Bioscrypt names new CFO
TORONTO--Just a short time after being named the market leader in biometrics by industry analyst group IMS Research, Bioscrypt reported a 12 percent reduction in revenues, to $4,221,818, in the second quarter of 2007 vs. the same period in 2006, along with an EBITDA loss of $3.9 million. Concurrently, the company announced a 10 percent reduction in workforce and a new chief financial officer, Stephen McDonald.
The second quarter, said McDonald, "was a significant period of transition. First we had the A4Vision acquisition [search "Finger, meet face" at www.securitysystemsnews.com], and a lot of time spent integrating that into the company. We're seeing the end of that happening now. Then we had a consolidation of our California offices, part of trying to build an infrastructure to take the company to the next level."
McDonald has been with Bioscrypt for six years, assisting the former CFO. He said he's excited to help new chief executive officer Robert Douglas (search "Robert Douglas" at www.securitysystemsnews.com) as he looks to implement his 100-day plan. McDonald called the workforce reduction less of a cost-saving measure and more of a refocus on providing value to partners and stockholders.
Matt Bogart, director of corporate communications and development, said this will entail making some of Bioscrypt's products more easily installed and sold by integrators. He referenced the A4Vision face reader specifically, saying "our channel needs to be able to support an off-the-shelf product," which the company is looking to have available "in the next couple quarters."