Saving a Company from Bankruptcy
This month, UFYC, a Sacramento database management software company, announced its first operating profit in more than five quarters, pulling out of a long slump after it was rattled by charges of securities fraud. Unify reported total revenues in the first quarter of fiscal 2008, ended July 31, of $4 million, up 129% from first-quarter revenues of $1.7 million a year earlier. A net loss of $218,000, vs. a loss of $754,000 in the year-earlier quarter, was due largely to the acquisition of software developer Gupta, a deal intended to extend Unify's reach. But business hasn't always looked so promising. In 2000, Todd Wille, who had been Unify's chief financial officer in the 1990s, was asked to return to the company and save it from bankruptcy. Currently chief executive and president, Wille spoke recently to Smart Answers columnist Karen E. Klein about how the company overcame some dark times. Edited excerpts of their conversation follow.
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