State of the Art to Expand Despite Recession
While the recession has forced layoffs elsewhere, computer software developer State of the Art Inc. is planning to hire 93 people during the next year.
The expansion would mean boosting State of the Art’s work force of 124 people by 75%, said David Samuels, president of the Irvine supplier of accounting software.
For the record:
12:00 a.m. Feb. 27, 1992 For the Record
Los Angeles Times Thursday February 27, 1992 Orange County Edition Business Part D Page 2 Column 5 Financial Desk 1 inches; 33 words Type of Material: Correction
State of the Art Inc.--The accounting software company’s plan to hire 93 people in the next year is not expected to affect earnings at the Irvine company. A story Wednesday misquoted company president David Samuels on the hiring impact.
“Since the war ended last year, State of the Art has been experiencing rapid growth in spite of the sluggish economy,” Samuels said. “The additional personnel will allow us to add more depth and experience. . . . Our financial plan clearly supports this kind of growth with an impact on earnings.”
The new jobs will be in administration, marketing, sales, customer service, and research and development at the company’s headquarters in Irvine, Samuels said.
Many of the new positions are needed because of a new ClientCare program, which will support customers using the accounting software with training and service, he said.
State of the Art sells software through certified public accountants rather than retailers. In the past year, the company has released several new products.
The company posted earnings of $4.8 million in 1991, up 55% from $3.1 million a year earlier. Revenue rose 18% to $19.1 million from $16.2 million.
