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Resource Technology Corp/MI history
Resource Technology Corp/MI company history timeline
SCT was founded as a consulting firm in November 1968 by 29-year-old Frederick A. Gross and four other young software specialists.
The first sign of a scandal that almost proved terminal for SCT became public in December 1984, when the company disclosed that its auditors had raised concerns over the use of licensing fees as revenue in its financial statements.
By late 1984 the company's higher-education client list had grown to include Harvard, New York, and Temple universities, the universities of Illinois, Pittsburgh, and Texas, and the California Institute of Technology.
There were no new accounts in 1986, a year in which SCT lost $14.8 million.
SCT regained profitability in fiscal 1989, with net income of $4.9 million (of which $1.9 million came from a tax-credit carryover) on revenues of $44.5 million.
By 1992 SCT had licensed more than 370 Banner systems to over 140 institutions and government jurisdictions.
During fiscal 1994 SCT raised its revenues to $148.2 million and its net income to $11.6 million, both records.
Fiscal 1995 was not a good year for SCT. The company released a customer information-systems product for the utilities industry that analysts called flawed and earned only $3.1 million on revenues of $176.1 million.
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