Before attending today's PCSS shareholder's meeting, I was intending to post my disappointment with senior management. The following is a brief summary of the meeting.
Well, as it turned out, I'm reassured by what I saw demonstrated at the meeting. Avery More, Mark Hiltz, and Dan Bair (CFO) were pleasant surprises. All seemed to be quality and professional individuals. I spoke with Avery and Dan separately. Mark Hiltz presented while the votes were being counted. Avery opened the meeting, calling the meeting to order, and introducing the directors. Hiltz presented a summary of 1996 noting specifically the following topics: revenue and earnings (stated that earnings improvement is being addressed), management team was strengthened with additions, company offerings launched on internet, infrastructure improvements with the new distribution center and an option for an additional 100,000 square feet of space, acquisitions of Pro America and DelaStar (U.K. market), Cyclix ISO 9002 certification and notebook line service enhancements, the 1st qtr results, and the recent Toshiba T1 line support announcement. He stated that the company is now infrastructurally positioned for future growth.
All measures up for election were passed.
I spoke with Dan Bair at length following the meeting (he came up and introduced himself, which is a welcome change of pace from many shareholder meetings I've attended). In my opinion, he is the significant person that must make sure disciplined measures are in place to improve earnings. He suggested that the current team was not the problem, but the lack of measureable controls [for a high growth company] were the problem. He stated that the new company plan, regarding these measurements, is being implemented.
That is all for now. Hope this is of some value. Good luck. |
