RONALD C. DRABIK Home 770-***-****
**** ******* **** **********, ** 30009 Cell 303-***-****
Summary: Senior management and leadership executive – CFO, CAO and CEO
Proven success in creating shareholder value as a bottom-line oriented change agent who
can quickly implement new processes while maintaining a positive environment in diverse,
global public corporations – with significant contributions in high growth, leveraged and
turnaround situations.
Achievement areas include operations and all areas of finance & admin, including reengineering, outsourcing, systems and controls, strategic planning, M&A, debt and equity sourcing (including IPO’s), shareholder relations, IT/MIS, H.R., analysis, legal, and regulatory compliance -- GAAP, SEC, SOX, ISO, six sigma, etc.
PROFESSIONAL EXPERIENCE:
POLICY-STUDIES, INC. – Denver, CO Jun, 2007 – Present
A leading provider of services to the health and human services industry, including state and local governments and agencies. Services include child support, S-CHIP enrollment & eligibility, and work force program outsourcing. Private equity backed, with $180 million in revenues and 1500 employees. Strategic goals were streamlining operations around standardized processes, launching a new $25 million proprietary software system as the backbone infrastructure, and completing a “liquidity event”.
CFO
Completed two re-financings with Bank of America (Dec ’07 & Dec ’08).
Obtained an interim $2.5 million mezzanine capital investment from a private equity sponsor (Dec ’07), and a new private equity re-capitalization with change of control (Dec ’08).
Reduced accounts receivable DSO from 70’s to low 40’s.
Reduced close cycle from 20 to 10 business days.
Provided financial leadership on major new business line development & launch.
REGENCY HOSPITAL COMPANY – Atlanta, GA Jul, 2006 – Jun, 2007
The 4th largest LTAC (long term acute care) hospital chain with 20 locations in operation and 10 under active development. Private equity backed, with $260 million in revenues and 2000 employees. Strategic goal was to double in size in two years and more than triple in five years to 65 hospitals, with an EBITDA run rate of $100 million.
CFO
2006:
Significantly enhanced the financial controls and reporting processes in an entrepreneurially run company, primarily through effective use of output / detect techniques.
Successfully strengthened and completed the fiscal year close, audit, and budget processes with BofD commendations.
2007:
Actively positioned the Company as a pre-IPO candidate, with SOX compliance initiatives underway – creatively leveraging in process major systems initiatives to achieve a needed
input / preventative control infrastructure.
Implemented a credit facility expansion initiative to fund the initial two years of a five year $500 million new hospital development program.
CCS MEDICAL, INC. – Clearwater, FL Oct, 2004 – Jul, 2006
The 2nd largest direct-to-consumer provider of medical supplies and prescription medications to chronic care patients suffering from diabetes, respiratory, urological, ostomy, and wound care ailments. Formed by Warburg Pincus through the simultaneous acquisition and merger of Chronic Care Solutions and MP TotalCare in a highly-leveraged transaction with sales of $450 million, 1500 employees, and 7 major call center/fulfillment operating locations. Top priority was synergies realization.
CFO
Provided financial leadership for:
Acquisition due diligence
Post-merger projections and modeling
Bank syndication process
Rating agency evaluations
Transaction closing consummation
Integration and rationalization
Purchase accounting, valuations, and audits
Lead business process and systems re-structuring in response to $10 million in Medicare reimbursement cuts in 2005 in the billings, collection, accounting, and IT areas.
Horizon Health Corporation – Lewisville (Dallas), TX 1999 - 2004
A NASDAQ listed health care services provider, including managed care behavioral health services (capitated at risk mental health carve outs), EAPs, contract management of mental health and physical rehab programs, specialized nurse staffing services, outcomes measurement systems, and Phase IV clinical trials in the CNS area, with over 1000 contracts, 150 locations, and revenues of $200 million. Strategic thrust was shareholder value creation by diversified growth from accretive acquisitions and aggressive buyback of undervalued shares, both funded by attractively sourced/priced debt.
Sr. VP & CFO
Completed a pragmatic implementation of Sarbanes-Oxley requirements.
Completed two bank refinancings, including a creative $50 million “accordion” expandability feature and an “impossible” (beyond-market) five year term.
Executed a 30% share repurchase program of over 2.5 million shares for $17.9 million.
Supported five acquisitions, from due diligence to assimilation, in the accounting, H.R., IT and financing/legal areas (OHCA, PHM, ProCare One Nurses, EAP International, Integrated Insights).
Expanded business and clinical ethics compliance as Ethics Compliance Officer, including major revisions of the Company’s Ethics Compliance Plan and ethics administration process.
CUNO Inc. – Meriden, CT 1996 - 1999
A NASDAQ listed global manufacturer of filtration products, with 7 units and sales of $200 million.
A tax-free spin-off from Commercial Intertech Corp. as part of a hostile anti-takeover defense, an independent public company infrastructure was quickly needed – along with sharp EPS growth.
Sr. VP & CFO
Planned and directed the accelerated completion of project “standalone”:
Lead roadshow, accounting, and legal activities for the spin-off divestiture.
Established SEC/NASDAQ reporting/compliance, and tax planning.
Implemented currency and risk management systems.
Completed J.D. Edwards software conversion and Year 2000 compliance.
Upgraded H.R. including benefits administration, compensation and bonus programs, training, and HRIS/ADP software.
Converted benefit plans and selected new pension trustee and asset managers.
Instituted litigation management cost control practices.
Initiated a $28 million secondary public equity offering, leading the transaction analysis, underwriter selection, due diligence, roadshow, and legal and accounting activities – and motivated a major “bulge bracket” underwriter to participate in a unique second chair position.
Established a strong “Wall Street” identity through aggressive communication initiatives, which effectively articulated ways in which CUNO was outperforming its peers, generating full coverage by seven top analysts.
Negotiated a major bank refinancing, obtaining a $60 million, five-year credit line at below market rates with favorable covenants by effectively leveraging future growth expectations.
Completed the acquisition of Chemical Engineering ($13 million) and the deemed “impossible” acquisition of a hostile distributor ($4 million), both within dollar and timeframe targets.
Led a restructuring, generating $3 million in annual savings, including a headquarters location downsizing of 25 salary staff, achieving a deemed “impossible” organizational acceptance and no legal claims by driving a disciplined iterative process with the participating/affected managers.
Co-led the outsourcing of metal housings manufacture resulting in a doubling of margins from 15% to 30% on a $9 million business segment, including a union labor force reduction of over 100 along with improved quality and delivery times.
ACME-CLEVELAND CORP. – Cleveland, OH 1995 - 1996
A NYSE listed maker of telecommunication, motion control, and measurement systems and electronics, with 6 units and sales of $150 million. The priority was to double the size of this refocused machine tool company in three years – until a hostile takeover occurred.
VP FINANCE
Lead the “Wall Street” relations campaign to enhance market pricing as part of a hostile takeover defense and company “auction process”, which resulted in an 11% improved realization by shareholders of $200 million.
Established a $100 million “open check book” credit facility on lucrative terms, including low/variable pricing, few/loose covenants, and maximum flexibility.
MET-COIL SYSTEMS CORP. – Cedar Rapids, IA 1992 - 1995
A NASDAQ listed multinational factory automation systems and machine tool builder, with 5 units and sales of $100 million. Formerly CFO (’86-’89), rehired to execute a successful turnaround necessitated primarily by a crippling loss of a major patent lawsuit.
President & CEO
Downsized by selling the unprofitable Roper Whitney subsidiary ($3 million), the Scott Technology JV ($2 million), and by exiting Rowe’s large systems business, and strongly enhanced profitability by introducing new products and pursuing international growth.
Transferred the manufacture of two products ($2 million in volume) between locations, by creating dedicated operations analysis teams, achieving more balanced plant loading and lowering costs 10%.
Raised equity of $3.6 million in two convertible preferred offerings, avoiding bankruptcy and eliminating “going concern” issues.
RB&W CORP. – Cleveland, OH 1989 - 1992
An AMEX listed manufacturer/distributor of engineered fasteners with 5 plants and 37 branches and sales of $200 million (50% to automotive). Initiated a refocusing to rapidly expand the high potential distribution business while retrenching the mature manufacturing operations.
VP Finance & CFO
Spearheaded development and implementation of first corporate strategic plan in 10 years, and was repeatedly requested to lead divisional efforts.
Assembled “the strongest financial organization that we had ever had” per the CEO, while also establishing disciplined/accelerated financial reporting and control systems.
Championed fixed cost reductions company-wide: in divisional and corporate overheads for $1.5 million in annual savings, and by eliminating excess capacity by closing a major plant.
MET-COIL SYSTEMS CORP. – Cedar Rapids, IA (rehired in 1993) 1986 - 1989
A NASDAQ IPO machine tool builder in an acquisitive, high growth mode. 72nd in size worldwide, with 9 operating units and affiliates, and sales of $100 million.
VP Finance & CFO
Accomplished 3 acquisitions (Rowe Machinery, Roper Whitney, and Scott Technology), a divestiture (Ruesch), 2 downsizings (Mark One and FFS), and joint venture/affiliate startups (Advanced Assembly Automation and RWC).
Initiated and accomplished a 25% share buyback program, then in a deemed “impossible” transaction, reissued the shares at a gain to foreign corporation (Donaghys of N.Z.) to acquire a strategic subsidiary (Scott Technology), to obtain a $1 million capital infusion, and to establish a safe harbor takeover defense.
CEILCOTE/GENERAL SIGNAL CORP. – Cleveland, OH 1984 - 1986
A global manufacturer & installer of corrosion control materials and air pollution control systems, with sales of $60 million (50% abroad).
VP Finance & CFO
MARRIOT CORP., – World HQ – Washington, DC 1982 - 1984
A diversified lodging and food service company, with sales of $4 billion and a 20% compound growth rate.
VP & Controller - Corporate
NORDSON CORP. – Cleveland, OH 1976 - 1982
A Fortune 1000, fast track “threshold company” (Mckinsey & Co.), manufacturing robotics, packaging, and finishing systems with sales of $163 million (multi-national - 50% overseas).
Corporate Controller
ERNST & YOUNG – Cleveland, OH – Supervisory Audit Senior 1974 – 1976
Education: BA, Baldwin-Wallace College, 1974, Summa Cum Laude
Professional: CPA (OH and IA), FEI, NIRI, IMA, AICPA