Socrates Technologies Corp. of Vienna said it completed a restructuring of its operations and hopes to regain profitability under new management.
Timothy J. Keenan, who was named president on Sept. 23 to transform Socrates from a hardware reseller to an Internet and communications integrator for small- and medium-size businesses, said the company is on track to have $35 million in revenue next year and earnings of $1.7 million.
Revenue for the first nine months of 1999 was $17 million, and the company lost $9.9 million. In the third quarter, the company lost $5.4 million, including a $3.9 million restructuring charge.
Keenan, a professional turnaround specialist, has been shuttering unprofitable operations and concentrating on the company's profitable subsidiaries managing supply chains for manufacturers and distributors.
The National Association of Manufacturers in Washington hooked up with D.C.-based Unibex to create an electronic marketplace platform for member companies that will provide services and information necessary to do business over the Internet.
Called Universal Business Exchange, the service will offer virtual trade shows, auction services and technical support, among other things, to the association members. Unibex, which specializes in developing business-to-business Web applications, will service the operation.
By the Billions
Nextel Communications Inc. last week raised billions in new capital in both the debt and equity markets.
On Friday, the company sold $2 billion of new "junk" bonds, taking advantage of the debt market's growing hunger for higher yields and refinancing some older debt. Also last week, Nextel priced a 30 million share offering at $83.81 1/4, raising $2.4 billion. The company has more than 345 million shares outstanding after the offering.
The Reston digital wireless company said it will use the proceeds to fund capital expenditures and fund its working capital needs.
The deals didn't hurt Nextel's stock price, which was up more than $8 on the week to close at $91.25 on Friday.
Elsewhere . . .
PSINet Inc. Chairman and CEO William L. Schrader joined the board of directors of VocalTec Communications, which is based in Israel. . . .
Network Solutions Inc. in Herndon and International Business Machines Corp. agreed to market their respective Internet identity and Web site creation and hosting services for small businesses. IMB will set up hypertext links between Network Solutions' Web address registration services and IBM's home page creation service on the Web. . . .
Jos. A. Bank Clothiers Inc., a Maryland men's clothing retailer that has been an aggressive marketer of its products on the Web, said that New York Internet retailer Fashionmall.com Inc. put a link to Bank's site on its own.