$46-Million Goal for Steven Myers & Associates IPO

Steven Myers & Associates Inc., a company that helps corporate clients land government and commercial contracts, plans an initial public stock offering, according to documents filed Friday with the Securities and Exchange Commission.

The company didn’t list the number of shares to be sold or the per-share price, but said the stock sale could raise as much as $46 million.

Founded in 1982, the company focuses on winning government contracts for clients in the aerospace and defense industry.

The company has worked on 375 major proposals such as environmental cleanup projects for the U.S. Department of Energy and a new space shuttle design for NASA, the filing said.

Myers provides consulting services to clients such as Lockheed Martin Corp., Boeing Co., Harris Corp., Hughes Electronics Corp., Motorola Inc., and Loral Space & Communications, the filing said. Lockheed Martin is the largest single client, accounting for 23% of its revenue for the nine months ended Sept. 30.

Founder Steven S. Myers, 51, is chairman, president and chief executive. He holds a 69% stake.

The company said it will use $7.2 million of the net proceeds from the offering to repay debt. Remaining proceeds will be used for general corporate purposes, which may include acquisitions. Myers has no current agreements but believes the “highly fragmented” industry contains many potential acquisition candidates, the filing said.

For the nine months ended Sept. 30, Myers reported that net income increased to $6.6 million from $734,000 the year earlier. Revenue for the recent nine-month period was $26.6 million, up from $19.5 million the year before.

Donaldson, Lufkin & Jenrette Securities Corp. and Lehman Brothers will underwrite the offering. Steven Myers will apply to list its shares on the Nasdaq market under the symbol WINS.