John Burke, President and CEO of BOSS Honored as 2009 Public Company CFO of the Year for his work at St. Bernard Software
2009 CFO of the Year Awards
July 16, 2009
The San Diego Business Journal is proud to host the 3rd Annual CFO of the Year Awards. This annual event recognizes the most outstanding CFOs who work in San Diego as nominated by their own employees or clients. Nominees should be a Chief Financial Officer or head of finance.
An independent panel of judges will review nominations of CFOs in four categories. Private Company CFO, Public Company CFO, Government Agency CFO and Nonprofit Company CFO. From the nominations received judges will select finalists and honorees in each category.
Source: San Diego Business Journal website www.sdbj.com
John Burke, President and CEO of BOSS Corporation, honored as 2009 Public Company CFO of the Year for the successful turnaround of St. Bernard Software, Inc. (SBSW.OB).
Mr. Burke was engaged by St. Bernard's Board of Directors in October of 2007 to navigate a challenging financial and operational turnaround of a near bankrupt public company. Prior to Mr. Burke's arrival, St. Bernard had just completed a challenging year resulting in an operating loss of approximately $18 million, a material weakness and going concern within their financial statements, a shareholder lawsuit and the recent resignation of their auditors. The company was suffering from a lack of strategic and operational focus along with a lack of financial accountability compounded by significant cash constraints with approximately forty-five days of remaining cash. Mr. Burke's quick decision-making and strong operational and financial leadership allowed St. Bernard to prosper. This is evident by core business revenue growth of near 20% and improvements in operational cash flow from a cash loss of over $3 million in Q4 2007 to positive cash flow of $1.3 million in Q4 2008. In addition, 2008's operating loss was decreased by 85% compared to 2007 as well as generating positive cash flow of just less than $1 million for the year ended December 31, 2008.
The dramatic transformation within such a short period of time was the basis for honoring Mr. Burke with the CFO of the Year Award.
Mr. Burke commented "I would like to thank the San Diego Business Journal for honoring business leaders within San Diego and I am truly touched by the panel of judges selecting me as CFO of the Year. I would also like to thank St. Bernard for their belief and trust in my abilities and granting me the authority to make quick changes resulting in a dramatic transformation to their business. To be recognized not only by the stakeholders of St. Bernard, but to receive outside acknowledgement by my peers and fellow business professionals is a profound honor. My fellow finalists for this award are impressive and talented professionals and I am extremely honored to be in their company."
About BOSS Corporation
The professionals at BOSS are experts at supporting management teams facing business challenges resulting from market instability, significant business downturn, bankruptcy, capital constraints, and integration challenges associated with a merger or acquisition.
BOSS becomes an integral part of any management team to provide critical expertise and bench strength to optimize weaknesses across the spectrum of operations, sales and marketing, finance and administration. We quickly establish visibility and predictability within the outlook of any business and design a targeted execution plan to deliver the results your stakeholders demand.
We are very passionate in our approach and take great pride in the dramatic impact we make on our clients business. We leverage technology to automate process, enforce policy and provide critical intelligence which is essential to navigating through challenges and emerging a stronger company.