H. Andrew Cross, who succeeded Morton David as president and CEO of Franklin Electronic Publishers last March, is leaving the company by mutual agreement. The company has appointed Barry Lipsky COO and acting president. Lipsky, who has been with Franklin for 14 years, formerly served as the company's executive v-p as well as a director.
Despite a number of new products, Franklin has had several disappointing quarters. For the third quarter ended December 31, 1998, Franklin reported a net loss of $8.1 million, compared to net income of $1.2 million in the same period the previous fiscal year. Sales in the quarter fell to $34.5 million from $36 million. Despite a sales gain of 11.7%, to $87.6 million, the company reported a net loss of $8.8 million for the nine-month period, compared to net income of $2.3 million in the same period of the previous year.
Franklin's stock has also suffered, hitting a 52-week low last month of $4.50 per share; its stock was selling at $6.69 per share on April 21.
