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LGHT - commuter ferries and floating casinos: STOCK RESEARCH: LGHT Ticker: LGHT Exchange: OTC:BB Company Name: Lighthouse Landings, Inc. Street/Suite: 186 Hwy. 34, Suite #3 City/State: Matawan, NJ 07747 Phone: 732-583-3452/FAX: 732-583-3861 CEO: Anthony Cappaze Descr. of Bus: Lighthouse Landings is a four and half year old company. To become public, instead of an IPO or reverse merger, LGHT did a self-underwriting 504 for 166,000 shares@$6 ($996,000) (how many companies do you know that have done this?). They also have done a 3 for 2 split on their stock. Lighthouse Landings has basically two divisions: 1) Two high-speed commuter ferries. One is commuter (Prospect Fast Ferry - 732-872-1457), the other is charter. The commuter ferry travels 17 nautical miles from Highlands, NJ - to Wall Street (Pier 11) which is 2-3 blocks from Wall St. They also drop off people at 34th St. (midtown) in Manhattan. Travel by car or bus takes can take 1 1/4 - 1 3/4 hr. (plus bridges and parking in Manhattan cost approx. $30 a day.) Instead, an LGHT ferry trip takes 35 minutes. They do three trips daily (2 long, 1 short). Ferry holds - 340 people - majority are monthly customers, mainly financial types - brokers, analysts, investment bankers, etc. Only one competitor (Navigation Express). Lighthouse Ferry is faster and bigger. The cost for an LGHT commuter is $460 per month. $460 mo. X 340 people = $150,000 month/$1.8 M yrly. Empty seats (if any) $12 each way. Ferry costs $5.5 million. Pay-out 2.6 years (amortized). LGHT currently owns 2 boats. Lighthouse plans to purchase 8 additional high-speed ferries. 2) Lighthouse has executed a contract to acquire the "Palm Beach Princess," (tel. #: 561-392-4655) a state-of-the-art entertainment and gaming cruise vessel and its related businesses located in Palm Beach, Florida. Closing is subject to completion of schedules, customary closing conditions and arrangement of financing. Prudential Securities, Inc. has been engaged by the company as its investment banker. The "Palm Beach Princess" is an entertainment, dining and gaming cruise vessel whose entire public space was completely renovated in 1997 making it one of the best of its kind. The public space of the vessel includes a 15,000 sq. ft. casino with Las Vegas style gaming combining traditional table games with over 300 brand new slot machines. Also on board are five bars, a cabaret style show lounge, disco, swimming pool, sun decks and elegant dining. The vessels capacity is 800 passengers and it operates 13 coastal voyages per week from the Port of Palm Beach in Florida. Lighthouse Landings, Inc. plans to retain the existing management and staff of the Palm Beach Princess and continue to operate from the Port of Palm Beach. The company anticipates approximately $19 million in revenues from the Princess with a 25% gross profit margin. Mr. Cappaze stated that the company is considering purchasing additional gaming vessels with the goal of becoming one of the leading off-shore gaming companies in the U.S. Upon completion of the acquisition, LGHT intends to apply for a listing on a recognized securities exchange. NOTE: Company's goal is to have $100M Gross Rev. by year 2000 from all three divisions. Approx. Shareholder information: Shares Issued: 3,441,250 million (Total) 2,800,000 (restricted shares) Free/Trad. Float: 476,000 (approx. per company) Stock Price: 2.75 x 3.25 (52 week-Range $2.50 - $6.62) Transfer Agent: Corporate Stock Transfer Phone#: 303-595-3300 Contact: Carolyn Bell Impending News: Consummation of Palm Beach Princess purchase. Dock of the Bay club (732-291-2210) opening (there are $7-8 M homes on the water/within 12 mile radius.) LGHT owns three, waterfront acres owned outright worth approx. $2.5 Million. More sights (runs) are planned to optimize the existing ferries - projected goal is an additional 1,500 people per day @$10 = $15,000 daily ($4 M yearly). Sec filing: A Form 10 is expected to be filed within 2 months (before Sept. 1st.), audit is currently being done. Website: Being worked on. Disclaimer: The above contains information obtained from the CEO. I think LGHT is filling a need for high-speed, low cost transportation from an affluent area of New Jersey to the business districts. By proper time usage of the ferry, I think the profit potential here is interesting. The addition of the newly-renovated Palm Beach Princess floating casino is something that will greatly increase cash-flow and revenues to the company and would be a substantial year-round business. THIS IS NOT A BUY, SELL OR HOLD RECOMMENDATION. DO YOUR OWN DD. | ||||||||||||||
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