Dun & Bradstreet Business Information Report


Copyright 2004 Dun & Bradstreet - Provided under contract for the exclusive use of subscriber 263742606L

ATTN: credit Report Printed: MAR 08 2004
   In Date

 

 Business Summary
 
 
       

D&B's Credit Limit Recommendation
D&B's industry and risk-based limit guidance

   

Payment Trends Profile
Payment trends and industry benchmarks

   
NORVERGENCE INC
550 Broad St
Newark, NJ 07102
 
This is a headquarters location.
Branch(es) or division(s) exist.

Web site: www.norvergence.com
 
 
Telephone:  973 242-7500
 
 
 
Chief executive:  PETER SALZANO, PRES-CEO
 
 
 
Year started:  1999
 
 
Management control:  2001
 
 
Employs: 1,798 (1,320 here)
 
Financial statement date: DEC 31 2003
 
 
Sales E: $300,000,000(Proj)
 
 
Net worth: $16,988,660
 
 
History:  CLEAR
 
 
Financial condition:  GOOD
 
SIC: 3661
 
 
Line of business:  Telephone and telegraph apparatus
 
     
D-U-N-S Number: 06-653-7288
 
 
D&B Rating: 4A2
 
Financial strength:   4A is $10 to 50 million.
 
Composite credit appraisal:   2 is good.
 
D&B PAYDEX®:
 
12-Month D&B PAYDEX: 76
When weighted by dollar amount, payments to suppliers average 6 days beyond terms.

Based on trade collected over last 12 months.

  Enhanced payment trends and industry benchmarks are available on this business


 
 
 Special Events
 
 
02/26/2004
On November 7, 2003, Robert Wizeman, vice president, confirmed the operations and locations for Norvergence Inc. Mr. Wizeman was also requested to remove the D&B Logo from Norvergence Inc's web site as the company is not part of D&B's logo program and use of the D&B logo is unauthorized. In addition, Mr. Wizeman was also requested to remove the hyperlink to the company's D&B report as it is a violation of D&B's copywrite. Subsequently, on Jan 27 2004, the company did become a member of the D&B Web Logo Service.
 
On November 3, 2003, D&B records show that there have been a high number of inquiries on Norvergence Inc, which advises D&B that the company's report has experienced a high-end amount of customer activity. As a matter of interest, the number of inquiries for the first 11 months of 2003 is five times those of 2002.
 
As of Feb 24 2004 the hyperlink was still active and the number of inquiries on the company continues to go up.
 
 Summary Analysis
 
 
D&B Rating: 4A2
 
  Financial strength:   4A indicates $10 to 50 million.
 
  Composite credit appraisal:   2 is good.

The Rating was changed on February 19, 2004 to reflect a change in the company's worth. This credit rating was assigned because of D&B's assessment of the company's financial ratios and its cash flow. For more information, see the D&B Rating Key.

Below is an overview of the company's rating history since 10/31/01:

 
D&B Rating Date Applied
 4A2 02/19/04
 3A2 09/04/03
 1R4 05/23/03
 1R3 11/11/02
 -- 11/02/01
 ERN 10/31/01

The Summary Analysis section reflects information in D&B's file as of March 8, 2004.
 
 
 
 Customer Service
 
 

If you have questions about this report, please call our Customer Resource Center at 1.800.234.3867 from anywhere within the U.S. If you are outside the U.S. contact your local D&B office.

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 History
 
 
The following information was reported 03/02/2004:
 
Officer(s):   PETER SALZANO, PRES-CEO
   ALEXANDER L. WOLF, COO
   STEVE LEIBROCK, CTO
   TERRY SKEMER, VP ENGINEERING
   ART SCUTTARO, SR VP-APPLICATION SCREENING
   JOE O'DONNELL, VP
 
  THE OFFICER(S)
 

On May 28, 2003, New Jersey Secretary of State verified an active corporate charter for Norvergence Inc, filed on 9/10/01, filing #0100859960.

Business started 1999.

On November 7, 2003, Robert Wizeman, vice president, confirmed the operations and locations for Norvergence Inc. Mr Wizeman was also requested to remove the D&B Logo from Norvergence Inc's web site as the company is not part of D&B's logo program and use of the D&B logo is unauthorized. In addition, Mr Wizeman was also requested to remove the hyperlink to the company's D&B report as it is a violation of D&B's copywrite. Subsequently, on Jan 27 2004, the company did become a member of the D&B Web Logo Service.

On November 3, 2003, D&B records show that there have been a high number of inquiries on Norvergence Inc, which advises D&B that the company's report has experienced a high-end amount of customer activity. As a matter of interest, the number of inquiries for the first 11 months of 2003 is five times those of 2002.

As of Feb 24 2004 the hyperlink was still active and the number of inquiries on the company continues to go up.

PETER SALZANO born 1960. 1996-2000 president, Network Consulting Group. 2000-present active here.

ALEXANDER L. WOLF born 1966. 2000-present active here. 1998-2000, manager, Nortel Networks. 1995-1998, account executive, Datatech.

STEVE LEIBROCK born 1956. 2000-present active here. 1990-2000, vice president, Goldman Sachs.

TERRY SKEMER born 1956. 2000-present active here. 1998-2000, president, Sedona Networks. 1991-1998, Subject Matter Expert, Nortel Networks.

ART SCUTTARO. Previously active here as vice president of the Notifications Department.

JOE O'DONNELL. Previously active here as senior director in the Notifications Department.

 
 Corporate Family
 
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Branches (US):
  Norvergence Greenbelt, MD DUNS # 12-525-5005
  Norvergence Inc Villa Park, IL DUNS # 12-525-5021
  Norvergence, Inc Bala Cynwyd, PA DUNS # 11-774-5948

 Operations
 
 
03/02/2004
 
Description:   Network solutions provider.
 
  ADDITIONAL TELEPHONE NUMBER(S): Facsimile (Fax) 973 242-8807.
 
  Territory : United States.
 
Employees:   1,798 which includes officer(s). 1,320 employed here.
 
Facilities:   Rents 200,000 sq. ft. in concrete block building. Located on eight floors.
 
Branches:    1. Glendale, CA: 310.586.5545.
 
  2. Los Angeles, CA: 310.586.5545.
 
  3. Santa Ana, CA: 310.586.5545.
 
  4. Riverside, CA: 909.328.0871.
 
  5. Sacramento, CA: 916.349.0900.
 
  6. San Jose, CA: 408.445.8600.
 
  7. San Diego, CA: 866.741.6678.
 
  8. San Bruno, CA: 415.701.8700.
 
  9. Concord, CA: 510.986.0652.
 
  10. Greenwood Village (Denver) CO: 866.744.6678.
 
  11. Meriden, CT: 860.547.0073.
 
  12. Aventura (Miami) FL: 305.374.2499.
 
  13. Tampa, FL: 904.928.9161.
 
  14. Orlando, FL: 904.928.9161.
 
  15. Atlanta, GA: 770.452.0074.
 
  16. Oakbrook Terrace (Chicago) IL: 312.938.9695.
 
  17. Overland Park (Kansas City) KS: 816.241.6610.
 
  18. Greenbelt (Washington DC) MD: 202.347.8377.
 
  19. Newton (Boston) MA: 617.720.5070.
 
  20. Southfield (Detroit) MI: 313.831.4944.
 
  21. St Louis, MO: 314.361.8213.
 
  22. Newark (Main) NJ: 650 Broad St 12th Floor, 973.242.7500.
 
  23. Newark, NJ: 570 Broad St, 12th Floor, 973.242.7500.
 
  24. Uniondale, (LI) NY: 631.475.2392.
 
  25. High Point, NC: 336.294.2985.
 
  26. Plymouth Meeting (Philadelphia) PA: 215.922.2291.
 
  27. Pittsburgh, PA: 412.433.9877.
 
  28. Houston, TX: 713.942.9700.
 
  29. Irving (Dallas) TX: 214.366.4286.
 
 
 SIC & NAICS
 
 
SIC:
Based on information in our file, D&B has assigned this company an extended 8-digit SIC. D&B's use of 8-digit SICs enables us to be more specific to a company's operations than if we use the standard 4-digit code.

The 4-digit SIC numbers link to the description on the Occupational Safety & Health Administration (OSHA) Web site. Links open in a new browser window.

36610000 Telephone and telegraph apparatus
 
NAICS:
334210 Telephone Apparatus Manufacturing
 
 D&B PAYDEX
 
 
 Enhanced payment trends and industry benchmarks are available on this business

The D&B PAYDEX is a unique, dollar weighted indicator of payment performance based on up to 65 payment experiences as reported to D&B by trade references.
3-Month D&B PAYDEX: 76
When weighted by dollar amount, payments to suppliers average 6 days beyond terms.

Based on trade collected over last 3 months.
12-Month D&B PAYDEX: 76
When weighted by dollar amount, payments to suppliers average 6 days beyond terms.

Based on trade collected over last 12 months.
 
  When dollar amounts are not considered, then approximately 82% of the company's payments are within terms.


 Payment Summary
 

The Payment Summary section reflects payment information in D&B's file as of the date of this report.

Below is an overview of the company's dollar-weighted payments, segmented by its suppliers' primary industries:

  Total
Rcv'd
(#)
Total Dollar
Amts
($)
Largest High
Credit
($)
Within
Terms
(%)
Days Slow
<31 31-60 61-90 90>
(%)

The highest Now Owes on file is $6,000,000

The highest Past Due on file is $200,000

The aggregate dollar amount of the 65 payment experiences in D&B's file equals 33.7% of this company's average monthly sales. In Dun & Bradstreet's opinion, payment experiences exceeding 10% of a company's average monthly sales can be considered representative of payment performance.



 Payment Details
 
 
Detailed payment history

Date Reported
(mm/yy)
Paying Record High Credit
($)
Now Owes
($)
Past Due
($)
Selling Terms Last Sale
Within
(months)

Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed.

Payment experiences reflect how bills are met in relation to the terms granted. In some instances payment beyond terms can be the result of disputes over merchandise, skipped invoices etc.

Each experience shown is from a separate supplier. Updated trade experiences replace those previously reported.


 Finance
 
 
02/23/2004
 
Three-year statement comparative:
 
  Interim 
Jun 30 2003 
Interim 
Sep 30 2003 
Fiscal 
Dec 31 2003 
 
Current Assets 10,894,211 16,608,991 29,204,182
Current Liabs 8,015,609 11,446,598 26,110,418
Current Ratio 1.36 1.45 1.12
Working Capital 2,878,602 5,162,393 3,093,764
Other Assets 3,770,681 4,235,194 14,251,326
Net Worth 5,803,632 8,992,167 16,988,660
Sales 41,045,625 80,513,305 142,986,199
Long Term Liab 845,650 405,420 356,430
Net Profit (Loss) 2,999,894 6,188,429 14,184,921
 
 
Fiscal statement dated DEC 31 2003:
                     
  Assets     Liabilities
    Cash 3,913,291           Accts Pay 12,971,868    
    Accts Rec 22,518,175           Accruals 4,728,567    
    Inventory 351,550           Taxes 8,100,802    
    Notes Rec 2,421,166           L.T. Liab-(1yr) 309,181    
  Curr Assets     $ 29,204,182         Curr Liabs     $ 26,110,418    
    Fixed Assets 3,922,000           L.T. Liab-Other 356,430    
    Deposits 644,662           COMMON STOCK 2    
    Notes Rec Long Term 9,684,664           ADDIT. PD.-IN CAP 1,274,977    
            RETAINED EARNINGS 15,713,681    
  Total Assets     $ 43,455,508         Total     $ 43,455,508    
     
 
From JAN 01 2003 to DEC 31 2003 annual sales $142,986,199; cost of goods sold $35,432,945. Gross profit $107,553,254; operating expenses $83,778,407. Operating income $23,774,847; other income $6,500; net income before taxes $23,781,347; Federal income tax $9,596,426. Net income $14,184,921.
 
Submitted FEB 18 2004 by Bob Wizeman, vice pres-finance. Prepared from statement(s) by Accountant: Charles Seymour CPA.
 
ACCOUNTANT'S OPINION
A review of the accountant's opinion indicates the financial statements meet generally accepted accounting principles and that the audit contains no qualifications.
 
On FEB 18 2004 Bob Wizeman, vice pres-finance, submitted the above figures.
 
He submitted the following partial estimates dated FEB 23 2004:
 
Projected annual sales are $ 300,000,000.

 Key Business Ratios
 
 
Statement date: DEC 31 2003
Based on this number of establishments:   12
 
Firm Industry Median
Return of Sales: 9.9   Return of Sales: ( 25.6)
Current Ratio: 1.1   Current Ratio: 2.0
Assets / Sales: 30.4   Assets / Sales: 113.9
Total Liability / Net Worth: 155.8   Total Liability / Net Worth: 55.5
 

 Public Filings
 
   


The following Public Filing data is for information purposes only and is not the official record. Certified copies can only be obtained from the official source.

 

 Suits
 
   

If it is indicated that there are defendants other than the report subject, the lawsuit may be an action to clear title to property and does not necessarily imply a claim for money against the subject.
 
 UCC Filings
 
   
There are additional UCC's in D&B's file on this company available by contacting 1-800-234-3867.
 
The public record items contained in this report may have been paid, terminated, vacated or released prior to the date this report was printed.

 

 Government Activity
 
 
Activity summary
  Borrower (Dir/Guar): NO
  Administrative debt: NO
  Contractor: NO
  Grantee: NO
  Party excluded from federal program(s):   NO
 
Possible candidate for socio-economic program consideration
  Labor surplus area: YES (2003)
  Small Business: N/A
  8(A) firm: N/A
 
The details provided in the Government Activity section are as reported to Dun & Bradstreet by the federal government and other sources.
 

Copyright 2004 Dun & Bradstreet - Provided under contract for the exclusive use of subscriber 263742606L