PALM BEACH TAN, INC., Dallas, Texas
June 2005 – April 2009
VP – Finance and Chief Financial Officer
Palm Beach Tan, Inc. owns, operates and franchises over 270 indoor tanning salons and is the largest chain (in terms of revenue) in the U.S. indoor tanning industry.
Primarily responsible for all aspects of accounting and finance for the company’s corporate and franchise operations including negotiating and managing banking arrangements, mergers and acquisitions, investor communications, monitoring and assessing the historical and projected financial performance. Also responsible for the oversight of the Information Technology and Human Resources/Administration departments.
Specific activities completed or in process:
• Negotiated and closed a new $25.0 million senior credit facility to refinance debt and provide growth capital. The facility was increased to $32.0 million in 2008 to accommodate a large acquisition.
• Negotiated and closed several acquisitions of retail tanning salons (including a $19.0 million acquisition of the Company’s primary competitor in the Dallas market) and the acquisition of a 60 store franchise organization. Collectively, these acquisitions contributed to an increase in the Company’s total store count from 100 salons to over 270 salons from June 2005 to April 2009.
• Increased Company EBITDA from approximately $2.5 million in fiscal 2005 to approximately $12.0 million in fiscal 2008. Pro Forma 2008 EBITDA, after considering the EBITDA of acquisitions completed through December 31, 2008, was approximately $17.0 million.
• Designed and managed the implementation of an enterprise reporting system which provides corporate employees and franchisees with key performance data over various reporting periods.
• Separated Mystic Tan, Inc., the leading manufacturer of non-UV spray tanning booths, from Palm Beach Tan through a tax free stock distribution of the Mystic shares.
• Restructured the corporate offices and reduced total costs by approximately $1.8 million per year.
• Assisted in the development of a customer loyalty program which resulted in decreases in customer cancellations, increase in customer spending, increase in customer tenure and an overall increase in the lifetime value of a customer.
• Designed and instituted a rolling budget which allows the Company to provide updated P&L, cash flow and balance sheet forecasts as the business changes from month to month.
MOLL INDUSTRIES, INC., Dallas, Texas
November 2004 – June 2005
VP – Finance and Chief Financial Officer
Moll Industries, Inc. is a custom plastics injection molder/manufacture that specializes in components for appliances, medical devices and consumer products. The Company had five manufacturing sites throughout the US that generated approximately $110 million in annual revenue in 2004.
Primarily responsible for the all aspects of accounting and finance for the company’s operations including negotiating and managing banking arrangements, mergers and acquisitions, investor communications, monitoring and assessing the historical and projected financial performance. Also responsible for the oversight of the Information Technology and Human Resources/Administration departments.
Specific activities completed:
• Negotiated an amendment to the Company’s $84 million credit facility.
• Closed two acquisitions in February 2005 that expanded the Company internationally and increased annual revenues by approximately $35 million
VLPS LIGHTING SERVICES INTERNATIONAL, INC., Dallas, Texas
(Formerly-Vari-Lite International, Inc.)
VLPS Lighting Services International, whose shares were publicly traded over the NASDAQ, provided proprietary computerized lighting systems for concerts; stage, film, and TV productions; and corporate events. The firm’s VARI*LITE products were used globally by popular music acts such as the Rolling Stones, U2, Aerosmith, Madonna, and Radiohead, and were used extensively in Broadway and London West End theaters and in televised events such as the Grammy Awards, the Academy Awards and the opening and closing ceremonies for the summer and winter Olympics. More than 40% of the Companies revenues were generated outside North America from wholly owned offices in Europe and Japan and dealers and distributors throughout the world.
In 2002, VLPS sold its product manufacturing and sales business to Genlyte Thomas Group to focus strictly on lighting equipment rentals and production services. In 2004, the remainder of VLPS was sold to Production Resource Group, the Company’s primary competitor.
Chief Financial Officer (Change of Control effective 7/2004)
1999 - 2004
Vice President of Corporate Development and Treasurer
1998 - 1999
Treasurer
1996 - 1998
Manager - Financial Analysis
1995 - 1996
Primarily responsible for the all aspects of accounting and finance for the company’s worldwide operations including negotiating and managing banking arrangements, mergers, acquisitions and divestitures, investor and analyst communications, monitoring and assessing the historical and projected financial performance of VLPS. Also responsible for oversight of the Information Technology and Human Resources/Administration departments. Aggressively promoted changes to the corporate strategy and instrumental in executing the changes.
• Marketed, negotiated and closed the sale of the sale of the Company. During five year tenure as CFO, the Company’s stock price increased from $1.125 per share to the sales price of $8.82 per share.
• Negotiated bank financing arrangements and private and public equity placements, including a $24 million initial public offering. Prepared analyses and offering documents associated with these activities and was the primary investor relations contact.
• Restructured the Company’s operations and changed the corporate strategy by leading and/or being intimately involved in:
• Reversing the Company’s policy on only renting its proprietary VARI*LITE products and begin selling these products.
• Expanding the Company’s manufacturing, marketing and sales capabilities to support the new sales initiative.
• Reducing the Company’s US bank debt from $50 million to $15 million over an 18-month period through a series of international and domestic divestitures of non-core businesses and by obtaining separate financing for the Company’s UK operations.
• Oversee the annual audit and all internal and external (including SEC) reporting.
• Assist in the development of the Company’s overall corporate operating strategy.
• Assist in the development of the Company’s global expansion plan as well as the execution of this plan.
• Develop and implement a global tax strategy for Vari-Lite International, Inc. and manage the preparation of federal and state income tax returns for all companies filing in the United States.
• Established a means to measure historical and projected shareholder value and economic profit as well as the key drivers of these measures.
• Establish and monitor foreign currency hedges.
• Developed a pricing methodology and program for long-term lease customers.
HEARTLAND CAPITAL PARTNERS L.P., Dallas, Texas
The Partnership manages a $52 million private equity investment fund.
Financial and Accounting Analyst
1993 - 1995
Analyzed possible investment opportunities, performed other industry and company-specific research, and oversaw the accounting functions of the Partnership, the General Partner, and the Fund.
• Identified and installed a financial accounting software program.
• Researched and recommended the appropriate computer networking hardware and software for the office.
DELOITTE & TOUCHE, Dallas, Texas
Manager - Middle Market Services
1992 - 1993
Senior Accountant - Middle Market Services
1990 - 1992
Staff Accountant - Middle Market Services
1989 - 1990
Progressive responsibilities leading to the management of up to 10 staff and senior accountants engaged in the audit or review of financial statements for small- to mid-sized privately- and publicly-owned companies. Planned and scheduled engagements; wrote and issued reports; analyzed and managed the profitability of engagements; prepared client billings; and administered collections.
• Assisted clients in the planning and filing of Initial Public Offerings.
• Performed due diligence procedures for business acquisitions.
• Instructed firm personnel in the use of proprietary audit software.
SHELBY RUCKSDASHELL & JONES, CPAs, Dallas, Texas
Staff Accountant
1988 - 1989
Ensured the efficient completion of audit and other accounting procedures, primarily for financial institutions, as requested by senior accountants, managers and partners.
EDUCATION & CERTIFICATIONS
SOUTHERN METHODIST UNIVERSITY, Dallas, Texas
Master of Business Administration
THE UNIVERSITY OF TEXAS AT AUSTIN, Austin, Texas
Bachelor of Business Administration in Accounting
STATE OF TEXAS, Certified Public Accountant (CPA)
HONORS AND ACTIVITIES
Nominated as the SMU candidate for the Financial Executives Institute’s outstanding Dallas area MBA student for 1995 (one candidate per school)
Member of the Financial Executives Institute
Member of the Texas Exes
Member of Beta Gamma Sigma |
