Company Issues Preliminary First Quarter 2017 Results
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Founder and Chairman Stephen Waldis to Reassume CEO Role
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Company Veteran Lawrence Irving to Return to the CFO Role
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Ronald Hovsepian and John Frederick Step Down as CEO and CFO
BRIDGEWATER, N.J.--(BUSINESS WIRE)--Apr. 27, 2017--
Synchronoss
Technologies, Inc. (NASDAQ:SNCR), the leader in mobile cloud
innovation for mobile carriers, enterprises, retailers and OEMs around
the world, today announced that company founder and Chairman of the
Board of Directors Stephen Waldis will return to the role of Chief
Executive Officer, effective immediately. Ronald Hovsepian, who
previously served as Chief Executive Officer, will be leaving to pursue
other interests. Mr. Hovsepian will serve as a consultant to the company
to ensure a seamless transition.
Synchronoss also announced that Lawrence Irving has been named Chief
Financial Officer. Mr. Irving served as CFO for Synchronoss from July
2001 until April 2014 and played a crucial role in the company’s
development during that time. John Frederick, who served as Chief
Financial Officer prior to Mr. Irving’s appointment, will be leaving to
pursue other interests.
Steve founded and led Synchronoss for 17 years and has a deep
understanding of the carrier market, the company’s SNCR 3.0 strategy and
customers around the world. The Board of Directors has the utmost
confidence in Steve and the executive leadership team to focus on
execution, capitalize on the market opportunity for cloud solutions and
services, successfully integrate the Intralinks enterprise acquisition,
and drive Synchronoss to long-term profitable growth and sustainable
cash flow. The Board of Directors thanks Ron and John for their service
and wishes them the best in their future endeavors.
"I am incredibly passionate about Synchronoss,” said Stephen Waldis,
founder, chairman and chief executive officer. "I look forward to
working with the entire team to drive success for our customers,
partners, employees and shareholders. I am pleased that Larry is
rejoining Synchronoss along with me. His extensive experience and deep
knowledge of the company’s business and financial underpinnings will be
major assets to me and the management team.”
Preliminary First Quarter of 2017 Results
Based on preliminary financial information, Synchronoss expects total
revenue for the first quarter of 2017 to be $13 million to $14
million less than the company’s previously announced guidance. Operating
margins are expected to be 8% to 10%, which are less than previously
announced guidance. First quarter of 2017 preliminary results are
subject to change based on the completion of the company's quarter-end
review process.
"With a track record of meeting or exceeding expectations, we are of
course disappointed with our Q1 performance in this first quarter
following our acquisition of Intralinks,” said Mr. Waldis. “In view of
the Company’s performance in the first quarter, we expect this will
impact our full year guidance. We intend to manage our expenses in line
with our revenues to generate strong cash flow for the year. We continue
to believe in our long-term strategic vision, while executing on our
combined synergies. We remain confident in our long-term growth
opportunities and strong relationships with our customers, and we are
committed to delivering strong returns to our shareholders. We will
share additional information, including updated full year guidance, on
our May 9th earnings call."
Full Quarterly Results Conference Call on May 9, 2017
Synchronoss will host a conference call May 9th, at 8:30 a.m. (ET) to
discuss the company’s financial results. To access this call, dial
877-930-7767 (domestic) or 253-336-7416 (international). The pass code
for the call is 10542932. Additionally, a live webcast of the conference
call will be available on the “Investor Relations” page on the company’s
web site www.synchronoss.com.
Following the conference call, a replay will be available for a limited
time at 855-859-2056 (domestic) or 404-537-3406 (international). The
replay pass code is 10542932. An archived webcast of this conference
call will also be available on the “Investor Relations” page of the
company’s web site, www.synchronoss.com.
About Synchronoss Technologies, Inc.
Synchronoss (NASDAQ: SNCR) is an innovative software company that helps
both service providers and enterprises realize and execute their goals
for mobile transformation now. Our simple, powerful and flexible
solutions serve millions of mobile subscribers and a large portion of
the Fortune 500 worldwide today. For more information, visit us at: www.synchronoss.com
Synchronoss and the Synchronoss logo are trademarks of Synchronoss
Technologies, Inc. All other trademarks are property of their respective
owners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427005894/en/
Source: Synchronoss Technologies, Inc.
Investor and Media:
Synchronoss Technologies, Inc.
Daniel
Ives, 908-524-1047
daniel.ives@synchronoss.com