Beacon Enterprise Solutions Group, Inc. (BEAC) Announces Changes In Management; Discusses Outlook For Q2 And Q3

Apr. 11, 2012 10:20 AM ETFTNW
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This morning, Beacon Enterprise Solutions Group, a global leader in the design, implementation, and management of high-performance Information Technology Systems (ITS) infrastructure solutions, announced the resignation of Jerry L. Bowman, President and Chief Operating Officer. Beacon has appointed Paris Arey, EVP of Sales and Marketing to take over Bowman's former business development responsibilities; and Michael Martin, EVP of Global Services will be assuming Bowman's previous operational accountabilities for the delivery of major ITS project, outsourcing, and managed services to national, multinational, and global customers.

Since joining Beacon in 2009, Bowman has played a key role in focusing the company on its core offering, eliminating non-core products and associated costs, and driving the expansion of global operations. He also led the implementation of a cloud-based financial, sales, and professional services automation software platform.

"This is an exciting time for Beacon," stated Jerry Bowman, outgoing President and COO of Beacon. "While many other organizations have adopted a "wait-it-out" approach to our recent economic challenges, Beacon's executives have actively transformed the Company in preparation for the ITS market resurgence that seems to be imminent for Q3 and Q4 of this year. I am more convinced than ever that Beacon has the right business model, the right services, and the right management team to prosper in the ITS market segment."

"Jerry has made important contributions to Beacon over the past two-and-one-half years," stated Bruce Widener, Chairman and CEO of Beacon. "We wish Jerry success in his future endeavors; and look forward to a continued positive relationship with him and BICSI in the years to come."

"We are also confident and excited about Paris' and Mike's abilities to execute and enhance Beacon's strategies," added Mr. Widener. "Since joining Beacon in January 2012, Paris has further solidified relationships with our principal accounts; and has set a solid direction to significantly improve our organic and channel partner sales over the ensuing months. Mike, who started in March 2012, also brings exceptional credibility, energy and discipline to the ITS professional services management side of our business. Together with the rest of our growth-focused leadership team, Beacon's operational capabilities are stronger than ever. We believe the Company is very well-positioned to diversify its global customer base and accelerate its profitable growth."

Paris Arey is an international ITS sales executive with over 30 years of experience in leading high performance teams with global sales and operational expertise that will extend Beacon's sales growth and reach. Mike Martin is also an experienced ITS industry veteran as well as decorated former officer of the U.S. Coast Guard , with a strong background in professional services operations and business development that will bring additional depth to Beacon's executive team.

"While these leadership changes are very positive and will enable Beacon to better capitalize on available market opportunities going forward, our fiscal Q2 business experienced project delays that will negatively impact our results for the quarter ending March 31 , 2012," stated Mr. Widener. "Although financial statements for the quarter are not yet complete, we expect to see an isolated revenue shortfall for the quarter of approximately 35% versus the same period last year. We plan to report full quarterly results on or before May 14, 2012. With solid management controls in place, we have taken the necessary actions to successfully manage through the temporary decline in revenue, while effectively servicing all of our debt obligations and continue to focus resources on business development and delivering quality service to our customers."

"Our current quarter outlook for fiscal Q3 (ending June 30, 2012 ) has customer orders already returning to approximately fiscal Q1 revenue levels," continued Mr. Widener . "In addition, we expect the implementation of projects delayed in fiscal Q2 and new projects resulting from the continued refinement of our value proposition and increased sales activity to allow us to resume and maintain our historical double-digit growth rate for this year and beyond."

"In the current quarter, we're already seeing an increase in client activity as they focus on acquisition-based integration efforts and the resulting ITS infrastructure requirements. We're also seeing an increase in large project proposals for existing and new Fortune 1000 clients. As we look forward, we are optimistic about the added strength of our growth focused leadership team and are encouraged by the demand we're seeing in the market and the business drivers that continue to increase the value and relevance of Beacon's solutions," concluded Mr. Widener.

For additional information, visit the company's website at AskBeacon.com

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