DDi Rebounds in 2008
Published: 25 February 2008
by Staff
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.
