Company Anticipates Improvement in Operating Results
VIENNA, Va., March 26 /PRNewswire/ -- GRC International (NYSE: GRH) today
announced the promotion of Dr. Gary L. Denman to president and COO and his
election to the board of directors, effective immediately. He also has been
promoted to the office of CEO, effective July 1, 1998, upon the planned
retirement of Jim Roth, who has served as president and CEO since May 1992.
Dr. Denman previously served as executive vice president and COO of GRC
International. Mr. Roth will continue as CEO until his planned retirement on
June 30, 1998, at which time he will continue serving on the company's board
of directors. Today's actions expand the company's board of directors from 11
seats to 12 seats.
Dr. Denman, 58, joined GRCI as senior vice president, strategic planning
in March 1995. Prior to joining the company, he was director of the Advanced
Research Projects Agency (ARPA), the Department of Defense's principal agency
for research, development and demonstration of concepts, devices and systems,
providing highly advanced military capabilities. Dr. Gary Denman was elected
executive vice president and COO of GRC International in August 1995.
As Director of ARPA from 1992 to 1995, Dr. Denman was responsible for
management of the agency's projects for innovative research and development.
This entailed extensive efforts to develop and implement advanced design
concepts and manufacturing technologies including implementation of pilot
manufacturing facilities for a broad spectrum of products. Prior to joining
ARPA, Dr. Denman was the deputy director of the Air Force's Wright
Laboratories at Wright Patterson Air Force Base where he was responsible for
the management of a diverse program to develop advanced aerospace technologies
and led initiatives to rapidly insert new technology into Air Force systems.
Dr. Denman received a B.S.M.E. from the University of Cincinnati and an
M.S. and Ph.D. from Ohio State University in mechanical engineering. He has
served as a consultant to numerous Air Force and DoD study teams in areas such
as materials, manufacturing, high energy laser related topics, and reentry
vehicles. Dr. Denman is the author of numerous technical articles on various
types of advanced material and manufacturing technology.
In announcing Dr. Denman's promotion as the first step in a planned
succession, Mr. Roth said, "I look forward to a new era for GRCI as Gary takes
the company into the next century. Over the past year, he has been a key
leader in our collective efforts to strengthen the company's financial
condition. During this period we have strategically refocused the company on
its core competencies, divested our commercial products businesses and
immediately returned the company to solid growth and profitability. By
offering superior knowledge-based professional services to meet a burgeoning
market demand, we have grown the company's backlog to all-time record high
levels, improved operating cash flow and strengthened our balance sheet.
Perhaps most telling about the optimistic outlook for the company is that we
are increasing our revenue-generating professional staff in a highly
competitive industry.
"As a result of this strong backlog growth and the corresponding increase
in staff who are addressing this solid demand for our services," said Roth,
"we expect to report double-digit growth in our quarterly revenues and pre-tax
income when we announce the company's third quarter results next month."
Mr. Roth also announced that Michael G. Stolarik has joined the company as
a senior vice president. Mr. Stolarik brings to GRCI more than 22 years of
management and technical experience in the professional services industry,
most recently as president and CEO of Space Applications Corp. (SAC), a high
technology and professional services company. At SAC, Mr. Stolarik broadened
the company's skills, experience and contracts base while instilling a new,
growth-oriented culture. Mr. Stolarik joined SAC from BDM International, where
he spent 20 years and rose to the position of corporate vice president. At BDM
he built an organization that became one of the company's five operating
groups, focusing on information technology and systems integration.
Finally, Mr. Roth announced that the company's engagement of Salomon Smith
Barney to review financial and strategic options has been completed: "Salomon
Smith Barney's contributions over the past 18 months have been invaluable. Our
discontinued operations are fully behind us, our continuing operations are
consistently profitable, and we are poised for continuing growth and
expansion."
Forward-looking statements contained in this release are subject to risks
and uncertainties that could cause actual results to differ materially. These
risks and uncertainties include the company's dependence on continued funding
of U.S. Department of Defense programs and the company's ability to fill
required staff positions to service the contracts granted under those
programs; government contract procurement and termination risks; and other
risks described in the company's Securities and Exchange Commission filings.
GRC International Inc., with headquarters in Vienna, Va., provides
knowledge-based professional services and high-quality technology-based
product solutions to government and commercial customers. GRCI is a publicly
traded company listed on the New York Stock Exchange under the symbol GRH.
Additional details about the company can be obtained on the Internet at
http://www.grci.com/.
SOURCE GRC International Inc.
 back to top
Related links:
http://www.grci.com
CONTACT:
Wayne Jackson, Director, Corporate
Communications, of GRC International, 703-506-5038
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
320275
|
