National Vision Inc. (NVI - VSTA - NVAL) Message Board

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Non-Tech : National Vision Inc. (NVI - VSTA - NVAL)

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To: RockyBalboa who started this subject	4/17/2002 1:45:34 PM
From: Glenn Petersen	Read Replies (1) of 14

A very interesting find, but one that will take some patience. According to the December 31, 2001 10-K there are 5 million shares outstanding. A $4 million market cap. Sales for the seven months ending December 31 were $135.5 million. If you annualize that number, it works out to $232.3 or $46 per share. EBITDA for the seven month period appears to have been $13.954 million. Annualize that number and it works out to $23.9 million or $4.78 per share. Too good to be true? If you back out the intangibles, the tangible net worth at the end of December was a negative $90 million. The company is very highly leveraged. There are $120 million in 12% Senior Notes. The terms of the notes are as follows: "As part of the Company’s Plan of Reorganization, the Predecessor Company’s $125 million unsecured notes were converted into new Successor Company secured notes and common stock. The Successor Company notes have a face value of $120 million, provide for the payment of interest of 12% twice a year at the end of March and September, and are subordinated to debt under the Company’s credit facility. These notes are payable over eight years with principal repayments (“Excess Cash Repayments”) based on excess cash flow for the prior six month period, adjusted for existing cash balances, and measured at the end of June and December, beginning with December 2001. The principal repayments are to be made by the end of the second month subsequent to the measurement date. The Company made an Excess Cash Repayment of $1.6 million on February 28, 2002 to bondholders of record on February 13, 2002." The company also has a credit facility for $9.4, none of which was drawn down at year end. The 10-K can be found at: sec.gov

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