SmartPros Releases Statement on Operational Changes
June 16 2014 - 4:15PM
SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited
professional education and corporate training, today announced
upcoming changes in its operations.
Allen Greene, SmartPros' Chairman and CEO stated:
In light of current and near term market conditions, over the
last several months we have been reviewing the Company's
performance from both an operational perspective and the yields
from our customers. We felt it appropriate to share with you our
current direction, along with our ongoing commitment, in finding
ways to enhance shareholder value. As a result of this review we
have adopted what we are calling a "Back to Basics" approach.
We intend to reduce staffing in certain areas, and either close,
sell or reduce certain verticals of our business that are not
profitable, and to re-purpose resources to areas of our business
that we believe will contribute most towards our profitability and
future growth.
These changes may result in a decrease in near-term revenue, but
we believe that it will correspond with an increase in
profitability and further potential for long-term growth.
Specifically, we will be investing a portion of our savings in
expanding our sales force as well as lead generation and direct
marketing activities. Because the sales cycle for our products can
be several months, we expect to see the full benefit of these
changes take hold during the 2015 fiscal year.
About SmartPros
Founded in 1981, SmartPros Ltd. is an industry leader in the
field of accredited professional education and corporate training.
Its products and services are primarily focused in the accredited
professional areas of corporate accounting, financial management,
public accounting, governmental and not-for-profit accounting,
financial services, banking, engineering, legal, ethics and
compliance, and information technology. SmartPros is a leading
provider of professional education products to Fortune 500
companies, as well as the major firms and associations in each of
its professional markets. SmartPros provides education and content
publishing and development services in a variety of media including
Web, CD-ROM, video and live seminars and events. Our subscription
libraries feature hundreds of course titles and 2,800+ hours of
accredited education. SmartPros' eCampus™ Learning Management
System (LMS) offers enterprise distribution and administration of
education content and information for enterprise clients and
association partners. In addition, SmartPros produces a popular
news and information portal for accounting and finance
professionals serving more than one million ads and distributing
more than 200,000 subscriber email newsletters each month.
SmartPros' network of Web sites averages more than 1 million
monthly visits, serving a user base of more than 1.5 million
profiled members. Visit: www.smartpros.com
Safe Harbor Statement
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements involve risks and uncertainties,
including activities, events or developments, that the Company
expects, believes or anticipates will or may occur in the future.
In addition to statements that explicitly describe these risks and
uncertainties, readers are urged to consider statements that
contain terms such as "believes," "belief," "expects," "expect,"
"intends," "intend," "anticipate," "anticipates," "plans," "plan,"
to be uncertain and forward-looking. The forward-looking statements
contained herein are subject to other risks and uncertainties that
are described from time to time in the Company's filings with
Securities and Exchange Commission, as well as the following risks:
that our back to basics efforts will not result in increased
profitability as anticipated.
CONTACT: For More Information, Please Contact:
SmartPros Ltd
Shane Gillispie, VP Marketing Services & eCommerce
914-829-4974 - shanegillispie@smartpros.com
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