He did not make the 2007 top CEO rankings; neither did he make the 2006 and 2005 listings, but if he continues along his current financial path, chances are he may just make his entry onto the 2008 List. With a 126.4% growth in after tax profits for 2007 compared to 2006, Cooper missed inclusion on the list by fewer than 50 million dollars, earning just JA$266,143,000. The qualifying mark for the list is JA$300M.
According to information published in the Jamaica Stock Exchanges’ 2008 CEO report, “Pulse is an organization built on vision, innovation and optimism, as well as an unswerving belief in the abilities of the people of the Caribbean. As challenging as the times may be, Pulse remains confident of its ability to meet its targets, partly because of the nature of its business, whose raw material is basically the tremendous talent of our people, and partly because of the innovation it has brought to the character and marketing of its products.”
Pulse essentially earns its income from three business lines consisting of events, property rental and international model agency representation and merchandising.
• Events staged by the company – Caribbean Fashion Week (CFW), Caribbean Model Search, Miss Jamaica Universe and Rock The World (many of these events have legs or launches in the wider Caribbean, the United States or the United Kingdom),
• Television programs – Ready for CFW, Caribbean Fashion Weekly, Caribbean Model Search (Jamaica and international), Caribbean Fashion TV, Music Singles, The Caribbean Model Moment and The Caribbean Fashion Moment (Pulse TV shows are broadcast in more than 20 countries in North America, South and Central America, Europe, Africa and the wider Caribbean),
• Property rental – Caribbean Fashion Centre, Trafalgar Road and Villa Ronai, Stony Hill; a storage facility (Trafalgar Road), and
• Local, Caribbean and international model agency representation and merchandising.
The road to success for “KC” as he is affectionately called has not been an easy one. He struggled through huge challenges in the mid 1990s, as well as faced inherent obstacles encountered not only in building a new business, but in pioneering the development of a new industry as well.
According to a recently published Jamaica Observer report “Pulse Investments Limited received well clear of $1.3 billion in sponsorship during its financial year that ended June 30, 2008. But that was nearly all of the company’s revenue during the year. Other revenue streams that were derived from model agency income, sublet of leasehold properties and ticket sales totalled a mere $37 million, marginally higher than the $36 million it earned the year before.”
The Jamaica Observer report went on the say that “The audited results for the financial year that was submitted to the JSE this week, did not, however, give a breakdown of the $921 million in expenses, which allowed the company enough breathing room to post a profit of $430 million, up from $266 million the year before. Pulse improved its cash position from just under $2 million at the end of June 2007 to $61 million as at June 30, 2008.
A big part of the increase, however, was associated with the success of the firm’s rights issue in May this year, which netted the company $120 million.
But most of the company’s capital base, which stood at $1.48 billion, reflected advertising entitlement and unexpired sponsorship in kind, which combined made up 91 per cent of current assets and 61 per cent of total assets, or $953 million at the end of June 2008.
“Market capitalisation of the stock on the exchange was recently placed at $1.52 billion when the share price stood at $5.60, which was considerably higher than where it started the year – $2.60 – although lower than its 52-week peak of $8 a share.”
Kingsley Cooper and by extension Pulse’s resiliency is evident, given his success in surviving $150 million dollars of debt resultant from bruising interest rates in the hostile environment of the previous decade, one characterized by a severe economic meltdown and trauma. Despite this burden, he was able to earn and negotiate his way out of trouble and today Pulse is engaged in a process of rapid growth and increasing profitability, due in part, to the innovative approach that it brings to product development.
Sources: Jamaica Observer Newspaper, Jamaica Stock Exchange 2008 CEO report
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