Estimated reading time: 0 minutes, 59 seconds
DELTEK FILES $200 MILLION SHELF REGISTRATION
Deltek has filed a $200 million shelf registration with the SEC, which technically tells us very little other than the fact just stated. The registration lets Deltek issue a combination of securities, whether stock, debt, rights or warrants, when needed or it feels market conditions are right. There was no use of proceeds stated. You can speculate of kinds of possible uses such as an acquisition or paying down debt. But in any case, the balance sheet for December 31 shows the Herndon, Va.-based company has reduced debt and increased cash over the last year.
The company ended 2009 with $132.6 million in cash, up from just under $36 million at the end of 2008. That was after Deltek received $58.2 million in proceeds from the issuance of common stock in connection with a rights offering. It also made a scheduled $40.2 million principal repayment on its debt during the year and has a $25.9 million scheduled payment this year. The effect was that Deltek’s ratio of earnings to fixed charges has dramatically improved over the last five years, rising to 4.57 at the end of 2009, up from .97 in 2005. So whatever it wants to do, Deltek looks like it’s in pretty good shape to do it.
Most Read
-
-
May 22 2017
-
Written by mark
The last year has been one of change—the cloud has…
-
-
-
May 22 2017
-
Written by BobWScott
The last year has been one of change—the cloud has…
-
-
-
May 19 2021
-
Written by BobWScott
Just what kind of year has it been for the…
-
-
-
May 25 2016
-
Written by mark
Annual Report: 2016 BSI Top 100 VARs The web has…
-