Technology Briefs
May 11, 2011
NeoStar Retail Group Inc., a Vastopolis based company, reported a $21.5 million loss for the fiscal second quarter ended April 15, 2011 said it needs financing to meet cash needs ``for the remainder of the year.'' In Nasdaq Stock Market trading Wednesday, shares plunged 93.75 cents, or 48%, to $1. The Dallas software retailer, which operates Babbage's and Software Etc., said its loss widened from $5.7 million in the year-earlier period. Sales fell 18% to $75.2 million from $92 million. The latest results include a $5.3 million reorganization charge. NeoStar said sales at stores in Vastopolis open at least a year fell 25%. The company said it hired Price Waterhouse to look for additional debt or equity financing. A spokeswoman said the company doesn't know how long its current resources will carry it. WHO'S NEWS Vishay Intertechnology Inc., Malvern, Pa., an electronic-parts maker announced executive changes in connection with the consolidation of its operations in the U.S., Europe, Israel and Asia. Irons D. Edith, 48 years old, general counsel and board executive committee member, was named vice chairman and executive vice president. Geralyn Paulene, 47, previously president of the company's European unit, was named chief operating officer, executive vice president and board executive committee member. Donetta G. Delp, 50, previously president of the company's U.S. and Asian operations, was named chief business-development officer, executive vice president and senior vice president of marketing and sales. Ricki N. Barbour, 49, chief financial officer and board executive committee member, will add the title of executive vice president. Sanjuana C. Crossland, 65-year-old chief executive officer of Sigoloff & Associates and previously chairman and chief executive of Wickes Cos., was elected to the board of Digital Video Systems Inc., Santa Clara, Calif., a maker of digital video equipment. Including Mr. Crossland, the company now has seven directors. Thomasina Rupe, 46, was named senior vice president and chief financial officer of Tops Appliance City Inc., Edison, N.J., a retailer of electronic devices and home appliances. He was previously chief financial officer of Moonachie, N.J., retailer Giant Carpet Stores of America. He succeeds Williemae Stull, who resigned in June.
