SBD/19/Finance

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  • ANTIGUA SPORTSWEAR TO HAVE IPO AND TRADE ON THE NASDAQ

              AZ-based sportswear company Antigua Group has filed
         plans with the SEC to sell 3 million shares in an IPO,
         according to Dawn Gilbertson of the ARIZONA REPUBLIC.  While
         the company would trade under the "proposed" NASDAQ symbol
         ANTGF, a "projected price range was not disclosed."   The
         timing of the IPO "is tied to the recent sale of the company"
         to Canadian-based Southamptom Enterprises.  Proceeds from the
         IPO, "which probably won't be completed until January, will
         be used to repay debt from the acquisition."  Antigua hopes
         to raise $15.5M after expenses, "which indicates an expected
         IPO price of about $6."  After the deal, company officials
         will own "about one-third" of Antigua.  Gilbertson reports
         that while Antigua sales have "been relatively flat the past
         few years," they have been "on an upswing this year."  In the
         "pipeline" for Antigua is "more celebrity endorsements," as
         it currently has deals with golfers Mark Brooks, Billy
         Mayfair and NBC golf announcers (ARIZONA REPUBLIC, 11/19).
    
    

    Print | Tags: Finance, NBC
  • CFL STAMPEDERS, FEELING TIMES ARE RIGHT, LOOK TO GO PUBLIC

              The CFL Calgary Stampeders will conduct an IPO of C$2.5M
         on the Alberta Stock Exchange, "making them the first
         Canadian-based football club to go public," according to
         Gayle Macdonald of the Toronto GLOBE & MAIL.  The 2.5 million
         common shares will sell for $1.  The prospectus does note --
         "many times and in bold ink -- that these securities are
         'highly speculative' and contain 'a high degree of risk.'" 
         Team Owner Sig Gutsche will receive three million common
         shares and end up with roughly 55% control of the team.  The
         prospectus has been given "tentative approval" by CFL Chair
         and Acting Commissioner John Tory (GLOBE & MAIL, 11/19).
    
    

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  • FIRST UNION'S PURCHASE OF CORESTATES TO ALTER SPORTS ENTITIES

              In the "biggest bank merge ever," PA-based CoreStates
         Financial Corp. has agreed to be acquired by NC-based First
         Union Corp., according to Joseph DiStefano of the
         PHILADELPHIA INQUIRER.  No new names have been announced for
         the CoreStates Spectrum or CoreStates Center in Philadelphia,
         but under terms of CoreStates' 29-year, $40M deal signed in
         '94, "the rights to the names of the two buildings passes to
         its successor."  CoreStates is also title sponsor of the U.S.
         Pro Cycling Championships (PHILADELPHIA INQUIRER, 11/19).  In
         Philadelphia, Edward Moran writes that the deal will probably
         "result in a change of address for the Flyers and Sixers." 
         CoreStates Complex President Peter Luukko: "It looks like
         we'll be changing a lot of business cards, but really, it's
         just a sponsorship deal and it has no effect on our own
         management" (PHILADELPHIA DAILY NEWS, 11/19).
    
    

    Print | Tags: Comcast-Spectacor, Finance, Philadelphia 76ers, Philadelphia Flyers
  • FLORIDA PANTHERS HOLDINGS EYES EXPANSION IN HOTEL MARKET

              Florida Panthers Holdings (FPH) is "trying to secure up
         to" $500M in credit in order to "add to its trophy chest of
         luxury hotels and other facilities," according to Katherine
         Hutt of the Fort Lauderdale SUN-SENTINEL.  FPH CFO William
         Pierce said that they are in talks with "a couple of"
         financial institutions about a "three year revolving credit
         facility" that will be used "primarily for acquisitions." 
         The company is looking at resorts in both the East and the
         West and is "targeting independently owned resorts," with
         Phoenix, Palm Springs, and California's wine country "among
         the attractive markets."  Officials said that the company
         "should lose" $14M this year on revenues of $250M; however,
         the Panther hockey team, which now has a $15M "negative cash
         flow," should switch to an $8M "positive cash flow" after it
         moves into Broward Arena next season (SUN-SENTINEL, 11/18).
    
    

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  • THE BEAUTY OF THE MARKET BEAST: DISNEY'S EARNINGS UP

              Walt Disney Co.'s fourth-quarter net income rose
         "nearly" 18%, according to Bruce Orwall of the WALL STREET
         JOURNAL.  The company reported net income of $411M, or $0.60
         a share, on revenue of $5.52B for the quarter ended September
         30, compared to net income of $349M, or $0.51 a share, on
         revenue of $5.27B a year ago (WALL STREET JOURNAL, 11/19). 
         ESPN "was a particular bright spot" and the company's retail
         operations "marked significant same-store gains" (Carl
         DiOrio, HOLLYWOOD REPORTER, 11/19). 
    
    

    Print | Tags: ESPN, Finance, Walt Disney
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