Merisel Inc., operating under its principal brand Coloredge New York • Los Angeles, was awarded "Business Turnaround of the Year" at the 9th Annual American Business Awards Ceremony, in recognition of its agility to adapt, grow, and maintain its commitment to delivering solid results, despite prevailing economic turbulence.
The American Business Awards, part of The Stevie Awards program, honors the achievements and contributions of US-based businesses and their employees. Awards were presented in over 40 categories and more than 2,800 entries were received from organizations of all sizes in virtually every industry. Merisel itself was a finalist for ten awards in seven categories, including "Best Overall Company of the Year," "Business Innovation of the Year," and "Turnaround Executive of the Year."
The distinction of "Business Turnaround of the Year" is awarded to the company that showed significant operational and financial improvement in 2010 over 2009. The winning nomination stated:
[Merisel] ended 2009 with a 26 percent decline in net sales vs. 2008 and an operating loss of $9.3 million (adjusted to exclude one-time non-cash expenses). We finished 2010 with 15.9 percent year-on-year revenue growth and strong operating income of $1.5 million, resulting in a turnaround of $10.8 million. Undoubtedly, [Merisel] achieved these results through persistent adherence to our three core tenets: Consistently creating superior value for our customers, focusing our operations on efficiency, and instilling a culture defined by high-performance and excellence.
Upon accepting the award at the ceremony, Donald R. Uzzi, Chairman & CEO, stated, "We are honored to receive this prestigious recognition by The Stevie Awards for our diligent performance and accomplishments in 2010. I am very proud of the entire [Merisel] team for its continued effort and commitment to making our Company the high-performance organization it is today. This is a most exciting time for our company as we reinvent and redefine our identity and positioning in the marketplace. As a result of our collective efforts, we have continued to gain momentum in 2011, and we remained focused on delivering new and innovative visual solutions to our clients to enhance and further build their brand equity."
Through forward-looking and innovative strategies, such as the creation of its VCMT (Visual Communications Management Trainee) Program, a first in the industry, and the launch of its Creative Services and Professional Services technology arms, Merisel continues to bolster its already-solid foundational capabilities.
"Simply, without underlying strengths, no organization can be 'turned around,'" said Uzzi. "Merisel, now doing business as Coloredge New York • Los Angeles, always possessed best-in-class professional qualities. By harnessing our capabilities, under a 'One Merisel' mandate, we not only restored this business to its rightful place, we accomplished something even more significant: at a time when many predicted the demise of manufacturing in the U.S., we have proven 'Made in America' is as vital today as ever, especially poignant when one considers our primary production facilities are in New York, New Jersey and Los Angeles."
Merisel released its first quarter 2011 results on May 16 highlighted by 15.7 percent growth in revenue for the quarter vs. last year, generating positive operating income for the fourth consecutive quarter, and will release second quarter earnings in mid-August.