CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
The company attributes the decline to the economic slowdown, which resulted in fewer new customers and fewer sales from existing customers.
Ecometry Corp., a provider of integrated software solutions for multi-channel commerce, reported today that revenues for the first quarter ended March 31, were $6.2 million, a decrease of $6.7 million, or 52.2%, from $12.9 million for the first quarter of 2000. The company said the decrease was related to the continuing economic slowdown, which resulted in fewer new customer contracts and lower revenue from sales to existing customers.
Net loss for the first quarter was $2.5 million, compared to net income of $320,000 in the first quarter of 2000. The company attributed the loss to an unexpected decrease in revenue combined with increased general and administrative expenses and higher research and development costs. General and administrative expense was $2.7 million for the first quarter of 2001 compared to $2.2 million for the first quarter of 2000. Sales and marketing expense during the quarter ended March 31, 2001 remained unchanged from the first quarter 2000 at $1.8 million. Research and development expense for the first quarter of 2001 was $1.3 million compared to $1.1 million for the first quarter of 2000.
"While this quarter was very disappointing for us, we recognize that our decreased sales activity, as compared to the first quarter of last year, is directly related to the general slowdown in the economy," said John Marrah, Ecometry`s president and COO. "A strong decrease in existing client sales indicates to us that our customers are sitting tight and conserving cash to weather these difficult economic times.”
Ecometry’s customers include Nordstrom, Brookstone, Zales, Hickory Farms, MicroWarehouse, KBKids.com, Nine West, Coldwater Creek, Hallmark, Urban Outfitters and RedEnvelope.com.