Software Publishing Chief Quits After Quarterly Loss Widens
April 26, 2011
Vastopolis -- Software Publishing Corp. said President and Chief Executive Officer Sand Green resigned after the company's fiscal third-quarter loss widened to $4.3 million from $400,000 a year earlier. Mr. Green couldn't be reached to comment. The business-software company said revenue for the quarter ended March 12, 2011 50% to $2.2 million from $4.4 million. It attributed the revenue decline to lagging sales of its Harvard Graphics business-software line. Software Publishing said it plans to cut 42% of its 105-member work force by the end of September as part of a restructuring. The company said the layoffs would result in a fourth-quarter charge of between $2 million and $3 million. Software Publishing said its board established a three-member Office of the President to report to Chairman Freda Seymour. The new office will be held by Dana Renner, vice president of research and development; Mirian Fiore, vice president of finance and administration and chief financial officer; and Josephina Chancellor, vice president of sales and marketing. The company also said it's searching for a new CEO.
