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May 16, 1997updated 05 Sep 2016 12:46pm

SUNRIVER NAMES NEW CEO, ANNOUNCES Q1 PROFIT

By CBR Staff Writer

SunRiver Corp, the Austin, Texas outfit which has decided to focus its efforts solely on its Boundless network computer business, on Thursday announced that J. Gerald Combs has been appointed chairman and chief executive officer. Combs replaces Leonard Mackenzie, who resigned to pursue opportunities in another industry. Mackenzie took the job last November, after Gerald Youngblood was ousted by the brass at New York-based SunRiver Group, which owns about 53% of SunRiver Corp’s shares. Combs has been chief of Sun River Group since April and will continue to work out of the New York office. The company says that Mackenzie’s tenure was a six month turnaround assignment to streamline operations and establish a new focus, goals which it feels he accomplished. Since November, SunRiver says it has reduced its bank debt from $28.1 million to $17.1 million, achieved profitability in its core Boundless Technologies business and reduced costs throughout the corporation. The executive moves were announced as Sun River reported a slim first-quarter profit of $396,000 or $0.01 per share, on revenue down 37% at $23.9m. Net income for the same quarter a year ago was $237,000. The year-ago results are restated to reflect discontinued operations. In the past nine months, the company has thrown all its weight into network computing, closing its TradeWave internet software subsidiary and pawning off its assets for a mere $350,000 (CI No 3,138). It is awaiting shareholder approval of the proposed name change to Boundless Technologies Corp.

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