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| AFC Enterprises, Inc. |
| Six Concourse Parkway, Suite 1700, Atlanta, GA 30328 * (770) 391-9500 |
| Business Description | The company operates, develops and franchises quick service restaurants, bakeries and cafes, or QSRs, primarily under the trade names Popeyes Chicken & Biscuits, Church's Chicken, Cinnabon, Seattle's Best Coffee and Torrefazione Italia. |
| Offering Information Company has | |||
| Trading As | AFCE (NASNTL) | Industry | Retail (SIC 5812) |
| Type of Stock Offered | Common Shares | Filing Date | 12/22/2000 |
| Domestic Shares Offered | 9,375,000 | Offer Date | 3/1/2001 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 9,375,000 | Offer Price | $17.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.190 |
| Gross Proceeds | $159,375,000 | Selling | $0.720 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 8 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/28/1997 | 12/27/1998 | 12/26/1999 | 10/3/1999 | 10/1/2000 | ||
| Revenues | - | - | 473.611 | 597.954 | 698.016 | 531.277 | 544.158 |
| Income from Oper. | - | - | 39.600 | 25.783 | 58.170 | 42.834 | 57.888 |
| Net Income | - | - | 11.000 | -8.646 | 12.085 | 7.378 | 18.193 |
| E.P.S | - | - | 0.250 | -0.240 | 0.310 | 0.190 | 0.460 |
| Revenue Growth (%) | - | - | 26.25 | 16.734 | 2.42 | ||
| Net Income Growth (%) | - | - | - | - | 146.58 | ||
| Oper. Profit Margin (%) | - | - | 8.36 | 4.31 | 8.33 | 10.64 | 8.06 |
| Net Profit Margin (%) | - | - | 2.32 | - | 1.73 | 3.34 | 1.39 |
| Cash Flow - Oper. | 57.29 | 35.68 | 46.89 | ||||
| Cash Flow - Inv. | -49.91 | -32.72 | -23.58 | ||||
| Cash Flow - Fin. | -1.95 | -6.53 | -31.13 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 10/1/2000 | Financial Ratios | ||||
| Total Assets | 536.27 | Current Assets | 50.35 | Current Ratio | 0.55 |
| Total Liab. | 416.49 | Current Liab. | 91.75 | Debt Ratio | 77.67% |
| Total Equity | 119.77 | Working Cap. | -41.39 | Debt to Equity Ratio | 3.48 |
| Cash | 14.68 | Return on Assets | 3.39% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay outstanding bank debt, for general corporate purposes including financing our re-imaging program. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Riordan & McKinzie |
| Bank's Law Firm | King & Spalding |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Freeman Spogli & Co. | 53.80 | |
| Canadian Imperial Bank of Commerce | 16.00 | |
| PENMAN Private Equity and Mezzanine Fund L.P. | 6.00 | |
| ML IBK Positions, Inc. | 5.20 | |
| Note: represents ownership of 5% or more prior to the offering. | ||