Sun, Nov 18, 2007
Wants Proceeds For More Aircraft
Gulfstream International Group Inc.,
has reduced the expected price range of its initial public
offering, according to a Securities and Exchange Commission filing
on November 13, 2007. Gulfstream now expects the offering to price
between $8 and $10 per share, compared with the previously
anticipated range of $11 to $13 per share, said the Associated
Press.
The company which owns a regional airline and flight training
school also increased the size of the proposed IPO to 1.2 million
shares from 1 million shares. The reduction lowers the company's
expected net proceeds to about $8.4 million, from $10.2 million. An
adjusted accounting of proceeds assumes an offering price of $9 per
share.
The Fort Lauderdale, Fla.-based
company Gulfstream is a holding company operating Gulfstream
International Airlines Inc. and Gulfstream Training Academy Inc.
Gulfstream's commercial airline operates more than 200 flights
daily and serves destinations in Florida and the Bahamas. The
flight academy provides training services to licensed commercial
pilots.
For second quarter earnings ending June 30, Gulfstream's
adjusted earnings dipped to $3.5 million from $3.8 million in the
first half of 2006. During the same period, revenue grew to $61.2
million from $57.5 million.
Gulfstream expects to use the IPO's anticipated net proceeds to
span its earning loss for general working capital purposes, which
may include the acquisition of more aircraft or the refinancing of
existing aircraft.
Gulfstream hopes to have about 3.2 million shares outstanding
after the IPO. Taglich Brothers, Avondale Partners and Maxim Group
are underwriting the IPO. The groups have an option to buy up to
180,000 additional shares from Gulfstream to cover any over
allotments.
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