BearingPoints loses again & names new CFO

Date: 14-05-2008
Source: Consultant News

BearingPoint reported a smaller quarterly loss, its smallest in seven quarters, and named a new chief financial officer. 

BearingPoint reported a net loss of $23.2 million, or 10 cents per share, in the first quarter, compared with a net loss of $61.7 million, or 29 cents per share, in the same quarter a year ago. Revenue fell 4 percent to $830 million.

The company said it expects a net loss in 2008 of $70 million. Previously, the company had expected between a profit of $1 million and a loss of $70 million.

BearingPoint expects revenue growth to be flat compared to 2007's figure of $2.64 billion. Earlier, it called for 2008 revenue to be "flat to slightly up."

The company named Eileen Kamerick Chief Financial Officer (CFO), replacing Judy Ethell, who will stay with BearingPoint through July 31.

Kamerick previously served as executive vice president, chief financial and chief administrative officer at Heidrick & Struggles International Inc., an executive search and consulting firm.

Ethel, who was named CFO in October 2006, joined BearingPoint from PwC in 2005. BearingPoint did not give a reason for Ethell's departure.

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