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TriMas Corp.(TRS)

 
123Jump Rating: - Short-Term Growth   Underwriters: Goldman, Sachs & Co.
      Merrill Lynch & Co.
Status: Priced  
 
Address: 39400 Woodward Ave.,Ste.130
 FiledDate: 08/03/2006
  Bloomfield Hills,
    
  MI 48304
 Filed Price Range ($): $11.00-13.00
       
Telephone: 248- 631-5450 Filed Offer Amount ($ Million): $164.45
       
Fax: Shares Offered (Millions): 11
       
Websites: www.trimascorp.com Shares Outstanding (Millions): 31.75
       
Management: Grant Beard, CEO
 IPO Date: 05/17/2007
  Dwayne Newcom, VP
    
  Final Offer Price ($): $11.00
       
Industry: Manufacturer Final Offer Size (Millions of Shares): 11.00
       
Employees: 5,100 Final Offer Amount ($ Million): $121.00
       
Competitors: Greif Closure Systems
 S-1 Forms: 2007 S1-Form  download
  Technocraft
    
   
       
     
     
     
       
 
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Company Links
Corporate / History Profile Executives Products Services
Major Stock Holders   (Prior To Offering)

Name

 Class A
Credit Suisse 5.71%
Daniel P. Tredwell 72.70%
Heartland Industrial Associates, L.L.C 72.70%
Masco Corporation 11.82%

Company Strategy
The Company is a manufacturer of highly engineered products serving niche markets in a diverse range of commercial, industrial and consumer applications.
Product/Services Portfolio
The Company’s businesses are organized into five operating segments, each of which represents a distinct business platform: Packaging Systems, Energy Products, Industrial Specialties, RV& Trailer Products and Recreational Accessories.

Packaging Systems is a leading designer, manufacturer and distributor of specialty, highly engineered closure and dispensing systems for a range of niche end markets, including steel and plastic industrial and consumer packaging applications. The Company also manufactures specialty laminates, jacketings and insulation tapes used with fiberglass insulation as vapor barriers in commercial and industrial construction applications. The Company’s brands include Rieke and Compac.

Energy Products is a leading designer, manufacturer and distributor of a variety of engines and engine replacement parts and accessory products for the oil and gas industry as well as metallic and non-metallic industrial sealant products and fasteners for the petroleum refining, petrochemical and other industrial markets. The Company is the largest gasket supplier to the domestic petroleum industry. The Company’s brands include Lamons and Arrow.

Industrial Specialties is a leading designer, manufacturer and distributor of a diverse range of industrial products for use in niche markets within the aerospace, industrial, defense and medical equipment markets. This segment\'s products include highly engineered composite aerospace fasteners, high-pressure and low-pressure cylinders for the transportation, storage and dispensing of compressed gases, precision tools, and military ordnance components and steel cartridge cases. The Company’s brands include Monogram Aerospace Fasteners, Norris Cylinder, Keo Cutters and Richards Micro-Tool.

RV & Trailer Products is a leading designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered trailer products, lighting accessories and roof racks for the trailer original equipment manufacturers, recreational vehicle, agricultural/utility, marine and commercial trailer markets. It is also the market leader in brake control solutions. The Company’s brands include Bargman, Bulldog, Fulton, Wesbar and Tekonsha.

Recreational Accessories is a leading designer, manufacturer and distributor of a wide range of aftermarket cargo management products, towing and hitch systems and accessories and vehicle protection products used to outfit and accessorize light trucks, sport utility vehicles and passenger cars. The Company’s brands include Draw-Tite, Reese, Hidden Hitch, Tow Ready, ROLA and Highland \"The Pro\'s Brand\".

Investment Analysis
Net sales increased $12.9 million, or approximately 4.9%, for the three months ended March 31, 2006 as compared with the three months ended March 31, 2005.

Gross profit margin approximated 26.7% and 24.8% for the three months ended March 31, 2006 and 2005, respectively.

Operating profit margin approximated 10.6% and 9.5% for the three months ended March 31, 2006 and 2005, respectively.

Income Data (Thousand $ Except EPS)
Year Revenues Costs Oper Income Taxes Net Income EPS
2003 807,330 0.00 0.00 -3,300 -30,930 -1.54
2004 931,400 0.00 0.00 -5,860 -2,190 -0.11
2005 1,000,860 0.00 0.00 -2,010 -45,880 -2.29
2006 797,260 0.00 0.00 -5,100 -7,030 -0.35
*As of period ended September 30, 2006

Balance Sheet Data (Thousand $)

Year

 Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2004 3,090 73,840 154,220 370,530 213,890 176,950 1,522,200 735,030 405,160
2005 3,730 89,960 148,450 316,040 231,130 164,250 1,428,510 713,860 349,300
2006 3,880 100,870 159,960 316,030 212,580 163,450 1,413,480 716,700 351,160
*As of period ended September 30, 2006

Cash Flow Summary (Thousand $)

Year

 Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2003 41,360 -161,280 26,260 -93,660
2004 42,620 -46,840 530 -3,690
2005 29,890 -16,640 -12,610 640
2006 26,460 -18,600 -7,710 150
*As of period ended September 30, 2006
 
 
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