TigrSoft revises earnings outlook for 1999
TigrSoft Inc TGF
Shares issued 22,010,000 Jun 30 close $0.43
Fri 2 Jul 99 News Release
Mr. Dilip Kembhavi reports
Following a strategic review with the company's new operational
vice-presidents and a meeting of the board of directors, it has adopted a
business plan that includes a number of sales and marketing initiatives
designed to help the company achieve greater sales growth, profitability
and shareholder value in the future.
Under the direction of its new vice-president of sales, Ty Myers, the
company has started implementing a strategic sales process aimed at
vertical markets where the company has had success in the past. These
include the high volume repetitive, batch processing, discrete
manufacturing, automotive assembly line sequencing and the newspaper post
press/mail room markets. Over the past three quarters, the company has
invested heavily in building its sales and marketing infrastructure. These
increased expenditures impacted negatively on earnings and are expected to
impact on year-end earnings. The company estimates that its new sales force
will require four to six months to become productive. As a result the
company expects that both licence fees and total revenue will be similar to
the revenue realized in the first two quarters.
"Our ability to capture a share of the North American advanced planning and
scheduling software business since we financed the company in 1998
permitted us to build the infrastructure we required and provided an
umbrella under which we could explore key vertical markets as areas for
possible future growth," commented Dilip Kembhavi, president and chief
executive officer. "I am only sorry that building a strong sales
organization took us longer than expected and we did have a few false
starts. However, we believe our management team is now in place and that we
can face the year ahead with optimism for our shareholders, customers and
employees."
"We are confident that our products and our team of talented people remain
the strongest and the best in the business, and that we will substantially
benefit from these strengths in the future," he added.
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