NORCROSS, GA - Visix was named a Finalist today in the Best Business Turnaround category in The 2008 American Business Awards.
Hailed as "the business world's own Oscars", The American Business Awards are the only national awards program honoring great performances in business.
More than 2,600 entries from companies of all sizes and in virtually every industry were submitted for consideration in more than 40 categories. Visix will be competing in the Best Business Turnaround category.
"In 2003 Visix was in dire straights, mounting financial losses, burdensome debt, excess inventory, declining sales and no discernable recovery plan," said Sean M. Matthews, president of Visix. "With a change in management, we assessed our people and retained the most talented for the challenge ahead. Down to a skeleton crew, we constructed a plan with a pointed focus, weaned ourselves off the mistakes of the past and efficiently executed the strategic initiatives and tactical assignments while measuring our performance after every step."
The turnaround performance delivered 129 percent sales growth over the last three years. In calendar year 2007, Visix unit shipments were up by 80 percent, training sessions grew by 160 percent and system deployments increased by nearly 200 percent.
"ABA entries grew more than 30 percent this year, so being named a Finalist is more of an accomplishment than ever before," said Michael Gallagher, founder and president of The Stevie Awards. "It means that independent business executives have agreed that the nominee is worthy of national recognition. We congratulate all of the Finalists on their achievement and wish them well in the competition."
"We are honored to be recognized for our efforts," stated Matthews. "There is a talented, motivated and enthusiastic team of people in five cities and two countries that have made this turnaround possible. This is only the beginning and I look forward to a great run in a very dynamic market."