Beam has been InfraCor's chief accounting officer and corporate controller for the past four years, posts he will continue to hold in his new assignment.
The construction company specializes in subsurface infrastructure corridors for water, gas and cable, primarily for municipalities, utilities and industry, utilizing traditional and trenchless methods. The company blames most of its problems on declining contracts from municipalities.
Revenue of the publicly traded company fell 41% to $14.9 million in the fiscal year ended March 31, according to a prepared statement from the company.
This continues a revenue decline of 38.5% for the nine months ended December 31, 2001. Revenue for the final quarter of 2001 decreased 60.3%, compared with the comparable quarter in the previous year.
Stock traded on the New York Stock Exchange fell to two cents a share on July 29, down from a 52-week high of 25 cents a share.
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