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| Torch Offshore, Inc. |
| 401 Whitney Avenue, Suite 400, Gretna, LA 70056 * (504) 367-7030 |
| Business Description | The company provides subsea construction services in connection with the infield development of offshore oil and natural gas reservoirs. |
|
Filing Information Not yet | |||
| To Trade As | - - (NASNTL) | Industry | Natural Resource (SIC 1389) |
| Type of Stock Offered | Common Shares | Filing Date | 1/22/2001 |
| Domestic Shares Filed | 0 | Filing Price | - - |
| Foreign Shares Filed | 0 | Offering Amount | $75,000,000 |
| Company Shares | 0 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| UBS Warburg LLC | Lead Manager | |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Howard, Weil, Labouisse, Friedrichs | Co-manager | (504) 582-2607 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 12/31/1998 | 12/31/1999 | 9/30/1999 | 9/30/2000 | ||
| Revenues | - | - | 38.955 | 39.224 | 21.252 | 16.206 | 29.915 |
| Income from Oper. | - | - | 13.245 | 9.566 | -8.475 | -5.455 | -0.261 |
| Net Income | - | - | 11.415 | 9.032 | -10.568 | -7.045 | -3.142 |
| E.P.S | - | - | 5.950 | 4.700 | -5.500 | -3.670 | -1.740 |
| Revenue Growth (%) | - | - | 0.69 | -45.819 | 84.59 | ||
| Net Income Growth (%) | - | - | -20.88 | - | - | ||
| Oper. Profit Margin (%) | - | - | 34.00 | 24.39 | - | - | - |
| Net Profit Margin (%) | - | - | 29.30 | 23.03 | - | - | - |
| Cash Flow - Oper. | -4.21 | - | - | ||||
| Cash Flow - Inv. | -6.45 | - | - | ||||
| Cash Flow - Fin. | 11.56 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/2000 | Financial Ratios | ||||
| Total Assets | 53.21 | Current Assets | 9.56 | Current Ratio | 0.51 |
| Total Liab. | 48.66 | Current Liab. | 18.67 | Debt Ratio | 91.44% |
| Total Equity | 4.56 | Working Cap. | -9.11 | Debt to Equity Ratio | 10.68 |
| Cash | 0.00 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to provide the equity investment for the Midnight Warrior, to provide a portion of the interim construction financing for the Midnight Warrior, to repay indebtedness and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Baker & Botts |
| Bank's Law Firm | Vinson & Elkins |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Torch, Inc. | ||
| Riverside Investments LLC | ||
| Note: represents ownership of 5% or more prior to the offering. | ||