Dynasil Corporation of America (DYSL) CEO Peter Sulick on Q3 2014 Results - Earnings Call Transcript
Beginning in early 2013 the Company immediately took steps to right size our cost structure, conserve cash, improve our balance sheet and optimize profitability. We hired Argus Management to assist us in the process and successfully manage our cash through (remain in current) [ph] with our principal and interest payments to our primary vendor. We placed certain subsidiaries and products on the market to generate cash and we prepared a plan to spin out one of our technologies in our biomedical business. I¹m happy to report that all these efforts have had a very positive result as follows.
New executives look to increase business at Little Tikes, Step2
Northeastern Ohio toy rotational molders Step2 Co. LLC and Little Tikes Co. both have new top executives: Thomas Doherty at Step2 and Bill Cofield at Tikes. Step2 also got a new owner in March, and Doherty, the acting CEO, said the Streetsboro, Ohio, company has initiated a search for a permanent CEO. Ares Capital Corp. of New York is now the majority owner, Doherty said in a telephone interview.
Ares Capital obtained the ownership stake when it bought investment firm Allied Capital Corp. about five years ago, Doherty said. Allied Capital had contributed $90 million to support the buyout of Step 2 by Liberty Partners LP, a New York private equity firm, in 2006. Liberty bought the rotomolder of toys and home products like mailboxes from founder Tom Murdough. The board of directors asked Doherty to join Step2 in an interim basis to replace Jack Vresics as president and CEO. Vresics left the company about a month after Areas Capital purchased the company.
Doherty is managing director of Argus Management Corp., a Boston firm that helps companies do turnaround management and restructure. He said that Step2 is a solid, profitable business that needed some focus. "It is partially a turnaround from the standpoint that the strategy needed to be re-aligned," he said. "It's basically a back-to-basics strategy that we have now. It's not like we lost our way, but it's more like we lost a little bit of focus."
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