-0517 |
| 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 | 12/31/98 | 12/31/99 | 6/30/99 | 6/30/00 | |||
| Revenues | - | - | - | 0.000 | 0.000 | 0.000 | 1.827 |
| Income from Oper. | - | - | - | -2.628 | -21.409 | -5.422 | -11.672 |
| Net Income | - | - | - | -2.528 | -21.272 | -5.382 | -10.750 |
| E.P.S | - | - | - | -4.870 | -7.470 | -2.790 | -2.750 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -13.18 | -4.00 | -11.07 | ||||
| Cash Flow - Inv. | -2.95 | -0.81 | -1.14 | ||||
| Cash Flow - Fin. | 32.89 | 1.18 | 15.37 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/00 | Financial Ratios | ||||
| Total Assets | 30.85 | Current Assets | 28.03 | Current Ratio | 6.37 |
| Total Liab. | 63.40 | Current Liab. | 4.40 | Debt Ratio | 205.54% |
| Total Equity | -32.56 | Working Cap. | 23.63 | Debt to Equity Ratio | - |
| Cash | 24.66 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | Testa, Hurwitz & Thibeault |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Matrix Partners V, L.P. | 13.10 | |
| Battery Ventures IV, L.P. | 13.10 | |
| North Bridge Venture Partners II, L.P. | 6.30 | |
| VantagePoint Venture Partners III, L.P. | 5.90 | |
| Note: represents ownership of 5% or more prior to the offering. | ||