Lightyear's CFO Bush Resigns

By Josh Long

Lightyear Network Solutions, Inc. is losing one of its top and most seasoned executives.

In a Securities and Exchange Commission filing last week, Lightyear disclosed that Elaine G. Bush was resigning her position as chief financial officer and all other posts she holds with the telecommunications provider.

The resignation of Bush, whose history with the company dates back nearly 20 years, takes effect July 20.

Lightyear, based in Louisville, Ky., did not specify in the SEC filing why Bush is resigning but stated it was “grateful” for her services and wished her “success in her future endeavors.”

The 55-year-old Bush joined Lightyear in 1993 as a consultant during the company’s inception as Unidial Communications Inc. and she has served as CFO of Lightyear for the last decade, according to a recent article in the Business First of Louisville. She is a CPA with more than 25 years of experience and has operated her own accounting consultancy, according to Lightyear’s website.

Steven Rush, a marketing manager with Lightyear, did not immediately respond Monday when asked via email about Bush’s resignation.

Lightyear delivers services to approximately 70,000 customer locations with a significant concentration of customers in Kentucky, Ohio, Indiana, Florida and Georgia, according to the company’s 10K filing for the quarter ending March 31. In the first quarter, Lightyear posted a net loss of $621,219 or three cents per share diluted on revenues of $17 million.

Lightyear appears to have been struggling with meeting some forecasts. In the SEC filing, the company revealed that a bank in May “waived two first quarter 2012 debt covenant violations that resulted from earnings forecast shortfalls.”