A.J.R Oosthuizen resigned yesterday from developer of electronic information and document management systems, citing personal reasons. The former executive, who joined the company back in 1989, will serve as a consultant. Dr. Lawrence B. Brilliant, a director, will serve as interim CEO.
SoftNet reported weak first-quarter results, posting a net loss of $2.4 million, compared with earnings of $255,000 a year ago. That marked the third consecutive quarter of losses.
Revenues, which have fallen since 1996, totaled $6.9 million in the first quarter, down from $10.8 million a year ago.
The company attributed its revenue decline to weakness in two of three of its divisions: the document management division, which develops, markets, and services document factory automation and warehousing systems that allow customers to electronically produce documents to multiple storage media, and its telecommunications division, which markets and installs telecom and data solutions.
The company also operates an Internet division to provide business-to-business Internet services, such as Internet access and Web development, in addition to "the ISP Channel" branded program for cable and wireless cable operators.