Creative Realities, Inc. Announces Executive Changes; Provides Revenue Guidance for the Year Ended December 31, 2014
April 21, 2015 at 08:00 am EDT
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On April 13, 2015, the Board of Directors of Creative Realities, Inc. and Paul Price, Chief Executive Officer of Creative Realities, agreed to terminate Mr. Price's employment agreement with Creative Realities without cause. Such termination was effective immediately and effected the immediate removal of Mr. Price from his position as a member of the Board of Directors. Also on April 13, 2015, the Board of Directors appointed John Walpuck as Creative Realities' interim Chief Executive Officer. Mr. Walpuck has served as Chief Financial and Operating Officer of Creative Realities since August 1, 2014.
For the year ended December 31, 2014, the company anticipates reporting net sales of approximately $14 million as compared to approximately $11.6 million reported for the year ended December 31, 2013, an increase of approximately 20%. The company continued to win and deliver new projects in the apparel, automotive, department store and food service markets and to support the digital shopper marketing needs of its longstanding existing clients. On a pro forma basis, taking into account the results of Creative Realities, Inc. and Wireless Ronin Technologies, Inc. and assuming the merger took place on January 1, 2014, the company would have reported pro forma revenues of approximately $17 million for the year ended December 31, 2014. The pro forma results are non-GAAP financial metrics and are not meant to be considered in isolation or as a substitute for the comparable GAAP measures and should be read in conjunction with consolidated financial statements prepared in accordance with GAAP.
Creative Realities, Inc. provides digital signage and media solutions to enhance communications in a variety of out-of-home environments, key market segments and use cases, including retail, entertainment and sports venues, restaurants, including quick-serve restaurants (QSR), convenience stores, financial services, automotive, medical and healthcare facilities, mixed use developments, corporate communications, employee experience and digital out of home (DOOH) advertising networks. Its platforms include ReflectView, Reflect Xperience, Reflect AdLogic, Clarity, Reflect Zero Touch, iShowroomProX and OSx+. Reflect Xperience is a web-based interface that allows customers to give content scheduling access to local users via the web or mobile devices, while still maintaining centralized programming control. Its technology and solutions include Digital Merchandising Systems, Digital Sales Assistants, Digital Way-Finders, Digital Kiosks, Digital Menu-Board Systems and Dynamic Digital Signage.