NEW CHAIRMAN.......will work on increasing shareholder value....... I hope.
TMSSequoia Elects Dana Allen Chairman
PR Newswire - August 17, 1998 16:29
STILLWATER, Okla., Aug. 17 /PRNewswire/ -- TMSSequoia(TM) (OTC Bulletin Board: TMSS), a leader in technology solutions for the digital document imaging market, today announced that Doyle Cherry has resigned as chairman. Cherry will remain as a director of TMSSequoia. He has recently purchased a business (C&H Pipe) and is serving as its President.
The board of directors of TMSSequoia elected Dana Allen as chairman, which was supported by all members. He has been serving as executive vice president and director of TMSSequoia. Prior to the merger of TMS, Inc. and Sequoia Data in 1996, Allen was the founder, CEO and chairman of Sequoia Data Corporation, which achieved market leadership in the document image enhancement market with the ScanFix(R) product line. Prior to that, Allen was a product manager and data development manager for the Electronic Cataloging Division of Triad Systems, the leading company providing computer systems for auto parts stores and warehouses. Allen served as president of H&A Auto Parts Corporation prior to joining Triad Systems.
Cherry commented, "I have been pleased with the sales and profit growth achieved by TMSSequoia in FY 1998. My new business requires most of my time and I feel that Dana will be able to focus more on increasing shareholder value. His record of product innovation and high profits in our industry qualifies him to locate new opportunities and strategic partnerships for the company."
Allen said, "I appreciate the contributions that Doyle has made as chairman. We will still retain the benefits of Doyle's outstanding knowledge of employee stock purchasing plans, taxes, and business in general. I look forward to continuing to work with CEO Art Crotzer, with whom I have an excellent working relationship."
Allen continued, "I will focus my efforts on raising shareholder value. Even though the company has increased sales 40% in the first nine months and profits even more, it has not been reflected in the share price. Based on the lowest share price last week of $.375, TMSS was trading at a P/E ratio of 13, a price/sales ratio of .68, and a Price/Operating Cash Flow of only 6, based on trailing twelve months reported results. In light of these financial ratios and our financial strength, (a strong Current Ratio of 3.93, as of June 30th), we feel that the stock is undervalued in comparison to other software companies. I will be working with the investment community to publicize what we feel are compelling comparative valuation ratios, will be seeking strategic marketing opportunities (similar to the agreement we put together with Caere Corporation this fiscal year), and will be assisting Art with our goal of improving our profit margins to even further improve shareholder value."
"The board is optimistic about the future," Allen continued. "The recently released FormFix(R) 2.7 has been well received, boosting sales in that product line. We have also received orders for Prizm(TM) Image Server with JAVA(R) client, a new high-end product targeted for the Intranet market, which is scheduled for an August 31st release."
CEO Art Crozter commented, "With Dana's experience and associations in the Silicon Valley community, we are excited about the possibilities for raising the visibility of TMSSequoia as a valuable and promising investment. Dana will still provide insight and counsel on operational issues, but will focus his time on maximizing shareholder value."
TMSSequoia is a software technology company that provides image-based software solutions for businesses worldwide. The company designs, develops and markets software tools and applications for image capture, enhancement, viewing and forms processing, as well as offers software engineering and document conversion services. Founded in 1981 and based in Stillwater, Oklahoma, the company maintains field sales offices in California, Massachusetts, and Connecticut. The company has shipped over 1,000,000 document imaging units worldwide. Product and service clients include Kaiser Permanente, Caterpillar, Learjet, World Bank, Toro, Ricoh, EDS, General Dynamics, Xerox, Informix, Hewlett-Packard, Plexus, Documentum, the U.S. Navy and Army, Polaris, Minolta and others.
NOTE: TMSSequoia is a trademark of TMS, Inc. All other companies and products named may be trademarks of the respective companies with which they are associated.
SOURCE TMSSequoia
/CONTACT: Ellen Beeby, Dir. Corp. Communications of TMSSequoia,
405-377-0880, or fax, 405-742-1707, or ellen@tmsinc.com/
/Web site: tmsinc.com
(TMSS) |
