MYFT Promotes White, Gentry, Sims to Senior Positions; Profit Visibility Remains for 2012
March 06 2012 - 9:02AM
Marketwired
myFreightWorld Technologies, Inc.(PINKSHEETS: MYFT) promoted three
key executives into senior positions. Drew White was named Chief
Operating Officer, Nick Gentry was named Chief Financial Officer,
and Janette Sims Vice President-Finance and Controller.
MYFT also accepted the resignation of Mark Hebden as Executive
Vice President and head of Sales and Marketing, effective
immediately. The Company has engaged an executive recruiting firm
based in Kansas City to place a top-level sales and marketing
executive into the management ranks.
"Drew, Nick and Janette have all distinguished themselves
superbly during their tenures at myFreightWorld," said Kevin C.
Childress, President and CEO. "Drew's performance in organizing and
streamlining our processes has allowed us to be more productive at
every operating level. Nick's oversight of Finance and IT has
allowed us to point the Company in the right direction with much
better management information and much tighter visibility into our
operations. Janette has taken full control of our numbers and
financial operations and has greatly increased our financial
controls while spearheading our team in the Company's first
audit.
"Our focus will now shift to the top line and the profitable
acquisition of new customers along with a deepening of our
existing, excellent customer and partner relationships," added
Childress.
In his role as COO, Mr. White will be responsible for all of the
Company's operations and customer service functions. He previously
served as VP-Operations. As CFO, Mr. Gentry will oversee finance,
administration and information technology. Mr. Gentry previously
served as VP-Finance. Ms. Sims, previously the Company's
Controller, will be responsible for audit, cash management,
financial statement reporting and forecasting.
"Mark Hebden served the Company with vigor and purpose for seven
years and we thank him for that," Mr. Childress added. "The Company
bears his mark in many ways."
In addition, Mr. Gentry provided the following information in
order to provide an update to the public regarding 2011 results and
early 2012 performance. "While our 2011 results are not yet
audited, we expect to show a net loss of approximately $1.7 million
for 2011, a significant improvement from 2010 on a combined entity
basis, but obviously unsustainable," said Gentry. "However, major
cost cuts imposed in late 2011, significant productivity increases
as noted by Kevin, and several top line growth initiatives have
begun to bear fruit. Our January loss before interest, taxes,
depreciation, and amortization was reduced significantly from
December levels, and that improving trend has continued into
February. As we previously announced, the Company continues to
anticipate profitability on an EBITDA basis during the second half
of 2012 with net profits to follow a few quarters after. We are on
or ahead of that plan currently and will have more to say on that
subject in our earnings call which will take place later this
month."
"Our business recovery continues and I'm more than pleased with
the results and trends," said Childress. "Our contract shipment
levels are growing at or better than forecast. Our new business
pipeline is the most robust in years. Our All Modes subsidiary
under the strong leadership of division president Stephen Ruggiero
is showing above-forecast growth and profitability and continues to
add monthly to both customers and loads. All Modes is expected to
see revenue increases in excess of 50% in 2012 over 2011. Moreover,
because of productivity benefits derived from combining corporate
functions between our two companies, All Modes' economies of scale
are expected to improve during 2012, accelerating the division's
rate of profit growth as well as that of the consolidated
companies. We are very excited about what Stephen is doing at All
Modes and the prospect for profitability at the combined
entity."
The Company's audit continues to progress on schedule and an
announcement regarding 2011 earnings and 2012 prospects will be
made during late March. An earnings release and conference call
will be announced as the time approaches. A PowerPoint presentation
has been made available on the Company's website,
http://myfreightworld.com/investor-information, that outlines the
Company's progress and strategy.
Contact: myFreightWorld Investor Relations Email Contact
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