PHILIP MARTUCCI
adz2la@r.postjobfree.com
**** ** **** ****** ****: 954-***-****
Plantation, FL 33322 Cell: 954-***-****
PROFILE
Proven finance and operations leader with demonstrated success creating and implementing business strategies that obtain outstanding market growth, profitability and shareholder value in a diverse range of private and public high-volume, people-intensive manufacturing and retail companies. Extensive multifunctional experience in all areas of business development and financial management, with a strong track record in turnarounds, and rapid-growth environments. Expertise includes M&A, human resources, forecasting, budgeting, inventory planning, and information technology applications. Known for cultivating client and associate relationships and building employee teams that exceed corporate expectations.
EXPERIENCE
NANJING USA, INC., Coral Springs Florida JAN 07 - Present
Clothing manufacturer with specific expertise in producing a quality jean at an affordable price; leader in private label business for Target, Wal-Mart. $190 million in annual sales.
Chief Financial Officer
Responsible for all company financial implications, operations and support functions, including human resources, benefits, IT and all treasury functions.
Part of the small group of decision makers who drove Company from $30 million to over $190 million over a 6 year span
Reviewed projections, variances and cash flows for use in forecasting and planning for seasonal and annual budgets
Structured First factoring agreement and subsequent agreements
Reviewed all Legal issues, contracts and agreements internally.
Management of all Insurance, Health and 401K plans.
Oversee integration of PO’s, shipping and Advanced reporting of merchandise inventory.
Responsible for All reporting and audit requirements in Company buyout during 2018-19
Coordination of all external company reporting and Audit demands.
THE MAGER LAW GROUP, Fort Lauderdale Florida Nov 05 – Dec 06
Insurance defense legal firm, NDSG, a graphics company specializing in medical malpractice presentations and software company, (ROW), which guides the financial and legal evaluation of insurance claims.
Chief Financial Officer
Obtained new financing, increasing availability from $1 Million to $2 Million
Established forecast model encompassing all three companies
J.R. UNITED INDUSTRIES, Miami Florida Temporary assignment May 05 – Nov 05 Interim Chief Financial Officer / Chief Operating Officer
TRENDS INTERNATIONAL, Miami, Florida 1998 – May 05
Clothing manufacturer with specific expertise in producing a garment using multiple processes at an affordable price; leader in private label business for Target, Wal-Mart and K-Mart, as well as production of the brands ecko, B.U.M., Ocean Pacific, Blue Marlin and l.e.i. for department store customers including Macy’s, Robinson’s, Burdine’s, J.C. Penney, Sears and Mervyn’s. $100 million in annual sales.
Chief Financial Officer
Responsible for all company financial implications, operations and support functions, including human resources, benefits and all treasury functions. Full responsibility for asset purchase agreement involving operational, financial, and legal issues including reporting, delivery of existing inventory, sales and purchase orders, letters of credit, invoice assignment, and liability satisfaction. Review of import complications, procedures, and customs issues.
Pioneered establishment of budget process for the company
Created the forecast model used for financial evaluations
Implemented a new perpetual inventory system to provide information through all phases from design and development through receipt and shipment of merchandise
Negotiated a $9 million construction contract, building loan documents, control of construction payments, changes, final lien releases and retainage
Interfaced design, production, treasury, customer service, human resources and warehousing functions to facilitate total operations including movement of merchandise from manufacturing inception through shipment to customer
Developed Employee handbook in both English and Spanish with Human Resource director
Contracted on site management training in “Conflict Management” and “Harassment”
Utilized new category and customer reports to attack operational deficiencies and improve the credit and collections department, resulting in a 2% (of sales) reduction in chargebacks
Initiated institution of a 401K benefit plan
Responsible for review of all contractual and legal obligations including licensing agreements, trademark “infringement” review and financial instruments
PERRY ELLIS INT’L, Miami, Florida 1996 – 1998
Men’s clothing company specializing in collared business casual shirts for the workplace or leisure. $250 million in annual revenues from sales to department stores, mass merchandisers, and boutiques. Formerly Supreme International.
Controller
Responsible for all financial implications affecting the company including receivables, inventory, customer credit evaluations, 807 department, and all systems flows. Reported to the CFO.
Created forecasting model used for financial presentation and monthly evaluations
Established a claims department and developed new reporting for chargebacks for use in collections, business evaluations, and correcting operational shipping problems
Supervised claims collection leading to payback of 10% of all created charges
Reduced DSO collections by more than four days which saved $175,000 and accelerated cash flow
Assessed chargeback reserves and reduced claims balances from 50% over one year to 75+% current while increasing reserves to satisfactory levels
Introduced new general ledger and Lawson accounts payable system to expand capabilities in reporting and evaluations of departmental management
Coordinated and maintained records for risk management and added EPL and foreign practices policies; increased all coverage while reducing total premiums during a 20% growth period
Reviewed, interpreted and provided recommendations on licensing and contractual agreements
Provided financial and management discussion information for 10-Q and 10-K reporting
THE LESLIE FAY COMPANIES INC., Wilkes-Barre, Pennsylvania 1994 – 1996
Ladies fashion company producing a wide range of apparel from dresses and separates to suits and evening gowns. $800 million in annual sales.
KASPER FOR A.S.L., Secaucus, New Jersey
Largest women’s suit manufacturer in the world providing professional attire for businesswomen. Customers included all major department stores. Spin off, originally division of Leslie Fay.
Controller
Responsible for all financial and management reporting, payroll, accounts payable and claims processing. Reported to the CFO.
Structured, developed controls and successfully implemented all financial and operating support systems, including Lawson general ledger and accounts payable, to facilitate spin-off from Leslie Fay with no interruption to business
Developed “carve out” financials for Kasper as a stand-alone for use in audit and SEC filings for spin-off from Leslie Fay
Established reporting systems for the new retail outlet stores to assist operations, merchandise and financial management in identifying critical information
Developed and tested all interfaces to the new general ledger and created financial management reports
Assessed finished and piece goods inventory to determine proper reserves on current and future sales valuation
Reviewed projections, variances and cash flows for use in forecasting and planning for seasonal and annual budgets
Structured factoring agreement and department setup for accounts receivable and claims department
THE LESLIE FAY COMPANIES INC., Wilkes-Barre, Pennsylvania
Director of Corporate Accounting
Recruited to assist in turnaround of account systems flow and reporting after 1993 bankruptcy filing. Responsible for all corporate accounting and financial reporting, both internal and external, including financial supervision of Leslie Fay’s largest division. Reported to the Corporate Controller.
Restated historical information for Sassco Division to reflect its results as a stand-alone entity; utilized to determine financing alternatives and potential sales value
Established procedures that reduced the closing process for all divisional reporting and consolidation from four months to two weeks
Provided functional expertise for the implementation for new general ledger system on AS400 and design of more meaningful management reporting
Coordinated restatement of cost basis inventory resulting in a successful tax credit
Instrumental in payroll conversion to ADP
Evaluated and reported corporate costs for appropriate classifications, potential saving and management charge distribution
LOEHMANN’S INC., Bronx, New York 1980 – 1994
High-quality off-price retail store chain providing name-brand merchandise in approximately 35 states nationwide. $400 million annual sales.
Assistant Controller, (1988 – 1994)
Reported to Controller and CFO, with responsibility for supervision of accounting, tax, financial reporting, accounts payable, payroll and cash management.
Prepared external reports including 10-Q and 10-K for SEC filing
Prepared detailed seasonal budgets, P&L, balance sheet & cash flow from zero base; planned allocation to distribute costs to individual stores and managed reporting of actual results versus plan to the Chairman
Chaired Profit Improvement Committee which identified opportunities for savings, reduced operating expenses to 19% of net sales and created analytic method for determining cost versus benefits of capital spending, including ROI calculations
Led conversion of payroll system to ADP
Implemented new Lawson general ledger system which enhanced management reporting and streamlined the budget structure and analysis
Initiated controlled transfer adjustment program to regulate store inventory procedures
Administered bidding process for all insurance policies, valued at $3 million total, and negotiated final acceptance
Identified high-risk areas and coordinated changes with the human resource department to control worker’s compensation costs
Coordinated all month end closings and reporting within seven business days
Reviewed preliminary store leases to identify areas for negotiation in lessee responsibilities for CAM, real estate taxes, advertising, etc., resulted in controlled expenses and resulting effects to P&L
Prepared financial information for leveraged buyout of the company and for S-1 and S-4 reporting to the SEC
Manager of Accounting and Financial Reporting, (1987 – 1988)
Responsible for weekly, monthly and year-end financial reporting to corporate offices. Responsible for corporate budgeting, including all 85 stores and distribution center.
Facilitated transition of year-end closing reporting procedures following acquisition by May Department Stores
Developed sub-accounting in a limited general ledger system
Senior Staff Accountant, (1980 – 1987)
Transformed accounting procedures to enable creation of internal accounting staff and eliminated the need for outside accounting services
Instituted inventory control procedures which facilitated tracking of stock inventory transfers
Completed all financial accounting of deferred profit sharing plan
Participated in corporate investment planning and placement of funds
EDUCATION
B.S., Accounting – Manhattan College, Riverdale, New York
Graduate of Dale Carnegie Management Course
COMPUTER PROFICIENCIES
Proficient in Microsoft Word & Excel, MAS90, and Lawson Accounting and Payables software, Perfect Law also familiar with VAI and Paragon inventory systems