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IRI on sales block?

This article was originally published in The Tan Sheet

Executive Summary

Information Resources, Inc. shareholder Chap-Cap Partners pressures Chairman, CEO & President Joseph Durrett in Feb. 13 letter to "sell the company to the highest bidder" before "IRI's shareholders take it upon themselves to find another CEO and board of directors who will do so in your stead." El Segundo, Calif.-based investment group has collected a 5.6% stake in the market research firm since Jan. 8, shortly after Procter & Gamble announced plans to terminate its contract with IRI (1"The Tan Sheet" Dec. 16, 2002, In Brief). IRI reported flat worldwide revenues of $554.8 mil. in 2002 and a $13 mil. net loss, which followed a $3.9 mil. deficit the prior year...

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IRI strategic options

Chicago-based market researcher has retained William Blair & Co. investment banking firm "to assist the company in its exploration of strategic options," IRI says. Firm's strategic alternatives could include "sale of all or parts of the company, joint ventures, restructuring and capital infusions in order to enhance stockholder value and to better serve our customers," Feb. 26 release states. IRI has been reeling since P&G announced plans to sever its relationship with the share-data provider in July. Chap-Cap Partners investment group, a 5.5% IRI shareholder, sent recent letter demanding IRI Chairman, President and CEO Joseph Durrett step down or sell the firm (1"The Tan Sheet" Feb. 17, 2002 , In Brief)...

IRI workforce reduction

Market researcher announces plans to cut about 5% of its workforce in the U.S. and Europe through layoffs and elimination of open positions. Move will result in $7.8 mil. pre-tax charge in the fourth quarter, which will cause firm to miss 2002 earnings target, IRI says. Layoffs are intended to reduce costs related to company's retail tracking business and allow for greater investment in opportunities including expanded channel coverage, according to firm. IRI Q3 revenues increased 2% to $140.6 mil., as a 5% decline in retail tracking revenues was offset by an 18% gain in panel and analytic products and services. Net income was $900,000, compared to a $500,000 loss in prior-year period...

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