Jun. 21, 2011 (Marketwire) --
NEW YORK, NY -- (Marketwire) -- 06/21/11 -- Merisel, Inc. (PINKSHEETS: MSEL) operating under its principal brand Coloredge New York -- Los Angeles, a leading provider of visual communications and brand imaging solutions, was awarded "Business Turnaround of the Year" last night at the 9th Annual American Business Awards Ceremony, in recognition of its agility to adapt, grow, and maintain its commitment to delivering solid results, despite prevailing economic turbulence.
The American Business Awards, part of The Stevie Awards program, honors the achievements and contributions of US-based businesses and their employees. Awards were presented in over 40 categories and more than 2,800 entries were received from organizations of all sizes in virtually every industry. Merisel itself was a finalist for ten awards in seven categories, including "Best Overall Company of the Year," "Business Innovation of the Year," and "Turnaround Executive of the Year."
The distinction of "Business Turnaround of the Year" is awarded to the company that showed significant operational and financial improvement in 2010 over 2009. The winning nomination stated:
[Merisel] ended 2009 with a 26% decline in net sales vs. 2008 and an operating loss of $9.3 million (adjusted to exclude one-time non-cash expenses). We finished 2010 with 15.9% year-on-year revenue growth and strong operating income of $1.5 million, resulting in a turnaround of $10.8 million. Undoubtedly, [Merisel] achieved these results through persistent adherence to our three core tenets: Consistently creating superior value for our customers, focusing our operations on efficiency, and instilling a culture defined by high-performance and excellence.
Upon accepting the award at last night's ceremony, Donald R. Uzzi, Chairman & CEO, stated, "We are honored to receive this prestigious recognition by The Stevie Awards for our diligent performance and accomplishments in 2010. I am very proud of the entire [Merisel] team for its continued effort and commitment to making our Company the high-performance organization it is today." Mr. Uzzi continued, "This is a most exciting time for our company as we reinvent and redefine our identity and positioning in the marketplace.