Monarch's CEO and Co-Chairman John Farahi commented on the Company's performance: "The challenging economic environment we experienced throughout 2008 continued into the first quarter of 2009. Even though we successfully increased our market share throughout the quarter, we could not overcome the erosion of the market as a whole, the result of which was lower revenue for each of our operating units compared to the first quarter of 2008."

Mr. Farahi continued: "Despite the disappointi... read more