SLI Search: Loss Narrows for $35 Million Business
September 14, 2016
SLI Systems offers an eCommerce search system. If you followed the history of NBC’s search efforts, you may know that SLI Systems has some DNA from Snap Search. The company is an interesting one. It competes with EasyAsk, another eCommerce search vendor.
SLI released its financial results in a news release titled “SLI Systems Announces Financial Research for the Year to 30 June 2016.” (Some news releases have the ability to disappear or become a pay to play feature. The release was online an free as of September 6, 2016.)
The write up confirmed what most stakeholders in search and content processing systems may avoid thinking about: Generating revenue in today’s economic climate is difficult.
SLI Systems is a $35 million dollar company. The firm lost several big accounts for a range of reasons. The good news is that instead of losing $7 million in FY2015, SLI reported a before tax loss of $162,000. There are no details about what caused the hefty loss 12 months ago or what a new management team to reduce the shortfall by almost $8 million. Great management? Magic?
I circled this chunk of management explanation:
SLI Systems Chairman Greg Cross said: “The 2016 financial year has been a period of significant change for the company. Chris Brennan took over as Chief Executive Officer in October 2015 and since then we have recruited three key executives: a new Chief Revenue Officer, a new Chief Marketing Officer and a new Vice President of Customer Success. Drawing on the expertise of these new recruits and the broader management team, SLI has put in place new business processes and organizational structures to lift the performance of the business for the long term.
He added:
“The company remains in a strong financial position. Although we expect net cash outflows in the coming year as we return to a growth trajectory, we remain confident that we have sufficient cash resources to support the company’s plan. We are looking forward to the remainder of the year with cautious optimism,” Mr. Cross said.
SLI is based in New Zealand. The mot recent version of the company’s Web site does not make it easy to locate the company’s address at 78 – 106 Manchester Street. Christchurch 8011. New Zealand. New Zealand Phone: 0800 754 797. The company’s office appears to be in the Enterprise Precinct Innovation Center. The firm has an office in San Jose, California. SLI’s office locations are available at this link.
Stephen E Arnold, September 14, 2016
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