I am very sorry to announce that Southeastern Telecommunications, Inc., our largest customer, has decided not to renew its contract with us to supply computer maintenance services. More than 30% of our business was with Southeastern, so the loss of the contract will substantially diminish our operating revenues.
We expect to know the full impact of the contract loss within 30 days. Within that period we will learn whether contract negotiations with several potential customers, which would replace half of the Southeastern revenues, have been successful. I will keep everyone informed as events develop.
Because of the problems we will experience over the next few months, the company has furloughed six service technicians and three home office personnel. Jack Wiggins, Marketing Vice President, has left the company. No further reductions in staff are anticipated.
Our company has grown fast and established an enviable record in its 12-year history. I know that everyone will pull together in the next few months to help us get back on track.
