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On September 14, 2020, Select Interior Concepts (NASDAQ: SIC) announced CEO L.W. (Bill) Varner, Jr. and CFO Nadeem Moiz will participate in the Zelman & Associates 2020 Virtual Housing Summit on September 22, 2020. The company will showcase its latest investor presentation during this event, accessible via its website's Investor Relations section. Select Interior Concepts is a key player in the interior building products market, providing design, sourcing, and installation solutions for various interior products, including flooring and countertops.
Select Interior Concepts (SIC) appointed Deme Christian as Chief Human Resources Officer, effective immediately. As part of her inducement to join, the Company granted her 125,000 restricted stock units (62,500 time-based and 62,500 performance-based). The time-based units vest over four years, while the performance-based units depend on the stock closing above set price hurdles for 20 consecutive trading days, both contingent on her continued employment. This move aligns with NASDAQ Listing Rule 5635(c)(4).
Select Interior Concepts (SIC) has appointed Deme Christian as Chief Human Resources Officer, aiming to enhance corporate infrastructure and revenue growth. CEO L.W. Varner emphasized Christian’s extensive experience in human resources for multi-site organizations, which is expected to contribute to long-term value creation. Christian's background includes roles at UPS and IG Design Group, along with a strong educational foundation in HR management.
Select Interior Concepts (SIC) reported a challenging second quarter of 2020, with net sales declining 20.8% to $125.4 million and a net loss of $3.2 million, translating to a loss of $0.13 per share. The gross profit decreased by 30.5% to $30.7 million. Operating cash flow improved to $9.7 million compared to a cash use of $1.7 million the previous year. The company expects to save approximately $14-$16 million in 2020 due to cost-saving measures executed in response to the COVID-19 pandemic. CEO L.W. Varner Jr. emphasized the importance of improving operational efficiencies and developing a long-term growth strategy.
Select Interior Concepts (SIC) announced the appointment of Patrick Dussinger as President – ASG, effective immediately. To incentivize his role, the Company granted him 225,000 restricted stock units (112,500 time-based and 112,500 performance-based). The time-based units vest over four years, while the performance-based units are contingent on the stock price achieving specific thresholds for 20 consecutive trading days. This grant aligns with NASDAQ Listing Rule 5635(c)(4) as an inducement for his employment.
Select Interior Concepts (NASDAQ: SIC) is set to release its financial results for Q2 2020 on August 6, 2020, before market open. A conference call is scheduled for the same day at 9:00 AM EDT, hosted by CEO L.W. Varner, Jr. and CFO Nadeem Moiz. The company specializes in interior building products, offering a wide range of design and installation services. Forward-looking statements in the press release caution about potential risks and uncertainties, particularly related to the ongoing COVID-19 pandemic.