Establishes New Management Posts Concurrent with CFO Departure
NEWPORT BEACH, Calif., Dec. 10 /PRNewswire/ -- SM&A Corporation
(Nasdaq: WINS) today reported it has made substantial progress implementing
its previously announced strategic initiatives and reorganization plans,
noting key improvements made in both systems and the organization's reporting
structure have begun to yield important productivity gains.
According to SM&A President and COO Michael Piraino, the company has been
aggressively moving forward on its six point action plan (which was first
announced on October 14th) designed to radically improve SM&A's competitive
position.
New Management Posts
The company further announced that it intends to create the new senior
management positions of Chief Information Officer and Treasurer based at the
headquarters in Newport Beach, Calif., and expects to staff them shortly.
Additionally, the company said its Chief Financial Officer, Ed Beeman, has
resigned to pursue other business interests. Piraino will assume the duties
of Chief Financial Officer on an interim basis and will be supported by Dan
O'Connell, Corporate Controller and newly promoted Vice President, and
Assistant Controllers at each division. A search firm has been retained to
conduct an executive search for a permanent replacement as well as to identify
candidates to fill the newly created positions.
ITSG Reorganization
Piraino went on to state, "The reorganization of ITSG to focus on strictly
commercial business has been completed and begun to deliver results as shown
by recent developments in our relationships with key customers such as Level 3
Communications and Agilent Technologies. In the case of Agilent, we just made
an announcement of our development with them on the LogicWave that was
selected by Test & Measurement World's 1999 top ten new test products of the
year."
SSG Reporting Structure
"Similarly, moving all the government business over to SSG has meant that
our government and related projects are getting the focus and expertise needed
for more flawless execution. A case in point is the recent million dollar
contract for follow up work awarded to SSG by the Information Technology
Integration Department (ITID)," reported Piraino. In addition, the SSG
Strategic Studies and Analysis division has just completed gaming analysis
with President Clinton's Cabinet and implemented tailored Y2K Impact Gaming
and Analysis with the Secretary of the Treasury and key Assistant Secretaries,
noted Piraino.
Re-Emphasizing Product Quality
According the Piraino, the company's Internal Test Organization and
Customer Care Center, located in Colorado Springs, is now fully operational
with the Internet presence and Internet customer support tools expected to be
in place by the end of December.
Expansion of PMG Services
Finally, in commenting on improvements at PMG, Piraino remarked that
emphasis continues to be focused on initial and recurrent training of all
associates through a formal three level approach: (1) small group classroom
instruction; (2) self paced internet training courses; and (3) nationwide
computer skills training through CompUSA. "We have improved our internal
referral program to result in a more timely disposition of qualified
candidates and have added a dedicated recruiting coordinator to the staff,"
said Piraino.
Finance & Accounting/Systems Enhancements
Piraino further added, "So far, the company has completely revamped its
management information systems, is in the final stages of upgrading its
finance and accounting system with the Jamis enhancements, staffed each
operating group with a dedicated finance and accounting team, and is
completing an automated employee billing system. These changes have begun to
greatly improve the timing and quality of information we receive from our
operating units -- at the individual, group, rogram and division levels. Such
critical data enables us to optimize how we deploy our resources depending
upon the ebbs and flows of projects underway."
Employee Incentives and Benefits
The company also reported its benefits plan is now under review by
Mercer & Co., a division of Marsh, Inc., who has been tasked with providing
recommendations for improving SM&A's healthcare and other employee benefits
plans, and anticipates announcing to employees the details of a new enhanced
benefits package in the first quarter of 2000.
About SM&A
With over 750 highly talented employees, SM&A provides integrated proposal
management, high-end systems engineering, program integration and information
technology products and services to aerospace, defense, communications, and
engineering companies. Statements herein concerning the company's growth and
strategies may include forward-looking statements. The company's actual
results may differ materially from those suggested as a result of various
factors, including, without limitation, the company's ability to recruit and
retain qualified technical personnel; identify, acquire, and integrate
suitable acquisition candidates; obtain sufficient working capital to support
such growth; and compete successfully with existing and future competitors.
Interested parties should refer to the disclosure set forth under the caption
"Risk Factors" and elsewhere in the company's Form 10-K for the year ended
December 31, 1998 and Form 10-Q for the quarter ended September 30, 1999, for
additional information regarding risks affecting the company's financial
condition and results of operations. Additional information on SM&A is now
available via the Internet's World Wide Web at http://www.smawins.com .
The company participated in the Financial Relations Board's first ever
Virtual CEO Summit on December 8, 1999. The Virtual CEO Summit teamed SM&A
with online investor outreach powerhouses Vcall and StreetFusion, and Internet
news outlets RadioWallStreet and VBC News1. Investors were given the
opportunity to participate in audio and visual presentations live and ask
questions of SM&A's executives via e-mail. The executives were also
interviewed separately by RadioWallStreet and VBC News 1. For more
information regarding replay times, please refer to
http://www.vcall.com/auto/companies/financialrelationsboard/default.htm .
Additionally for more investor information via facsimile, please call
1-800-PRO-INFO and enter client code SM&A.
SOURCE SM&A Corporation
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Related links:
http://www.smawins.com
CONTACT:
Michael A. Piraino, President and COO of SM&A
Corporation, 949-975-1550
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