However, in spite of all the challenges in the market we have been able to accomplish our main goals. We generated strong cash flow, continued to aggressively reduce our operating cost and maintained a healthy capital structure throughout the tumultuous year. I’m glad 2010 is behind us and I’m excited and looking forward to 2011. I am by no means suggesting that 2011 will be without its challenges.
I have always maintained that considering the depth of the financial crisis we have experienced over the past several years, short-term set backs are bound to be part of any recovery. In that light, we expect this year to be bumpy, especially the first half. But at the same time, there is tremendous reason for optimism. We now have a stable capital structure that will allow us to take advantage of the opportunities ahead of us. As bad as this downturn seems, the longer it lasts the stronger our position becomes in the marketplace.
We are clearly emerging to be the only viable option for large AEC companies that need a single provider of document solutions across the nation. The proprietary technology we have developed is starting to become more of a standard throughout the industry. While other reprographic companies are finding it difficult to stay afloat, given the depth in technology, we have started exploring new but related areas in document management such as Managed File Transfer and Cloud Printing. In 2011, we are focused on five growing initiatives, each with an experienced and savvy Senior Vice President leading the way.
The first is global services, already a strong contributor to our top and bottom lines. Global services added nine new accounts to its roster in 2010 including AECOM, a $7 billion industry giant in design and engineering. These new customers represent $14 million of annualized revenue. In total, global services brought $46.8 million in sales, for 2010. We have exciting prospects in the pipeline for 2011 and we are targeting some of the largest companies in the design and engineering space as well as smaller, regional targets to help fill in the gaps.Read the rest of this transcript for free on seekingalpha.com
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