Pallet Management Systems (PMS) of Coral Springs, FL, wrapped up its 2001 fiscal year with a slight profit after losing more than $2 million in 2000. PMS said it ended its 2001 fiscal year with net income of $303,000, vs. a loss of $2.25 million in fiscal 2000.
Sales during fiscal year 2001, a 53-week period, increased 16%, reaching $72.1 million vs. $62.4 million in fiscal 2000, a 52-week period. The company said it experienced strong sales and profits in the first half of its fiscal 2001 that eventually softened during the second half of the year as the economy slowed and the company’s major customers significantly reduced and altered demand.
"Without the reorganization of senior management this past fiscal year, our company would not have turned the corner to profitability," said Zachary M. Richardson, the company’s president, noting that PMS cut operating expenses by 12% this year. "Without the management changes we made, it would have been extremely difficult for us to have successfully confronted the business challenges we faced this past fiscal year."
PMS provides a variety of pallet and packaging services to the food and beverage, steel, chemical, fluid, paper, and automotive industries. It manufactures and distributes new and recycled pallets and also offers reverse distribution services.