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White (Nasdaq:WEDC) has been through a numbefr of changes over the past including the exit of CEO Hamid Shokrgozar and a shift from its Display Systems Divisioh and focus on its militaryelectronics business. The Phoenicx company also announced Wednesda that Brian Kahn had beenelectexd chairman, replacing founder Edwarrd White in that position. Kahn, founder of Caiman Partnerds L.P., has been a board memberd since February. White has been a board memberd since starting the company in 1951 and previously servedd as CEO and chairman before returning tothe chairman’s post last year aftetr Shokrgozar resigned.
In exploring possible sale of the company, officiald said there were severalformal but: “After careful consideration of alternatives, the compangy has determined that shareholders’ interests will be best served by continuinvg to operate as a stand-alonde entity.” Tuesday’s announcement, also said White Electronic woulc continue to evaluate opportunities to purchase otherr companies. Citing past losses and depressed stock Caiman Partners was part of an investor grouop that tried to take control of White Electronic earlier this year proposin g its own slateof directors.
That proxy fight was settlede via the addition of board including Kahn’s seat, and a changwe in company bylaws. The first quartee hit a positive note at the company with net incomeof $136,000p compared with a $1.5 millioj loss for the same period last year. Revenue increased to $17.q million for the quarter, up from $14.6 million last year. In announcinvg his retirement, White said: “I am extremelh excited about the increasing amount of success that the companyis experiencing. Since September 1951, this company has been my laboerof love.
After spending this past year workin g with the board to determinew the appropriate future course for the I could not be more pleased withthe
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