Glass Lewis Endorses SM&A Board; Recommends Shareholders Vote White Card
09 May 2008 - 2:19AM
Business Wire
SM&A (NASDAQ:WINS) today reported that Glass Lewis & Co., a
leading proxy advisory firm, recommends that shareholders vote for
all nine of the Company�s nominees at the annual meeting on Friday,
May 23, 2008. Glass Lewis recommends shareholders use the WHITE
proxy card mailed to them by SM&A when voting and not to vote
the gold proxy card provided by Myers. In reaching their
conclusion, Glass Lewis noted, ��.considering the recent turnover
within the Company�s executive team and the impact of certain
non-operational charges on the Company�s 2007 earnings, we believe
that withholding votes from management�s nominees appears
premature.� In this regard, they went on to state that �[g]iven the
recent turmoil surrounding the Company�s management team, we are
concerned that the installation of four dissident nominees on the
board could add further uncertainty to the Company�s strategic
direction.� In commenting on SM&A�s operating performance,
Glass Lewis stated, �We note that the Company�s operational
performance has shown growth in some areas over the past year.
Revenues for fiscal 2007 were approximately 37% higher than fiscal
2006 revenues. Net income grew by approximately 72.7% from fiscal
2006 to 2007. In addition, the company�s EBITDA margin, net margin,
return on equity, and return on assets on an annual basis all
improved from fiscal 2006 to 2007.� Dwight Hanger, Chairman of the
Board of Directors of SM&A, stated, �The Board of Directors is
pleased that an authoritative independent advisory organization
such as Glass Lewis has recommended that SM&A shareholders vote
for all nine of the Company�s nominees at SM&A�s upcoming
annual meeting. We are also pleased that they recognize the growth
in our operational performance and the impact of non-operational
charges to our financial results. While the Board shares Glass
Lewis� concern over the stock price, we are confident that
management has now sufficiently dealt with the legacy issues from
the Myers era that the company will be on an upward trajectory from
this point forward -- on the strength of our team and our strategic
plan. Once this proxy contest is behind us we look forward to
getting back to business full time and focusing on our top priority
� building shareholder value.� We urge you to Vote your White Proxy
Card today to re-elect your current Board and empower them to
continue to guide SM&A to future success. � The Stockholder
meeting will be on Friday, May 23, 2008 with stockholders of record
as of April 9, 2008 eligible to vote. � If you have any questions
or need assistance in voting, contact MacKenzie Partners, Inc.
Toll-Free: (800) 322-2885 winsproxy@mackenziepartners.com � Please
discard and do not sign any gold proxy cards sent to you by Myers.
About SM&A SM&A is the world's foremost management
consulting firm providing leadership and mentoring solutions to
PLAN for business capture, WIN competitive procurements and
profitably PERFORM on the projects and programs won. Our proven
processes, people and tools have delivered significant top-line and
bottom-line growth across markets, products and services. From the
largest aerospace and defense contractors, through the major
software providers, to healthcare and financial/audit service
providers, SM&A is the partner many companies turn to WHEN THEY
MUST WIN. All stockholders of SM&A are advised to read the
definitive proxy statement and other documents related to the
solicitation of proxies by SM&A for use at the 2008 annual
meeting of stockholders of SM&A. They contain important
information regarding the election of directors and other matters.
The definitive proxy statement and form of proxy have been mailed
to stockholders of record of SM&A along with other relevant
documents. They are available at no charge on the SEC�s website at
http://www.sec.gov In addition, SM&A will provide copies of the
definitive proxy statement without charge upon request. Some
statements made in this news release refer to future actions,
strategies, or results that involve a number of risks and
uncertainties. Any number of factors could cause actual results to
differ materially from expectations, including a shift in demand
for SM&A's Competition Management and Program services;
fluctuations in the size, timing, and duration of client
engagements; delays, cancellations, or shifts in emphasis for
competitive procurement activities; declines in future defense,
information technology, homeland security, new systems, and
research and development expenditures, and other risk factors
listed in SM&A's SEC reports, including the report on Form 10-K
for the year ended December 31, 2007. Actual results may differ
materially from those expressed or implied. The company does not
undertake any duty to update forward-looking statements.
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