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SM&A Renames Itself, Appoints Piraino CEO

May 05, 2000|From Times Wire Services

SM&A Corp. said Thursday that it has changed its name and selected a new chief executive.

The Newport Beach company becomes Emergent Information Technologies Inc., reflecting its focus on providing informational technology services and software development for the telecommunications and health care markets.

Michael A. Piraino, the company's president and chief operating officer, was named chief executive. He retains the president's title. Emergent said Steven Myers will continue as chairman.

The company also posted lower earnings but record revenue for the first quarter.

Net income fell nearly 72% to $663,000, or 4 cents a share, from $2.3 million, or 14 cents a share, a year ago. Revenue rose 25% to $31.6 million.

The company attributed the lower profit to increased "infrastructure costs" related to its growth plans.

The stock, which trades under the new symbol EITI, moved up $1.56, or 39.5%, to $5.50 a share, in Nasdaq trading.

The company also expanded its board of directors from five to seven and named four new members: Vincent C. Smith, chairman and chief executive of Quest Software Inc.; Luther Nussbaum, chairman and chief executive of First Consulting Group Inc.; Albert S. Nagy, president of Nagy Group; and John B. Fuller, founder and chief executive of Monitor Co.

Ajay Patel was named executive vice president and chief operating officer. He has been with the company seven years, most recently as president and general manager of the proposal management group.

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