GVI turnaround shows the value of management
By Martha Entwistle
Updated Thu August 16, 2007
The recent 2Q results for GVI Security seem to be an indication that Steve Walin knows what he's doing. He first came to GVI from GE Security in March of 2006, inheriting a company that was losing, to quote him, "a million bucks a month." Next we heard, the company was short on cash and looking for financing. That he got it, that he's managed to attract a number of talented management types to GVI, and that he's managed to turn a $4.5 million loss in 2Q 2006 into a $160,000 profit in 2Q 2007 seems to indicated he's a pretty good manager. He definitely good at identifying unnecessary costs. In the most recent quarter, selling, general and administrative expenses accounted for 23 percent of $12.27 million in revenues; in the second quarter of 2006, those same expenses accounted for 40 percent of $11.16 million in revenues.
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