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DDi Rebounds in 2008
Written by Philip Buonpastore
Monday, 25 February 2008
ANAHEIM, CA - DDi’s
shares rebounded earlier this month, rising about 20% since the start of
February, with company market value near $115 million last week. In Q4
2007, company sales rose 4% year-over-year to $45 million, and for full year
2007, DDi posted $688,000 in profits, reversing its $7 million loss in 2006.
“In 2008,
we are off to the best start since I’ve been here,” said CEO Mikel
Williams. “I’m going to keep pinching myself to make sure we aren’t
misreading things, but we are pretty confident. Personally, I think it’s been a
great turnaround,” he said.
DDi filed
bankruptcy in 2003. It is currently nearing the end of a reorganization that
began when Williams, the company’s former CFO, became CEO after previous
company head Bruce McMaster stepped down in 2005.
Under
Williams, the company ended European operations and sold its assembly business
to Veritek Manufacturing Services LLC for $12 million. He also cut jobs, brought in new management,
invested in new technology, and changed company direction by offering the
manufacture of multilayered PCBs. In 2007, he increased DDi’s sales force.
“There
were significant losses as we restructured the business and focused on high-end
printed circuit boards,” Williams said. “Along the road we’ve repopulated the
management team and taken the company out of debt. There’s plenty of room for
us to grow our business, even in a tough market, if we do our job right,” he
said.
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