Fiscal Year End Results to Be Published and Other Company Developments Essay examples

Submitted By ajpatrice1
Words: 607
Pages: 3
Open Document
Direct Solutions, Inc.
Interoffice News Release
DATE: June 16, 2012
TO: All Colleagues
FROM: Jack John CEO
SUBJECT: Fiscal Year End Results to be Published & Other Company Developments
Dear Colleagues:
Our teams continue to work long steadfast hours to help the company achieve certain mile stones set earlier in the year; I personally want to thank each one of you for standing with us in a very tough economic landscape that continue to post challenges for our company. At close of business today we will publish our financial statements for the fiscal that just ended on May 31, 2012. Our operating profits declined by 25%, the largest drop in the company’s 25-year history. The challenged faced today and for the next year and subsequently are indeed unprecedented but together we will work though difficult cost cutting initiatives that is unavoidable. We regret that the most serious measure is the furlough of all contract employees that will take effect end of today. We wish these non-company employees well and thank each one for their service to our company and their future endeavors. To make sure that we do not need to have more job losses, we are also going to eliminate future tuition reimbursement, car allowances for non-sales employees, curtailed travel for only pre-approved trips, 1% reduction in the company’s 401K match.
Despite all the cost-cutting measures mentioned above, it is still insufficient to bridge the 25% gap but certainly a step in saving as many permanent jobs as we can. We will continue to be in a hiring freeze phase, and any essential jobs that are vacant will be filled first by qualified internal candidates who are most suitable for the position. Within the next two weeks our Human Resources department will be sending out notices with voluntary package that will be given to each employee for self-identification of a generous severance package; those that quality will have 5 days to respond. We will then assess the savings and take the next step if necessary, i.e. the most difficult part of trimming the workforce across the board by no more than 10%. For those that may cease employment with us, the company will offer outplacement services
Show More

Related Documents: Fiscal Year End Results to Be Published and Other Company Developments Essay examples

Essay on Sun Microsystems Strategic Positioning

Clara, California. The latest date of 2007 annual reports confirms this company now has 34,000 employees worldwide. According to Hoovers, the top three executives are Jonathan I. Schwartz, President, CEO and Director, then Scott G. McNealy, Chairman, and then Gregory M. Papadopoulos, EVP Research and Development and CTO. (Hoovers, 2008) Since 1982, Sun Microsystems has believed, “The Network is the Computer” to achieve their company success. History In 1983, Sun made enough revenue to open operations…

Words 5065 - Pages 21

Essay on The Comparative Advantage of Greece in the Era of Recession

The comparative advantage of Greece in the era of recession Lampros Gallos National and Kapodistrian University of Athens Athens, Greece lam.gal@hotmail.com Abstract The aim of this paper is to investigate the export behaviour of Greece and to identify its comparative advantage. Moreover, through the conclusions of the analysis, is investigated whether the export activity of the country coincides with its comparative advantage especially in the present circumstances, those of recession. Initially…

Words 4245 - Pages 17

Starbucks Case Study

Write Up 1) General Calculate common-size income statements for Starbucks’ fiscal years 2011, 2012 and 2013. Describe any tr major revenue streams. $ FY2012 FY2013 FY2011 Net revenues: Company-operated stores Licensed stores CPG, foodservice and other Total net revenues $11,793 $1,361 $1,739 $14,892 $10,535 $1,210 $1,555 $13,300 $9,632 $1,008 $1,061 $11,700 COGS (incl. Occupancy Costs) Store operating expenses Other operating expenses D&A Expenses G&A Expenses Litigation charge Total operating…

Words 4618 - Pages 19

Anne Aylor Case Essay

Anne Aylor, Inc. Determination of Planning Materiality and Tolerable Misstatement MARKS. BEASLEY· FRANK A. BucKLEss ·STEVEN M. GLOVER· DouGLAS F. PRAWITT LEARNING OBJECTIVES After completing and discussing this case you should be able to [1] [2] Determine planning materiality for an audit client Provide support for your materiality decisions [3] Allocate planning materiality to financial statement elements INTRODUCTION j-- Anne Aylor, Inc. (Anne Aylor) is a leading national…

Words 4623 - Pages 19

Financial Analysis of Ea Games Essay

video game industry is currently a $31 billion global market. * Market size has tripled in value over the last decade from $10 billion in 1995 to $31 billion as of 2003. * In five years the industry is expected to grow approximately 14.8% ($36,042/$31,374), at a rate of approximately 2.96% per year (14.8%/5). * We feel that the industry is entering the early maturity stage of the growth cycle for the overall global market. * Some observers feel that growth potential is massive…

Words 4944 - Pages 20

Revenue-Recognition Problems in the Communications Equipment Industry Essay

REV: AUGUST 23, 2007 PAUL HEALY Revenue-Recognition Problems in the Communications Equipment Industry On November 21, 2000, Lucent Technologies announced that it was revising its fourth-quarter results as a result of revenue-recognition problems discovered by its auditors during the year-end financial review. The revision lowered revenues by $125 million and earnings per share by 2 cents from 18 cents. In response, Lucent’s stock price fell by 16%, to $17.56. One month later, on December 22…

Words 7379 - Pages 30

The Ethiopian Financial Sector Reform Essay

................................... 41 3.4: Gross profit to asset ratio of banks during the post-reform period ................................... 41 3.5: Selected figures just before the reform—end of 1993/94 fiscal year (in 000’ Br) ........... 43 3.6: Selected figures at the end of 2007/08 fiscal year, in 000’ of Br ...................................... 44 3.7: Asset quality measures before the…

Words 29123 - Pages 117

Accounting Essay

Of the Requirements for ECBA: Business Finance for Managers Instructor – Dianne Dinkel May 11, 2014 This paper will provide a general company description and summarize a financial analysis of The Bosch Group. This paper will specifically analyze three years of financial statements, and discuss compound interest, Bonds and rate of return, Capital budgeting and dividend policies specifically for The Bosch Group. The Bosch Group is a leading…

Words 4941 - Pages 20

The Federal Reserve System

Federal Reserve's responsibilities fall into four general areas. Conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices. Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers. Maintaining the stability of the financial system and containing systemic risk that may…

Words 6763 - Pages 28

Mister: Monetary Policy and Latvian Government Essay

Macroeconomic Imbalances, Policies and the Economic and Financial Crisis: Latvian Monetary and Fiscal Policies during 2008 and 2009 in the context of and in relation to the Economic Crisis Introduction: Latvia in crisis While enjoying a sustained period of rapid economic growth and increasing prosperity, it once appeared that the Latvian economy was almost effortlessly converging towards its new European Union (EU) partners post-accession in 2004. Indeed in the period 2005-2007, before recession…

Words 4655 - Pages 19