Having reported a big fourth-quarter loss last month, Broadway & Seymour Inc. is undergoing a sweeping management reorganization aimed at quick restoration of profitability, company officials said.
William W. Neal 3d, 63, chairman and chief executive of Charlotte, N.C.- based software and system integration firm, said in an interview this month that he plans to retire this year after the revamping takes hold. He has been chief executive since the company went public in 1992.
Last month Broadway & Seymour reported a 1995 net loss of $11.4 million on revenue of $114.7 million. It had earned $7.2 million on revenue of $132.9 million in 1994.
The company booked $24 million in pretax charges in the fourth quarter. Executive vice president and chief financial officer David A. Finley cited various writeoffs for intangible assets, goodwill from previous acquisitions, and revenue and expense "mismatches."
Mr. Finley projected $110 million in revenues in 1996, 26% more than last year's revenue from continuing operations. "We fully expect our 1996 and future year results to demonstrate our commitment to healthy growth and profitability," he said.
Earnings should start to pick up in the third quarter, he added.
Mr. Neal said the company is being more conservative in its forecasts of revenue and earnings forecasts, though its backlog of business is still strong.
Last fall, Broadway & Seymour's board of directors selected one of its own, Alan C. Stanford, as president and chief operating officer. He has helped spearheaded the restructuring.
Mr. Stanford said that effort has resulted in the formation of three business-line divisions:
*A "customer and financial solutions" unit that helps banks implement retail delivery system and wholesale banking software.
*An asset and investment management solutions division that focuses on trust and pension management software.
*A professional services unit that provides legal-billing and time- keeping systems.
Mr. Stanford said the reorganization has not resulted in any layoffs - not even in the programing staff that builds and installs the company's application software.
Stephen Shook, an analyst with Interstate Johnston Lane in Charlotte, said he expects Mr. Stanford to take over the chief executive's job after Mr. Neal retires.
Mr. Stanford "seems to be doing the right things, and the people at Broadway & Seymour like him," Mr. Shook said. "The way he is structuring it, the responsibility for (systems integration contracts) is pushed down to the people actually doing the projects."