DAMARK INTERNATIONAL COMMENCES OFFERING OF COMMON STOCK
DAMARK INTERNATIONAL COMMENCES OFFERING OF COMMON STOCK MINNEAPOLIS, March 25 /PRNewswire/ -- DAMARK International, Inc.
(NASDAQ-NMS: DMRK) announced today that its initial public offering of 2,715,000 shares of common stock at $12.50 per share has become effective. Of the shares being offered, 2,100,000 are being sold by the company and 615,000 are being sold by selling shareholders.
The managing underwriters of the offering are Montgomery Securities; Donaldson Lufkin & Jenrette Securities; and Wessels, Arnold & Henderson. Proceeds received by the company will be used to repay indebtedness and for working capital and other general corporate purposes to support DAMARK's growth through increased catalog mailings, expansion of customer lists and expansion of systems and facilities. DAMARK International, Inc. is a leading national direct marketer of brand name and other quality general merchandise at value-oriented prices. DAMARK, which began operations in 1986, generated $215.9 million in net sales and $4.8 million in operating income in 1991. The company's shares will be traded on the NASDAQ national market system under the symbol DMRK. -0- 3/25/92 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877, for DAMARK International or James Tuller of DAMARK International, 612-531-4600/ (DMRK) CO: Damark International Inc. ST: Minnesota IN: REA SU: OFR
AL -- MN008 -- 1676 03/25/92 16:51 EST
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|Date:||Mar 25, 1992|
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