Here's the PR...
Firamada Inc. Posts Audited Financials for1997
October 16, 1998 05:01 PM
LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 16, 1998--Firamada Inc. FAMH Friday posted complete audited financials for 1997 on the company's Internet Web site: www.firamadainc.com.
The certified audit was delivered to Firamada by Steve Corso from the independent auditing firm Merdinger, Fruchter, Rosen & Corso, P.C.
Firamada President and Chief Operating Officer Randy Malinoff spoke on the audit results and the company's future: "The 1996 and 1997 financials give us a starting point for establishing credibility and accountability. We can now move forward with our plans to eventually become fully reporting and, more importantly, profitable.
"The Myriad acquisition was an important addition to the company and has consequently opened the door to many other opportunities. We will, however, take a one-time charge-off in 1998 for the cost of acquiring Myriad, but our goal is to be near break-even for this year with very realistic expectations for a profitable 1999.
"While I am deeply disappointed with the loss of 7 cents per share for 1997, it should be noted that the current status of this business today is substantially different than in either of the previous two years. Since my arrival in May of this year, I have placed a premium on efficiency, increased sales and long-term client commitments. We are now beginning to see the positive results of this transition.
"Additionally, although the total outstanding shares today are almost four times the number outstanding in 1997, our gross revenues for 1998 will be almost 40 times more than in 1997. I can assure our shareholders that every member of my staff is focused on responding to the challenges and opportunities at hand.
"The company has asked its new legal counsel to review prior share issuance and to take appropriate action to cancel any shares held by current shareholders which were not issued for valid consideration."
Malinoff concluded by saying: "The total number of outstanding shares has not increased by even one share since I came on board. And, although I was not here in 1997, as president of this company I have a deep concern for the expectations each shareholder had for 1997.
"My job now is to reclaim the faith of our shareholders. Firamada is in a growing industry that is breaking records each year. I intend to see Firamada become a successful player in this market.
"Finally, while these financials do not paint a pretty picture, I will always be forthright with the shareholders and will not sugarcoat the facts. I would like to ask our current shareholders to keep the faith and bear with us as I genuinely believe we have a diamond in the rough in Firamada."
Company Information
Firamada is a national staffing company specializing in providing high-end temporary staffing, information-technology placements, employee leasing and permanent placement personnel. Firamada currently operates staffing locations in New York, Texas, Arizona, Delaware and California.
For additional information on Firamada's products and services, access the company's Web site at www.firamadainc.com.
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