FIRM TO AX TRAINING STAFF; INTERNET SHOPPING COMPANY IMALL'S PRESIDENT, CO-FOUNDER RESIGNS.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
See Wilcox (surname) Other
Officials with Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the shopping service iMall Inc. said Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant it has closed the unprofitable seminar and training division that accounted for 90 percent of the company's revenue. Company co-founder Mark Comer, who ran the division based in Salt Lake City, also resigned as the company's president. He remains on the iMall board and still holds about 1.2 million shares in the company. About 40 people worked at the unit, which conducted seminars in various cities on how merchants could use the Internet to enhance their business, and about 10 of them remain with the company, said Anthony Mazzarella, chief financial officer and executive vice president. The move is not entirely a surprise. Company officials said in its second-quarter financial statement that the nonrecurring nature of the revenue generated by the training unit and the low-margin, intensely competitive environment it operated in made it incompatible incompatible adj. 1) inconsistent. 2) unmatching. 3) unable to live together as husband and wife due to irreconcilable differences. In no-fault divorce states, if one of the spouses desires to end the marriage, that fact proves incompatibility, and a divorce with the company's electronic commerce focus. Shares of iMall fell $0.6875 to $6.375 on Friday on 70,700 shares traded, or approximately twice as much as its 30-month daily average volume. The training division was not profitable and accounted for about $3 million of the $3.4 million in revenue during the June second quarter. During that period, iMall lost $2.6 million, or 39 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. In the 1997 second quarter, the company had revenue of $5.1 million and a net loss of $600,000 or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The decline in revenue on a year-over-year basis reflects the company's scaling back of its seminar and training operations, Mazzarella said. The company expects to sell the division's assets for approximately their net book value, which is under $500,000. ``While making this change probably doesn't lead to profitability sooner, it leads to much greater profitability and more sustainable profitability,'' Mazzarella said. He said now the company can sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp its focus on providing electronic commerce solutions to small and medium businesses. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion