Radius Inc. has completed a one year plan to focus its business and strengthen its financial position. On September 13, 1996, Radius completed the final step in its restructuring, issuing nearly $50 million in new equity and reducing debt by a similar amount.
"Last October, Radius embarked on a plan designed to build a solid foundation for a successful company in the future," said Charles W. Berger, chairman and chief executive officer. "We have focused on the most profitable products and technologies, dramatically reduced expenses and completed the restructuring of our balance sheet."
Radius' primary mission is to develop unique technologies and products designed to enhance the creative process and increase the productivity of creative professionals. Over the past year, the company has focused on its core products in graphics, color accurate displays and digital video. At the same time, Radius has fostered new businesses to focus on raster image processing (Splash Technologies, Inc.), Macintosh compatibles (UMAX Computer Corporation), and Pivot displays (Portrait Display Labs). Radius holds a minority interest in each of these ventures.
The financial restructuring completed on September 13, 1996 resulted in the retirement of approximately $50 million in debt in exchange for Radius common and preferred stock. The bulk of the remaining short term debt was converted into a four year term loan and a small short term working capital facility. Radius now meets the positive net worth requirement for continued NASDAQ SmallCap Market listing.
As a result of the focus on products which employ Radius developed technology and dramatic cost cutting efforts, Radius has shown profits in the last two quarters. "The new equity enhances Radius' ability to continue to offer new and better products in the future," Berger said.
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