Donachie will likely have his hands full in his new job. Just last week PurchasePro warned that it would not meet its third-quarter forecast, blaming irregular business in the aftermath of the attacks in Washington and New York. Two brokers surveyed by Thomson Financial/First Call expect the company to lose between 11 cents and 16 cents a share on sales of $9.6 million, Reuters reported. Wall Street analysts on average were expecting the company to post a loss of 14 cents per share on revenues of $12.2 million in the third quarter. A year ago, the now cash-strapped company posted a 7 cent loss per share on total revenues of $17.3 million. The company’s shares, which have declined approximately 99 percent in value over the last 52 weeks, were down 21 percent, or 12 cents, and now stand at about 45 cents on the Nasdaq stock exchange.
Prior to joining Covasoft, Dansby was CFO at Question Technologies, where he helped manage the company’s mergers and acquisitions, treasury, accounting, human resources, and information technology. Before that, Dansby oversaw all accounting and financial planning at Trilogy Inc., another Austin-based technology company. Before moving to Austin, Dansby held a variety of positions over a nine-year period at United Technologies Corp. From 1995 to 1999 he was CFO at UTMC Microelectronic Systems Inc., a subsidiary of United Technologies, which designs and manufactures semiconductors and circuit card assemblies for aerospace applications. Dansby began his career as a senior accountant with Arthur Andersen & Co. and obtained a B.A. from the University of California, Santa Barbara. He also holds an M.B.A. from The Wharton School at the University of Pennsylvania.
To smooth things over a bit, ANC managers hired William Plamondon, former president of Budget Rent A Car, as its chief restructuring officer. Lawrence Ramaekers, a former president and chief operating officer of National Car Rental Inc., has also been hired as a consultant to help Plamondon implement a turnaround strategy and to address the company’s cash flow and liquidity needs. ANC has seen a dramatic reduction in its business following the September 11 attacks. Its shares were up 4 cents, or more than 7 percent, at 56 cents in late-morning trading on the Nasdaq. The company’s stock has traded between 45 cents and $7 per share in the past 52 weeks. The company posted a second-quarter net loss of $23.6 million (52 cents per share), compared with net income of $15.5 million last year. Revenue for the three-month period was $850.6 million, or $58.6 million below last year.
Millenbruch is not the first top manager to leave Bethlehem of late. Last week officials announced that Robert Miller Jr. would replace Duane Dunham as chairman and chief executive officer. Dunham will stay on as president and chief operating officer. Miller said the company board contacted him in the wake of the economic fallout from the September 11 terrorist attacks, according to an Associated Press report. In July, Bethlehem Steel reported a second-quarter operations loss of $96 million, which management blamed on reduced spending and higher operating costs.
Miller, who is a graduate of Stanford University and Harvard Law School, served 12 years at Chrysler as director, chief financial Officer, and vice chairman. Before that, he spent 11 years at Ford Motor Co.