September 21, 1999 - From The Desk Of John Schmitz....
As we continue with what I call "the revenue enhancement plan" I am enthusiastic about the potential of our company. The process that we are undertaking has proven to be the type of financial, management and systems analysis that I want to see become part of our on-going reporting.
To-date we have analyzed how each of our divisions generates revenues, what the profitability of each product is and if we are maintaining the best possible expense/cost controls without impacting customer service and product distribution.
As I mentioned in my last Chairman's letter, we have focused our immediate attention on Healthcorp. We have made significant revisions and I am pleased with the progress.
We have not moved the backroom to Norristown yet, but I anticipate the move happening in early October. Bud Bullock has done a fine job in the restructure of the backroom process, identifying any weaknesses and implementing procedures and processes that will ensure profitability and quality of service. He, along with Ray Gamble, PanAmerican's Chief Marketing Officer, has positioned Healthcorp to be the "premier" medical Management Company on the east coast. Look for more information about the "New Healthcorp" in my next update and on our website.
Even though Insider Trading has successfully gained recognition in the marketplace , I am still not convinced that we are structured properly. The day-trading industry is going through many changes, and I foresee substantial change in the very near future. We must have a flexible plan that allows us to stay on the "cutting edge" in product, delivery and pricing. We are evaluating our management structure and we are focusing on adaptability and ability to anticipate market fluctuation.
As part of our review process we are examining the best structure and product menu for IT. I continue to challenge Bill Black, our Chief Technical Officer, with implementing new ways to deliver IT's products to stay ahead of the competition. He is doing a great job in that regard, and I feel confident that his efforts will payoff with increased customer service and system integrity.
Our review of the Boca office of IT clearly reflects its growing pains. And while the office has not met my expectations, I am committed to the Florida market. We will do what is necessary to ensure success. More about Boca and our implementation plan for Insider Trading in my next Chairman's letter.
From where I sit I see a company poised to become a leading player in the financial services industry. Granted, we are much smaller than many in the industry, we are not blessed with the longevity or the significant capital base of the industry leaders, but we have a solid game plan, some really good players and the desire to be the best. The best for you the shareholder and for our employees.
Stay tuned.
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