Carroll has over 30 years' experience, including 25 years' operational experience, with a wide variety of technology companies engaged in software development and electronics manufacturing. He served as a consultant to the company in early 2001, and since 1995, has provided similar consulting services to other companies as a principal in Roscommon Limited, which is a technology investment and consulting practice providing specialized support in turnarounds, acquisitions and divestitures.
Additionally, AMX reported 2002 second quarter financial results. Including one-time charges of $8.2 million, the company reported a net loss for the quarter of $8.1 million, or $0.74 per share. As a result of current business and market conditions, the company recorded one-time non-cash charges which included inventory related reserves of $3.2 million; additional accounts receivable reserves of $0.5 million; the write-off of miscellaneous intangibles of approximately $0.3 million; and a valuation allowance against deferred tax assets of $4.2 million. Excluding one-time charges, the company reported pro-forma breakeven operating results on revenues of $23.0 million as compared to $0.02 per share on revenues of $25.9 million in the year ago quarter.
In one final piece of news, the company has expanded its West Region presence with the addition of a Rocky Mountain office in the Denver, Colorado area. The office, which opened on October 31, provides AMX's dealer network with a hands-on customer service facility. Situated in the foothills of the Rocky Mountains in Arvada, the new AMX office will support the high concentration of AMX customers in the region.
