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View Tech Revenues Up 34%; New CEO Is Named

April 28, 1998|BARBARA MURPHY

View Tech Inc. in Camarillo announced that revenues for the first quarter ended March 31 increased 34% to $13.41 million, compared with $10.01 million for the same period in 1997.

The company generated net income of $36,191 or 1 cent per share, compared with a net loss of $439,009 or 7 cents per share for the same period in 1997.

"The company historically has not performed strongly in the first quarter," said David A. Kaplan, chief financial officer. "We obviously were pleased with the revenue growth and related improvement in net income experienced by the company over the comparable period last year."

View Tech's board of directors also announced the resignation of Chief Executive Officer Robert G. Hatfield, the company's founder. The board elected William J. Shea to serve as CEO and to begin reassessing the company's operations, structure and strategic direction.

The company expects to complete the reassessment of its operations by the end of the second quarter. As a result, significant nonrecurring restructuring adjustments are expected in the company's financial statements.

View Tech, together with subsidiary USTeleCenters of Boston, provides voice, video and data equipment, plus network services, to business customers nationwide. The company has equipment distribution partnerships with several companies and markets network services through agency agreements with Bell Atlantic, BellSouth, GTE, Southwestern Bell, Sprint and UUNET Technologies.

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