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| Centene Corporation |
| 7711 Carondelet Avenue, Suite 800, SaintLouis, MO 63105 * (314) 725-4477 |
| Business Description | The company provides managed care programs and related services to individuals receiving benefits under Medicaid, including Supplemental Security Income, and the State Children's Health Insurance Program. |
| Offering Information Company has | |||
| Trading As | CNTE (NASNTL) | Industry | Financial (SIC 6324) |
| Type of Stock Offered | Common Shares | Filing Date | 10/9/2001 |
| Domestic Shares Offered | 3,500,000 | Offer Date | 12/13/2001 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 3,250,000 | Offer Price | $14.00 |
| Selling Shrhldrs Shares | 250,000 | Gross Spread | $0.980 |
| Gross Proceeds | $49,000,000 | Selling | $0.570 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 10,071,369 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| SG Cowen | Lead Manager | (212) 495-6000 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Thomas Weisel Partners LLC | Co-manager | (415) 364-2500 |
| 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 | 12/31/1998 | 12/31/1999 | 12/31/2000 | 6/30/2000 | 6/30/2001 | ||
| Revenues | - | - | 150.438 | 201.429 | 221.350 | 103.023 | 150.864 |
| Income from Oper. | - | - | -4.739 | -5.484 | 7.728 | 2.370 | 5.412 |
| Net Income | - | - | -6.962 | -9.411 | 7.728 | 2.370 | 5.412 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 33.90 | 9.890 | 46.44 | ||
| Net Income Growth (%) | - | - | - | - | 128.35 | ||
| Oper. Profit Margin (%) | - | - | - | - | 3.49 | 3.59 | 2.30 |
| Net Profit Margin (%) | - | - | - | - | 3.49 | 3.59 | 2.30 |
| Cash Flow - Oper. | 13.46 | -2.03 | 27.99 | ||||
| Cash Flow - Inv. | -14.62 | -1.02 | -0.56 | ||||
| Cash Flow - Fin. | -2.35 | -1.28 | 0.02 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/2001 | Financial Ratios | ||||
| Total Assets | 92.43 | Current Assets | - | Current Ratio | - |
| Total Liab. | 96.32 | Current Liab. | - | Debt Ratio | 104.21% |
| Total Equity | -3.89 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | 50.78 | Return on Assets | 5.86% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay subordinated notes and for general corporate purposes including working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Armstrong, Teasdale, Schlafly & Davis |
| Bank's Law Firm | Hale and Dorr |
| Registrar/Transfer Agent | Mellon Investor Services, L.L.C. |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Strategic Investment Partners, Ltd | ||
| Greylock Limited Partnership | ||
| Cahill Warnock Strategic Partners Fund, L.P | ||
| Note: represents ownership of 5% or more prior to the offering. | ||