Retix official says profit will not come until end of year.MARINA DEL REY Del Rey may refer to:
He said he could not be more specific than to say, "As we exit the year, we should return to profitability." Retix has not made money for three years now, but in recent months has undergone a reorganization with several top-level management personnel changes. In addition, employment at Retix has been cut by more than one-third, from 350 a year ago to 225 today. And just last week, the company moved its headquarters to Marina del Rey. Waszak said the move to the north tower at 4640 Admiralty Admiralty, in British government, department in charge of the operations of the Royal Navy until 1964. Originally established under Henry VIII, it was reorganized under Charles II. Way in Marina del Rey will reduce Retix's cost of facilities operations from 10 percent of annual revenues to 2.5 percent. In the first quarter of this year, Retix President and Chief Executive Officer Joe Stephan said, "Streamlining actions aggressively reduced the company's quarterly operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in excess of $3 million." In a statement, the company announced that first-quarter operating expenses were reduced by 30 percent from the like 1995 period. For the first quarter, Retix reported revenues of $7.6 million, down dramatically from $13.1 million in the like 1995 period. The company reported a net loss of $1.8 million, or 10 cents a share, in the quarter, compared to a net loss of $1.4 million, or 7 cents a share, in the comparable 1995 period. In a move that started the company's reorganization, Stephan was named president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Retix last fall, succeeding Stephen Frankel, who remained chairman until resigning that position earlier this year. The position of chairman has not been filled. Other recent management changes include Tom Tang's appointment as vice president of development and production and Philip Mantle's appointment as senior vice president of sales and marketing. In recent weeks, the company began its restructuring process, which is to include the eventual decentralization de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. of its three primary lines of business into separate operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . Retix, formed in 1985, is a public company whose stock is traded on Nasdaq. Its three lines of business are: internetworking, which involves the building of large computer communications hardware; telecommunications management networks The Telecommunications Management Network is a protocol model defined by ITU-T for managing open systems in a communications network. It is part of the ITU-T Recommendation series M.3000 and is based on the OSI management specifications in ITU-T Recommendation series X.700. , which involves Retix designing software for the telecommunications industry; and wireless messaging, which involves Retix designing hardware and software for wireless messaging services. In April, Retix created a separate telecommunications management network business called Vertel, which has its own management team and board of directors. Stephan named Bruce Brown to head Vertel, giving him the titles of president and CEO. |
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