RICHARD H. WATTS CPA
Avenue Apt ***0
Fort Lauderdale, Florida 33301
SUMMARY OF QUAILIFACTIONS
CFO/Senior Financial Executive, Equity Financing, Mergers & Acquisitions, Corporate Turnaround, Strategic Planning, Treasury and Risk Management, Operations Management, Strategic Negotiations, and Turnaround Management.
Experience is focused on Private Equity and Venture Capital environments with history of increasing enterprise value and successful P/E exits yielding significant ROI for investors. Three of my last five positions have been with MML Capital. Instrumental in achieving significant cost reductions and revenue improvement through acquisitions, reengineering, team building and leadership experience. Solid business background with extensive knowledge of risk management, financial reporting, and automated accounting systems. PROFESSIONAL EXPERIENCE
PRIDE FAMILY BRANDS, Fort Lauderdale, Florida
Chief Financial Officer – July 2018 to January 2019 Private equity (New Water Capital) owned patio furniture manufacturing company with more than $50M in revenue. Company is in the process of being sold. Responsibilities included all aspects of financial reporting, IT, human resources, taxes, cash management, accounts payable, accounts receivable, risk management, and strategic planning.
VIP CINEMA SEATING, New Albany, Mississippi
Chief Financial Officer – July 2015 to July 2018
Private equity (MML Capital) invested high-growth manufacturing company with more than $134M in revenue. The company was sold in February 2017. Directed finance, accounting, human resources, and facilities management, improved its financial position and positioned it for sale within 6 months which was the critical objective of this position. Positioned company for sale by developing viable financial models and planning capital needs.
Implemented processes to help manage revenue growth from $77M to $134M in 3 years.
Managed the due diligence process during the sale of the company to a larger private equity company at 8X EBITDA.
Managed the debt credit rating process with Moody’s and Standard and Poor’s to establish a $202M dollar term loan and a $20M dollar revolving credit facility.
Directed the acquisition of a frame manufacturing company.
Completely revised financial reporting and related cashflows consolidation, adjusting, and reporting processes.
Setup the UK international operations to help generate $34M of additional sales.
Directed the implementation of Microsoft Dynamics ERP system. RICHARD H. WATTS CPA
ARGYLE SECURITY, San Antonio, Texas
Chief Financial Officer – January 2010 to July 2015 Private equity (MML Capital) owned construction and manufacturing company with more than $70M in annual revenues. Lead the financial and operational efforts to turnaround the company and improve its financial position. Responsibilities included all aspects of financial reporting, IT, human resources, taxes, cash management, accounts payable, accounts receivable, risk management, and strategic planning.
Increased EBITDA by reducing overhead cost and right sizing the company.
Managed the acquisition of a detention furniture company.
Setup joint venture to minimize risk on large contract which proceeds were used to pay off $14M in debt.
Spearheaded the turnaround of the California furniture manufacturing plant by reducing scrap and machine downtime.
Renewed and extended bank credit lines at favorable terms.
Reduced the annual audit process from 3 months to 1 month. GSE LINING TECHNOLOGY, Houston, Texas
Vice President and Corporate Controller – October 2007 to January 2010 Private equity (CHS Capital) owned manufacturing company with more than $500M in annual revenues. Lead and directed all aspects of the accounting, treasury and financial reporting for the Houston-based companies and to ensure the proper reporting of the consolidated financial results of the 7 international business units. Responsible for the preparation of financial statements in SEC format.
Directed cost accounting functions for all operations.
Improved budgeting and forecasting ability resulting in meeting cash flow and profitability targets.
Worked with the bank to renegotiation of the revolving credit facility to provide working and growth capital.
Lead global simultaneous implementation of Peoplesoft financials ERP system, providing greater transparency and facilitating global capacity planning. XSERV INC., Houston, Texas
Corporate Controller – September 2002 to October 2007 Private equity (MML Capital) owned construction and service company with more than $400M in annual revenues. Selected to lead the organization’s financial operations for the turnaround and sale of the company. Directed financial analysis; cash management; G/L, A/P, and A/R; budgeting; external auditing; and payroll processing activities that led to improvement in cost saving, profitability, and productivity.
Improved the estimating process to eliminate low margin jobs.
Setup processes to track labor mix on jobs to increase margins.
Directed the implementation of SAP.
Directed the acquisition of A&L Industrial Group.
Reduced monthly reporting processing time by 10 days and significantly improved reporting accuracy by centralizing and consolidating G/L procedures.
Managed the due diligence process during the sale of the company to the Brock Group for 12X EBITDA.
CHAMPAGNE-WEBBER INC., TEXAS, Houston, Texas
Controller – February 2000 to September 2002
A construction company with more than $290M in annual revenues. Diverse financial accountabilities with job scope involving preparation of monthly / year-end financial statements; invoicing and distribution of revenues; budget preparation; and control of capital expenditures.
Full responsibility for P&L of four construction companies.
Oversaw external audit process and provided all necessary worksheets/data to minimize billable hours.
Responsible for developing and implementing accounting policies and procedures. RICHARD H. WATTS CPA
PGS EXPLORATION (US) INC., Houston, Texas
Assistant Financial Controller – June 1997 to February 2000 An offshore seismic company with more than $1,300M in annual sales.
Responsible for the strategic planning, development, implementation and management of all cash management, treasury, accounting, financial reporting, financial analysis and budgeting for the company.
Full responsibility for P&L of company with annual sales of over $100M.
Supervised a staff of 12, which included 1 degreed manager, and 5 degreed staff.
POOL ENERGY SERVICES COMPANY, Houston, Texas
International Accounting Manager – May 1994 to June 1997 A drilling company with more than $455M in annual revenues.
Managed a staff of 5 including review of all financial reporting, general ledger, accounts payable and fixed assets.
Supervised the final consolidation of 27 international ledgers.
Reviewed SEC reporting for all international ledgers. UMC PETROLEUM CORPORATION, Houston, Texas
Financial Accountant – June 1991 to May 1994
An energy company with more than $97M in annual revenues.
Prepared monthly financial statements and narratives.
Assisted with the preparation of SEC forms 10Q and 10K. EDUCATION, CERTIFICATION & PROFESSIONAL AFFILIATIONS Bachelor of Science – Accounting, May 1991
Nicholls State University, Thibodaux, Louisiana
Passed Certified Public Accountant exam on first attempt – 1992 Member of the American Institute of Certified Public Accountants Member of the Texas Society of Certified Public Accountants REFERENCES PROVIDED UPON REQUEST