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| Select Medical Corporation |
| 4716 Old Gettysburg Road , P.O. Box 2034, Mechanicsburg, PA 17055 * (717) 972-1100 |
| Business Description | The company is the second largest operator of specialty acute care hospitals for long term stay patients in the United States based on the number of facilities. |
| Offering Information Company has | |||
| Trading As | SLMC (NASNTL) | Industry | Service (SIC 8093) |
| Type of Stock Offered | Common Shares | Filing Date | 10/27/2000 |
| Domestic Shares Offered | 10,625,000 | Offer Date | 4/4/2001 |
| Foreign Shares Offered | 1,875,000 | Filing Range | $10.00 - $11.00 |
| Company Shares | 12,500,000 | Offer Price | $9.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.670 |
| Gross Proceeds | $118,750,000 | Selling | $0.370 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| CS First Boston | Co-manager | (212) 325-2000 |
| First Union Capital Markets Corp. | Co-manager | (804) 649-2311 |
| J.P. Morgan & Co. | Co-manager | (212) 648-0517 |
| SG Cowen | Co-manager | (212) 495-6000 |
| 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 | 12/31/1997 | 12/31/1998 | 12/31/1999 | 6/30/1999 | 6/30/2000 | ||
| Revenues | - | - | 11.194 | 149.043 | 455.975 | 208.031 | 397.422 |
| Income from Oper. | - | - | -2.831 | -11.506 | 20.280 | 14.130 | 33.508 |
| Net Income | - | - | 1.947 | -18.044 | -13.106 | -0.073 | 7.024 |
| E.P.S | - | - | 0.150 | -0.950 | -0.290 | -0.050 | 0.060 |
| Revenue Growth (%) | - | - | 1,231.45 | 205.935 | 91.04 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 4.45 | 8.43 | 6.79 |
| Net Profit Margin (%) | - | - | 17.39 | - | - | 1.77 | - |
| Cash Flow - Oper. | -25.16 | -32.94 | 25.56 | ||||
| Cash Flow - Inv. | -181.26 | -8.16 | -1.36 | ||||
| Cash Flow - Fin. | 197.48 | 41.66 | -23.18 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/2000 | Financial Ratios | ||||
| Total Assets | 609.71 | Current Assets | 238.79 | Current Ratio | 1.92 |
| Total Liab. | 555.55 | Current Liab. | 124.06 | Debt Ratio | 91.12% |
| Total Equity | 54.15 | Working Cap. | 114.73 | Debt to Equity Ratio | 10.26 |
| Cash | 5.10 | Return on Assets | 1.15% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of outstanding debt, redemption of preferred stock, payment of accrued dividends on preferred stock, financing future acquisition dividends and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Dechert Price & Rhoads |
| Bank's Law Firm | Debevoise & Plimpton |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Pricewaterhouse Coopers LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Entities affiliated with Welsh, Carson, Anderson & Stowe | 45.10 | |
| Entities affiliated with GTCR Golder, Rauner. LLC | 28.90 | |
| Entities affiliated with Thoma Cressey Fund VI, L.P. | 9.30 | |
| Note: represents ownership of 5% or more prior to the offering. | ||