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ACN Inc
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ACN, Inc. is a Multi-level marketing (MLM) company that provides telecommunications, television, energy, and other services and also provides Independent Business Owner's (IBO's) an opportunity to form a home-based business. Based in Concord, North Carolina, USA, ACN began operations in the U.S in 1993 as American Communications Network. It extended operations to Europe in 1999 and to Asia-Pacific in 2004, and now operates in 23 countries, on 4 continents.[5] As a reflection of its international operations, it changed its name to just the initial letters ACN.[citation needed] The company is a member of the Direct Selling Associations in North America [6][7] and Europe.[8] In the United States, ACN is an accredited member of the Better Business Bureau, where it currently has an A rating.[9] In 2010, ACN was placed #21 on Direct Selling News' Global 100 list of the top 100 direct selling companies worldwide based on its revenue.[10]
Contents
[hide]
• 1 Company structure
• 2 History
• 3 Services
• 4 Criticism
o 4.1 Legal cases
• 5 References
• 6 External links
[edit] Company structure
Based in Concord, North Carolina, United States, ACN has international expansion offices located in Montreal, Quebec, Canada; Amsterdam, the Netherlands; Sydney, Australia; Åmål, Sweden; Wrocław, Poland; and Seoul, South Korea. The company relies on independent representatives working for residual commissions and bonuses to acquire customers for the products it offers and to recruit additional independent representatives.
[edit] History
In 1992, Robert Stevanovski, Greg Provenzano, J.D. Sullivan and twin brothers Tony and Mike Cupisz, founded the American Communications Network, Inc. ACN opened for business in January, 1993 with twenty initial "independent representatives". In its first year it achieved revenues of two million dollars. ACN's initial business was as a marketing arm for a long-distance reseller called LCI Communications. This relationship lasted for five years until LCI was acquired by Qwest Communications.[2] By 1998, ACN was listed in Inc. Magazine's Inc. 500 list as No. 22 in this annual list of the 500 fastest growing private companies in America,[11] with an annual revenue of $98.1 million.
Formerly ACN, through the subsidiaries ACN Energy and ACN Utility Services, operated as a gas and electricity retailer. ACN's energy assets were acquired by Commerce Energy Group in 2006.[12]
Since 2006, ACN has been endorsed by multi-billionaire and Apprentice executive producer, Donald J. Trump. He has gone on to speak at several ACN International Training Events at which he has praised the company's founders, business model and video phone.[13]
In 2008, ACN moved its headquarters from Farmington Hills, Michigan to Concord, North Carolina.[14][15]
On December 13, 2008, ACN committed to purchase in excess of $50 million dollars worth of videophone equipment from WorldGate Communications (stock symbol WGAT). As part of the agreement, ACN, through its investment proxy WGI Investors, purchased all outstanding debentures of WorldGate's senior secured creditor, YA Global Investments, LP (f/k/a Cornell Capital Partners, LP) and acquired a controlling interest (63% of its common stock) in WorldGate, among other conditions. Under the proposed action ACN acquired the right to name four of the seven members of WorldGates's board of directors.[16][17][18]
In September 2010, ACN officially launched operations in South Korea and opened an office in Seoul.[19]
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Balance Sheet Get Balance Sheet for:
View: Annual Data | Quarterly Data
All numbers in thousands
Period Ending 31-Aug-2011 31-Aug-2010 31-Aug-2009
Assets
Current Assets
Cash And Cash Equivalents 5,701,078 4,838,292 4,541,662
Short Term Investments 4,929 2,987 7,904
Net Receivables 5,177,952 4,232,103 3,841,447
Inventory - - -
Other Current Assets 587,224 490,243 599,501
Total Current Assets 11,471,183 9,563,625 8,990,514
Long Term Investments 40,365 41,023 29,011
Property Plant and Equipment 785,231 659,569 701,144
Goodwill 1,131,991 841,234 825,152
Intangible Assets - - -
Accumulated Amortization - - -
Other Assets 986,867 678,831 432,908
Deferred Long Term Asset Charges 1,315,873 1,050,971 1,277,005
Total Assets 15,731,510 12,835,253 12,255,734
Liabilities
Current Liabilities
Accounts Payable 5,682,900 4,794,628 4,513,186
Short/Current Long Term Debt 4,419 143 594
Other Current Liabilities 2,219,270 1,772,833 1,725,179
Total Current Liabilities 7,906,589 6,567,604 6,238,959
Long Term Debt - 1,445 361
Other Liabilities 2,848,352 2,426,403 2,022,202
Deferred Long Term Liability Charges 625,697 565,078 608,006
Minority Interest 471,921 438,977 550,985
Negative Goodwill - - -
Total Liabilities 11,380,638 9,560,530 8,869,528
Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 73 73 17
Retained Earnings 6,281,517 4,634,329 3,947,129
Treasury Stock (3,577,574) (2,524,137) (1,755,446)
Capital Surplus 525,037 137,883 -
Other Stockholder Equity 649,898 587,598 643,521
Total Stockholder Equity 3,878,951 2,835,746 2,835,221
Net Tangible Assets 2,746,960 1,994,512 2,010,069
Currency in USD.
ACN Inc.
From Wikipedia, the free encyclopedia
For other uses, see ACN (disambiguation).
ACN, Inc.
Type
Private
Industry Telecommunications
Founded Incorporated 1992
Headquarters Concord, North Carolina, USA
Key people Charles Barker, CEO
Robert Stevanovski, Chairman
Gregory Provenzano, President
Anthony Cupisz, VP
Michael Cupisz, VP[1][2]
Revenue US$ 550 million (2010)[3]
Employees 1300 (2010)[4]
Website www.acninc.com
ACN, Inc. is a Multi-level marketing (MLM) company that provides telecommunications, television, energy, and other services and also provides Independent Business Owner's (IBO's) an opportunity to form a home-based business. Based in Concord, North Carolina, USA, ACN began operations in the U.S in 1993 as American Communications Network. It extended operations to Europe in 1999 and to Asia-Pacific in 2004, and now operates in 23 countries, on 4 continents.[5] As a reflection of its international operations, it changed its name to just the initial letters ACN.[citation needed] The company is a member of the Direct Selling Associations in North America [6][7] and Europe.[8] In the United States, ACN is an accredited member of the Better Business Bureau, where it currently has an A rating.[9] In 2010, ACN was placed #21 on Direct Selling News' Global 100 list of the top 100 direct selling companies worldwide based on its revenue.[10]
Contents
[hide]
• 1 Company structure
• 2 History
• 3 Services
• 4 Criticism
o 4.1 Legal cases
• 5 References
• 6 External links
[edit] Company structure
Based in Concord, North Carolina, United States, ACN has international expansion offices located in Montreal, Quebec, Canada; Amsterdam, the Netherlands; Sydney, Australia; Åmål, Sweden; Wrocław, Poland; and Seoul, South Korea. The company relies on independent representatives working for residual commissions and bonuses to acquire customers for the products it offers and to recruit additional independent representatives.
[edit] History
In 1992, Robert Stevanovski, Greg Provenzano, J.D. Sullivan and twin brothers Tony and Mike Cupisz, founded the American Communications Network, Inc. ACN opened for business in January, 1993 with twenty initial "independent representatives". In its first year it achieved revenues of two million dollars. ACN's initial business was as a marketing arm for a long-distance reseller called LCI Communications. This relationship lasted for five years until LCI was acquired by Qwest Communications.[2] By 1998, ACN was listed in Inc. Magazine's Inc. 500 list as No. 22 in this annual list of the 500 fastest growing private companies in America,[11] with an annual revenue of $98.1 million.
Formerly ACN, through the subsidiaries ACN Energy and ACN Utility Services, operated as a gas and electricity retailer. ACN's energy assets were acquired by Commerce Energy Group in 2006.[12]
Since 2006, ACN has been endorsed by multi-billionaire and Apprentice executive producer, Donald J. Trump. He has gone on to speak at several ACN International Training Events at which he has praised the company's founders, business model and video phone.[13]
In 2008, ACN moved its headquarters from Farmington Hills, Michigan to Concord, North Carolina.[14][15]
On December 13, 2008, ACN committed to purchase in excess of $50 million dollars worth of videophone equipment from WorldGate Communications (stock symbol WGAT). As part of the agreement, ACN, through its investment proxy WGI Investors, purchased all outstanding debentures of WorldGate's senior secured creditor, YA Global Investments, LP (f/k/a Cornell Capital Partners, LP) and acquired a controlling interest (63% of its common stock) in WorldGate, among other conditions. Under the proposed action ACN acquired the right to name four of the seven members of WorldGates's board of directors.[16][17][18]
In September 2010, ACN officially launched operations in South Korea and opened an office in Seoul.[19]
[edit] Services
ACN offers landline telephone service (local and long distance), Voice over Internet Protocol (VoIP), including video phone service, high-speed internet, satellite television, cellular phone, and home security services, primarily to consumers, and secondarily to small businesses. Beginning in 2011, ACN also began offering an ACN-branded international calling smartphone app available for iPhone, Android and Symbian, reselling WiMAX wireless Internet, and technical support service for personal and business computers, as well as getting back into the energy reselling market.[20]
With variations depending upon the country of operation, provision of ACN's services follows three models:
1. The reselling of ACN-branded services ultimately originating in an incumbent provider. This is exemplified by local and long-distance telephone, where ACN buys local telephone service from an incumbent provider such as Qwest or AT&T, and bills customers in its own name. This model was made possible by telephone industry deregulation beginning in 1996; prior to this, ACN was involved solely in reselling long-distance telephone service. It was the expansion of deregulation internationally that made it possible for ACN to begin to operate outside the United States.
2. Acting as a sales agent for the actual service provider, where an ACN representative sells the service, but order fulfillment, billing, and servicing is performed by the branded provider. ACN resells wireless plans from Verizon Wireless, Sprint Nextel, and T-Mobile USA,[21] satellite television providers DirecTV and Dish Network,[22] and the largest home security provider, ADT.[23] ACN now also resells energy (electricity and natural gas) for Planet Energy, in New York City, New York.
3. The selling of ACN-branded and provided services. These are Voice over Internet Protocol[24] and the Iris 5000 Videophone,[25] in which ACN resells consumer equipment manufactured to their specifications, but owns and maintains its own network of servers. Starting in January 2011, ACN has also added an ACN-branded computer technical support service to its service offerings.[26]