Island Pacific Reports Progress on Strategic Plan
Irvine, CA, June 22, 2005 -
Island Pacific (AMEX:IPI) today reported progress on the strategic plan announced in the conference call hosted last week by Barry Schechter.
Commenting on the progress made, Barry Schechter, Island Pacific’s CEO, said, “Our management team has carefully investigated all overhead and expenses of the company. The team paid particular attention to ensure that efficiencies and levels of support to customers and business partners were not compromised. In fact more emphasis will be placed on providing higher levels of support and services in which service revenue is expected to increase.”
Island Pacific has reduced it’s workforce by approximately 31% or 60 people worldwide. This staffing reduction, in addition to other cost cutting programs, will amount to a savings of in excess of $ 6 million annually.
Mr. Schechter continued, “The Company’s goal for the current fiscal year is to return to positive cash flows, profitability and a vastly improved balance sheet. These changes are a large step toward meeting these objectives.”
About Island Pacific
Island Pacific is a global leader in retail merchandising, store operations, CRM, and multi-channel software solutions. For more than 25 years, Island Pacific has developed a reputation for delivering high-quality, high-value, high-reliability software to the retail industry.
As a result, Island Pacific is a definitive resource for scalable, flexible and affordable solutions for retailers around the world. Incorporating the recently acquired Retail Technologies International (RTI) and Page Digital, Island Pacific serves over 9,000 retail clients in more than 70 countries. Represented in more than 55,000 stores worldwide and available in 15 languages, the company’s technology manages billions of transactions annually under the brand names of Island Pacific Merchandising System™ (IPMS), Retail Pro ®, Synaro®, and Gladiator, and is widely regarded as the thought leader in multi-channel retailing.
The company is headquartered in Irvine, California, and has offices in the United States and the United Kingdom, and is represented by business partners in over 30 countries. For more information, please visit www.islandpacific.com and www.retailpro.com.
Certain statements contained in this news release regarding matters that are not historical facts are forward-looking statements. These statements relate to future events or the Company`s future performance. These statements are only predictions. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed in the Company`s Form 10-KA for the fiscal year ended March 31, 2004 and other risk factors identified from time to time in the Company`s filings with the Securities and Exchange Commission. IPI undertakes no obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.
Media Relations Contact:
Danny Zeibert
Island Pacific, Inc.
+1.916.605.7200
Investor Relations Contact:
Tricia Skoda
Island Pacific, Inc.
+1.949.399.3816
ir@islandpacific.com
Outside Investor Relations Contact:
Ron Both
Liolios Group
+.1.949.574.3860
ron@liolios.com
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