Sizmek (SZMK) Announces Executive Shift; Prelim. Q3 Revs Miss Views

Sizmek (NASDAQ: SZMK) announced that Neil Nguyen, the Company's CEO and President, will lead the sales organization, effective immediately. The Company has further announced, in a separate press release, that Ken Saunders has been appointed Chief Financial Officer of Sizmek, effective October 7, 2014. Saunders brings to the role extensive financial experience with technology companies, including positions with Fair Isaac Corporation (FICO), Peregrine Systems, Inc., Open Solutions (now FISERV) and Bazaarvoice, Inc., among others. Sizmek also announced that Andy Ellenthal, Executive Vice President - Global Sales, will be leaving the Company.

"We appreciate all of Andy's contributions to Sizmek over the past three years and wish him the best with his next opportunity," said Neil Nguyen. Ellenthal will remain with Sizmek until December 2014 to assist with the transition. A search for a new head of global sales is already under way.

Third Quarter Outlook

Separately, Sizmek is providing a preliminary revenue outlook for the third quarter ended September 30, 2014. For the three months, the Company expects revenues of $38.5-$39.5 million, noting that despite strong double digit growth in the majority of the business, the Company saw an accelerating decline in the demand for its rich media product. To address this product shift, the Company is focused on expanding and deepening its product mix targeted to the growing advertising channels, including online video, mobile, and its portfolio of data and creative products (Verification, OmniChannel Dynamic Creative Optimization and advanced attribution and analytics).

*** The Street sees Q3 revs of $42.0 million.

The Company will provide greater detail on its Q3 results, and revise its full year 2014 outlook, on its regularly scheduled earnings call in November 2014.

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