Stamford Industrial Group Inc. (Pink Sheets: NETP) recently changed its name from Net Perceptions Inc. to Stamford Industrial Group Inc. The name change was approved at the company’s 2007 Annual Meeting of Stockholders held on June 21, 2007.
“We thank our stockholders for their support in helping us change our name to one that better reflects our intended business purpose and strategy. We believe that our new name will further strengthen our brand and identity to the marketplace,” commented Al Weggeman – CEO of NETP – in a statement.
The company also announced that its wholly-owned subsidiary, SIG Acquisition Corp. Inc., which was previously doing business as “Concord Steel,” has changed its name to Concord Steel Inc.
NETP’s most recent financials come from its earnings release for the 3 months ended March 31, 2007. Consolidated revenue was $27.9 million, an increase of 53.4 percent or $9.7 million for the first quarter ended March 31, 2007, compared to revenues of $18.2 million for the first quarter ended March 31, 2006.
The company’s consolidated gross profit margin dollars increased to $5.3 million for the first quarter ended March 31, 2007 compared to $3.8 million for the gross margin for the first quarter ended March 31, 2006.
NETP also issued guidance for 2007 by forecasting revenues of approximately $95 to $100 million, representing approximately 10 to 15 percent organic growth from 2006, with fully diluted earnings per share of approximately 3 to 5 cents.
NETP is an industrial holding company that is focused on building out a global, diversified portfolio of businesses via both acquisitions and organic growth. The company recently purchased Concord Steel, a leading manufacturer of steel counterweights, as a first step in building out its platform. NETP is seeking opportunities in both domestic and international markets and is targeting industrial manufacturing companies with: solid and defensible market and product positions; attractive organic growth opportunities; and ability to improve operational performance.