NEW YORK-Stephen Katz, chief executive officer of Cellular Technical Services Co. Inc., has assumed day-to-day direction of operations for the Seattle-based provider of cellular fraud prevention systems.
CTS saw its stock take a beating in February after announcing year-end 1996 results that deferred into the first quarter of 1997 recognition of $7 million in revenues from 300 newly installed Blackbird Platforms until customers were satisfied they met contractual performance criteria.
Including this $7 million, Cellular Technical Services said in mid-February it expects to recognize this quarter a total of $17 million in revenues from deployment of both its Blackbird Platform and PreTect fraud prevention systems in more than 700 cell sites around the country.
CTS stock, which trades on Nasdaq, has reached a 52-week high of $22.13 per share and a 52-week low of $10.25. It closed Feb. 18 at $11.13.
For the full year, the company said it anticipates revenue recognition on approximately 3,000 cell site units, including the 300 installed during the fourth quarter of 1996. Most of the growth will occur in the second half of this year.
“The company is at a key turning point in its development, and is poised to achieve significant growth through 1997 and beyond,” Katz said. “As a company, we realize we must focus on effectively and efficiently managing that growth so that we can attain our goal of providing maximum long-term value for our shareholders … I am enthusiastic about taking a more active role in our daily operations.”
