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STEVEN J. PIWNICA, p. 2 Finance 1Mlanager and CFO 1998 to 1999 Cosmotronic Corporation, Irvine, CA $12 million printed circuit board manufacturer owned by investment group. Responsible for financial management of company in preparation for IPO. • Implemented sophisticated accounting systems and company -wide networking capabilities. • Created all financial reporting systems, budgeting processes and cash controls. • Team leader for the development of a new order entry and factory planning system. Vice President Finance and Administration 1995 to 1998 E.T.C. Carpet Mills, Santa Ana, CA Privately -held carpet manufacturer with three locations and annual revenues of $36 million. Responsible for financial, accounting, MIS, legal and contract functions together with production planning, distribution and customer service. • Stabilized operations and positioned the company for a change in ownership. • Break -even monthly sales level lowered from $3.2 million to $2.5 million through an intense cost reduction effort covering every aspect of operations. • Bank debt cut 50% or $2.4 million through the reduction of inventories, improvement in collections and elimination of non - essential spending. • Completed full strategic and operational review with recommendations for repositioning the company. • Completed acquisition of another carpet mill company. • De- factored credit and collections to improve customer service and increase cash flow. Senior Vice President and Treasurer 1990 to 1995 Tuftex Industries, Santa Fe Springs, CA Privately -held carpet manufacturer with revenues of $170 million and yarn mill with revenues of $60 million. Responsible for all financial, accounting, legal, factory scheduling, inventory planning and maquiladora operations. • Negotiated the sale of Tuftex Industries to Queen Carpet and supervised the merger of after -sale operations. • Added $8.5 million in value to the sale of Tuftex Industries through a combination of strong analysis, tough negotiations and smart tax strategies. • ConsoIidated functions and simplified administrative procedures while strengthening internal controls and improving office productivity; generated salary savings of over $1MM. • Introduced new employee benefits program that reduced costs by over $700,000 annually. Vice President, Controller 1986 to 1990 R & G Sloane Manufacturing Company, Sun Valley, CA Injection molding manufacturer of plastic valve and piping systems with annual sales of $80 million. Responsible for all financial, accounting, and legal Rinetions, including maquiladora operations. • Designed new analytical methods and reporting systems for accounting, marketing and production. • Successfully resolved bad debt totaling $2 million. • Designed and implemented a capacity model and shop floor data collection system to define production capacity and measure factory efficiency. 13A -22