Avigilon (TSX:AVO) shareholders are staring down that which is most unfamiliar to them this morning; the stock is reeling after the company announced that CFO Brad Bardua will resign.
CEO Alex Fernandes said Bardua, who took the job as CFO in 2012, will walk away for health reasons and will, temporarily, be replaced by his predecessor and current director, Wan Jung.
“We are grateful that Wan has agreed to come out of retirement in the interim to ensure there is no interruption in the ongoing day-to-day financial operation of the Company and to assist with the smooth transition to the next CFO,” said Fernandes. “Wan brings an exceptional level of professional expertise. He and I have successfully grown businesses and worked side-by-side for more than 14 years. I am excited to be able to work with him once again.”
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Avigilon has retained Caldwell partners to conduct a search for a new, permanent CFO.
Avigilon is due to release its Q1, 2014 results after market today and will hold a conference call at 2pm PST. The company is following on a Q4 in which it earned $21.6-million on revenue of $178.3-million, a topline that was up 78% over the same period last year. The blowout quarter spurred a round of upgrades from analysts like PI’s Pardeep Sangha, who expects the company’s topline will grow 50% in fiscal 2014 and 35% the following year.
At press time, shares of Avigilon were down 21.1% to $20.62.