All quotations are from the companies' most recent S-1 filings with links provided for each company.
DAYTON SUPERIOR CORP. (DSUP)
Business Overview (from prospectus)
We believe we are both the leading North American provider of specialized products consumed in non-residential, concrete construction and the largest concrete forming and shoring rental company serving the domestic, non-residential construction market. In many of our product lines, we believe we are the low-cost provider, competing primarily with smaller, regional suppliers that offer a more limited range of products and one other smaller national competitor. Our products can be found on construction sites nationwide and are used in non-residential construction projects...
Offering: 7.9 million shares at $13-15 per share. Estimated net proceeds of $100 million will be used repay loans and repurchase stock.
Lead Underwriters:Robert Baird, CIBC World Markets, KeyBanc Capital
Product sales increased $30.9 million, or 11.5%, to $300.5 million in the first nine months of 2006 from $269.6 million in the first nine months of 2005...Rental revenue increased $8.4 million, or 23.5%, to $44.4 million for the first nine months of 2006, compared to $36.0 million in the first nine months of 2005...Gross profit for the first nine months of 2006 increased 34.0% to $104.4 million from $78.0 million in the first nine months of 2005...Selling, general, and administrative expenses increased to $75.2 million in the first nine months of 2006 from $69.0 million for the first nine months of 2005.
We are the only non-union mini-mill focused on the manufacture and sale of custom discrete steel plate in North America. Our business is customer service oriented in that we focus on small order quantities, short lead times and non-standard dimensions. This orientation, along with our superior product quality, differentiates us from both commodity steel plate manufacturers and our competition in the custom discrete steel plate market. Our specialized manufacturing capabilities enable us to efficiently provide steel plate in non-standard dimensions to customers with distinct product and service needs. Our production capabilities are complemented by our knowledgeable sales force, meticulous quality assurance process, flexible scheduling system and reliable product delivery. Our ability to provide custom sizes, superior customer service, small order quantities and short lead times allows us to obtain premium pricing as compared to commodity steel plate manufacturers and has also garnered us the number one ranking in end-user customer satisfaction in the steel plate industry every year since 2001 according to surveys conducted by Jacobson & Associates, a recognized steel industry consulting firm.
Offering: 6.3 million shares at $15-17 per share. Estimated net proceeds of $91.0 million will be used to repurchase holdings notes and cover costs of management consulting services.
Lead Underwriters: Jefferies, CIBC World Markets, KeyBanc Capital
Sales for the thirty-nine weeks ended September 30, 2006 increased 21% to $247.7 million, compared with $204.0 million in the thirty-nine weeks ended October 1, 2005...Cost of sales for the thirty-nine weeks ended September 30, 2006 increased 34% to $169.4 million, compared with $126.5 million for the thirty-nine weeks ended October 1, 2005...Gross margin decreased from 38.0% in the thirty-nine weeks ended October 1, 2005 to 31.6% in the thirty-nine weeks ended September 30, 2006.
We develop, manufacture and distribute high quality plastic film using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Our BOPET film is widely used in consumer based packaging (such as the food, pharmaceutical, cosmetics, tobacco and alcohol industries), imaging (such as masking film, printing plates and microfilms), electronics and electrical industries (such as wire and cable wrap, capacitors and motor insulation), as well as in magnetic products (such as audio and video tapes). We believe our innovations in BOPET film technology, along with the numerous applications for our products, as well as our state of the art production facilities have made us one of the top manufacturers of BOPET film in China.
Offering: 3.8 million shares at $8-12 per share. Estimated net proceeds of $32,137,500 will be used for R&D in addition to expanding the company's sales, marketing and distribution network.
Lead Underwriters: Maxim Group LLC, WR Hambrecht, Chardan Capital Markets
During the six month period ended June 30, 2006, our revenues were RMB 219.9 million (US$ 27.5 million), RMB 60.2 million or 37.7% higher than the same period for last year...Our cost of goods sold amounted to RMB 168.2 million (US$21.0 million) for the six months period ended June 30, 2006, and was RMB 52.9 million (or 45.9%) higher than the same period of last year...Our gross profit during the six months period ended amounted to RMB 51.8 million (US$6.5 million) representing a gross margin of 23.5%. Gross margin declined significantly from 27.9% for the six months period ended June 30, 2005 to 23.5% in 2006.
We are a developer, owner and operator of casino gaming and entertainment resort facilities focused exclusively on the rapidly expanding Macau market. Our subsidiary Melco PBL Gaming (Macau) Limited, or MPBL Gaming, is one of six companies authorized by the Macau government to operate casinos in Macau. We have two current casino gaming and entertainment projects under development: the Crown Macau Hotel Casino targeted to open in the second quarter of 2007 and the City of Dreams integrated casino complex, phase one of which is targeted to open in late 2008. MPBL Gaming currently operates six Mocha Clubs featuring a total of approximately 1,000 gaming machines, or slot machines. We have also entered into a conditional agreement to acquire a third development site that is located on the shoreline of the Macau peninsula. We are a 50/50 joint venture between Melco International Development Limited, or Melco, and Publishing and Broadcasting Limited, or PBL. We are the exclusive vehicle of Melco and PBL to carry on casino, gaming machine and casino hotel operations in Macau.
Offering: 53.0 million at $16-18 per share. Estimated net proceeds of $834.4 million will be used to repay debt and development costs in addition to general corporate purposes.
Lead Underwriters: Credit Suisse, Citigroup, UBS Investment Bank
Our revenue increased by 46.0% from US$12.5 million for the nine months ended September 30, 2005 to US$18.2 million for the nine months ended September 30, 2006...Our total operating costs and expenses increased by 239.8% from US$13.3 million for the nine months ended September 30, 2005 to US$45.1 million for the nine months ended September 30, 2006...we had a net loss of US$503,000 and US$20.5 million for the nine months ended September 30, 2005 and 2006, respectively.
We have developed, and manufacture and market, a family of products intended to help prevent and treat infections in chronic and acute wounds. Infection is a serious potential complication in both chronic and acute wounds, and controlling infection is a critical step in wound healing. Our platform technology, called Microcyn, is a non-toxic, electrically charged, or super-oxidized, water-based solution that is designed to treat a wide range of organisms that cause disease, or pathogens, including viruses, fungi, spores and antibiotic resistant strains of bacteria, such as Methicillin-resistant Staphylococcus aureus, or MRSA, and Vancomycin-resistant Enterococcus, or VRE, in wounds. We do not have the necessary regulatory approvals to market Microcyn in the United States as a drug. However, in clinical testing and studies, our products were effective against a wide range of pathogens and were found to be non-toxic, easy to use and complementary to most existing treatment methods in wound care. Our experience and clinical data indicate that the use of Microcyn may shorten hospital stays, lower aggregate patient care costs and, in certain cases, reduce the need for system-wide or, systemic antibiotics. Microcyn also has potential applications in several other large markets, including respiratory, dermatology, dental and veterinary markets.
Offering: 3.1 million at $12-14 per share. Estimate net proceeds of $34.0 million will be used to expand sales and marketing, fund additional research, repay debt and for general corporate purposes.
Lead Underwriters: Roth Capital, Maxim Group LLC, Brookstreet Securities Corporation
Revenues increased $1.2 million, or 116%, to $2.3 million for the six months ended September 30, 2006, from $1.1 million for the six months ended September 30, 2005...Cost of revenues decreased $381,000, or 21%, to $1.5 million for the six months ended September 30, 2006, from $1.8 million for the six months ended September 30, 2005...Gross margins increased $1.6 million to a gross profit of $865,000 for the six months ended September 30, 2006, from a gross loss of $765,000 for the six months ended September 30, 2005.