$SIRC Solar Integrated Roofing Corp. Implements Corporate Synergy Program, Expects to Reach Profitability in 2021
https://www.accesswire.com/662997/solar-integ...ty-in-2021
EL CAJON, CA / ACCESSWIRE / September 8, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has launched a strategic corporate streamlining program to decrease costs and further realize cost synergies across its family of companies, which when combined with its record sales growth, is expected to achieve profitability as early as the quarter ended August 31, 2021.
The program's focus to reduce labor expenditures and duplicative overhead will enable a more competitive, streamlined operating model - better positioning the company to achieve profitability from its current base of business. The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging more efficient business processes. The Company is targeting over $1 million in annual cost savings to be realized by December 31, 2021.
"After our most recent acquisition, we turned our attention to organic growth and accelerating the path to profitability," said David Massey, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp. "Our corporate synergy program's chief goal will be to implement operating best practices and remove redundancies across our family of companies. These moves will help to simplify operations, improve execution and enable a more competitive cost structure.
"The program is expediting our road to profitability, supplemented by our robust sales growth in recent months. With our sustained sales momentum, record setting sales in July and the busy fall season ahead, we now expect to be cash flow positive and profitable in the quarter ended August 31st. Combined with our recently announced share buyback program, I believe we better positioned to create sustainable value for our shareholders than any other time in our history as a public company," concluded Massey.
https://www.accesswire.com/662997/solar-integ...ty-in-2021
EL CAJON, CA / ACCESSWIRE / September 8, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has launched a strategic corporate streamlining program to decrease costs and further realize cost synergies across its family of companies, which when combined with its record sales growth, is expected to achieve profitability as early as the quarter ended August 31, 2021.
The program's focus to reduce labor expenditures and duplicative overhead will enable a more competitive, streamlined operating model - better positioning the company to achieve profitability from its current base of business. The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging more efficient business processes. The Company is targeting over $1 million in annual cost savings to be realized by December 31, 2021.
"After our most recent acquisition, we turned our attention to organic growth and accelerating the path to profitability," said David Massey, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp. "Our corporate synergy program's chief goal will be to implement operating best practices and remove redundancies across our family of companies. These moves will help to simplify operations, improve execution and enable a more competitive cost structure.
"The program is expediting our road to profitability, supplemented by our robust sales growth in recent months. With our sustained sales momentum, record setting sales in July and the busy fall season ahead, we now expect to be cash flow positive and profitable in the quarter ended August 31st. Combined with our recently announced share buyback program, I believe we better positioned to create sustainable value for our shareholders than any other time in our history as a public company," concluded Massey.
