ProQuest Reportedly is in a Fight for Survival

I have written articles about ProQuest a number of times recently. The company is well-known in genealogy circles for its product HeritageQuest Online. The company produces online databses of U.S. census records, more than 25,000 local and family history books with every word indexed, Revolutionary War pension records, Freedman's Bank records and more.

Now the Ann Arbor (Michigan) News says that ProQuest is in a fight for survival.

The company has been in the midst of an internal investigation into accounting problems that led the public company to overstate its revenues by more than $80 million in just under five years.

Reporter Mike Ramsey says that the accounting problems at ProQuest Co. raise questions about whether the company will continue to exist - at least under that name - even as it begins moving into a new $34 million headquarters building on Eisenhower Parkway next Monday.

You can read Mike Ramsey's article at http://www.mlive.com/business/aanews/index.ssf?/base/business-4/1146996814187040.xml&coll=2

You can read my previous articles at http://blog.eogn.com/eastmans_online_genealogy/2006/02/proquest_to_res.html, http://blog.eogn.com/eastmans_online_genealogy/2006/04/proquest_cuts_w.html and at http://blog.eogn.com/eastmans_online_genealogy/2006/04/proquest_may_se.html

Comments

[Shamele]

Time to buy low?

[Dick Eastman]

The following is a letter from Skip Prichard, President of ProQuest Information and Learning, sent to the editor of Ann Arbor News yesterday in rsponse to Mike Ramsey's article published in the newspaper's earlier article:

May 10,2006
Editor
Ann Arbor News
340 E. Huron St.
P.O. Box 1147
Ann Arbor, MI 48106-1 147

Your 517 "analysis" of ProQuest ignores our company's considerable strengths and importance to the Ann Arbor community -- facts we believe your readers should know. While ProQuest has been open about its challenges, we are fully engaged in addressing our issues and have confidence in our future. Any fair analysis needs to recognize that we are part of the larger ProQuest Company that continues to be a profitable global business, and we have a deep heritage and a team of committed, hardworking people who care about our customers, our products and our community.

ProQuest's Information and Learning division has been a leader in the information industry since 1938 when its founder began microfilming precious books threatened by WWII. Today, ProQuest is a leader in library advocacy. Thousands of schools and libraries count on us for superior, value-based information products. They award us with industry leading customer satisfaction ratings and we work tirelessly to introduce new products that will advance learning. This is our passion and we plan on continuing to do it for a long time.

As one of the largest employers in Washtenaw County, we are proud of our active role in the community. We donate to Ann Arbor schools and actively support numerous local causes including the March of Dimes, United Way, Hospice, Michigan Theater, Ann Arbor Art Center, Ann Arbor Symphony, and Washtenaw Literacy. We believe in our responsibility to the community and are 100 percent focused on achieving a solid business result that will have a positive, lasting impact on our company, our employees and Ann Arbor.

I am proud to lead this business.

David "Skip" Prichard
President, ProQuest Information and Learning