In 2012, Promethean eliminated their dividend in order to conserve cash.
For a current quote on PRW shares, click here.
Jim Marshall, Chief Executive Officer, commented:
“Market conditions, particularly in the US and Europe, were tough throughout 2012 and continue to be so, with education budgets remaining under pressure and increased competition for interactive hardware technology. This is reflected in our results for the year. Against this backdrop, we maintained strong cash management and took rapid action to implement a cost reduction programme and streamline our operations. This programme was delivered within time and beyond expectations. Full year operating costs were down 18.5% and, in the second half, they were down 37.5%. The full benefits of these cost reductions will be felt in 2013. In the second half of 2012, we remained broadly cash neutral whilst undertaking our cost reduction programme.
“In making these cost reductions, we have protected our core R&D investment in order to maintain our strong record of innovation. Promethean is responding to a rapidly changing market with multiple initiatives to build on our presence as an education solutions provider with a strong position in both hardware and in the applications and infrastructure software arenas. It will take time for the impact of our software initiatives to be felt and 2013 will be a year of transition in this respect.
“Over time, we believe that governments and school districts will increase the priority they give to learning productivity and, as the evidence of its benefits keeps building, interactive learning technology will become ubiquitous in schools. For 2013, however, we expect market conditions to remain tough. We will therefore continue managing our business prudently to protect our profitability and cash flows.”
But one good thing about outdated Promethean Boards is that they may spare MCPS kids from the tyranny of Rupert Murdoch's Amplify tablets:
ReplyDelete"An early look at the Amplify tablet revealed a sleek touch screen with material floating against a simple background. If a child’s attention wanders, a stern “eyes on teacher” prompt pops up. A quiz uses emoticons of smiley and sad faces so teachers can instantly gauge which students understand the lesson and which need help."
http://www.nytimes.com/2013/03/06/business/media/news-corp-has-a-tablet-for-schools.html?hp&_r=0
Get these children outside in nature where they belong!
ReplyDeleteThe promotion of Rupert Murdoch's Amplify tablets is being spearheaded by Joel Klein, the social justice warrior who formerly headed the NYC's Public School System, where one of his duties was supervising our current superintendent.
ReplyDeleteKlein's promotion of Amplify tablets (the hand-held kind, not medication) was delayed when he was called on to lead Murdoch and his News Corp. out of their phone-hacking scandal across the pond.
Klein went into education to do good and has ended up doing very well. Is this the trajectory for our Starr?
http://www.nytimes.com/2013/03/06/business/media/news-corp-has-a-tablet-for-schools.html?hp&_r=0