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Case Study:
Struggling Advertising Company is Renewed
Overview of Project
Our client, a $20 million public company that develops and markets in-store advertising products, programs, and services for grocery retailers and consumer goods manufacturers, was struggling financially due to expenses associated with an anti-trust lawsuit against a major market competitor. Manchester worked closely with management to renew the company and create significant new value.
The Challenge
Our client's profits were declining due to expenses associated with a legal battle with a major market competitor. The company's stock, which had been trading as high as $1.65 per share, was trading at a 52-week-low of $0.25. Unhappy shareholders were threatening a proxy war and revenues were declining due to disrupted relationships with customers.
The Engagement
The client's CEO contacted Manchester for assistance rationalizing the company's operations, executing the strategy to resolve the outstanding legal conflicts, and settling the issues with dissident shareholders.

The Solution
Working hand-in-hand with the client's board of directors and executives, Manchester identified cost-cutting strategies and catalyzed the company's financial planning, reducing ongoing expenses by $1.1 million. We helped the CEO execute the company's strategy to successfully restructure a major contract, resulting in immediate, additional savings of $2.3 million. Manchester also served as third-party negotiators with disgruntled shareholders, improving relationships and ending the threat of a proxy battle.

The Impact
Manchester's assistance enabled the company to take decisive, effective action to address the situation. That action reassured and reenergized the company's employees. Now, our client is refocused, renewed, and on the path to recovery. Its stock price is trading at $3.69 (09/20/06) and the future looks bright.

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