Note Company comments reported on 2nd qtr: " The company now says that for the second quarter it will benefit from the federal economic stimulus funding for state, county and municipal law enforcement agencies."
Investment banking veteran Michael Caulfield, like many of his Bank of America Corp. (NYSE:BAC) colleagues, has left the firm. But he didn't defect to a rival, instead choosing to join a company he was charged with figuring out strategic alternatives for -- Digital Ally Inc. (NASDAQ:DGLY).
First, a little background on Caulfield:
From 2006 to 2009, he was a managing director at Banc of America Securities LLC, responsible for relationships with large industrial companies. He was also in charge of BAS' global i-banking activities involving the safety, security, engineering and construction industries;
from 2000 to 2006, he was an MD with Morgan Stanley (NYSE:MS) in New York, leading efforts in the aerospace and defense Industries; and
from 1989 to 2000, he worked at General Electric Capital Corp., where he was an MD and head of the corporate finance group, working on capital structuring, M&A and private equity transactions.
Now, at Overland, Kan.-based Digital Ally, Caulfield joins the management team as vice president of strategic development. The company's chairman and CEO Stanton E. Ross said Caulfield's addition is a great benefit as it will "pursue an aggressive growth strategy." Ross also said in a statement that, in addition to his experience in providing M&A services, Caulfield has over 20 years of experience in raising public and private debt and equity for his clients.
The company makes advanced technology products for law enforcement, homeland security and commercial security applications, such as surveillance equipment. In November, Digital Ally hired BofA Securities to look for strategic alternatives -- Caulfield and Jennifer Meyers took on the task. Analysts said that since Digital Ally reported higher revenues at the time, they must have been seeking a distribution partner.
As markets deteriorated, the company ended the strategic review in March. Seems it feels things are looking up. In April, Digital Ally reported first-quarter results, saying earnings had been squeezed by the delayed product launch of an advanced in-car video system. That also prevented it from bidding on some sizable contracts, while customer postponed orders to preserve budgets.
The company now says that for the second quarter it will benefit from the federal economic stimulus funding for state, county and municipal law enforcement agencies.
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