RealTime IT News

Evolve Cuts Workforce By 10 Percent

Evolve Software Inc. Friday revealed a restructuring plan that entails cutting its workforce by about 10 percent.

The Emeryville, Calif.-based provider of business solutions said it is attempting to accelerate its drive to profitability.

Evolve will record a charge in the current quarter of about $1 million for the restructuring and expects to break even on an operating basis -- excluding stock-based charges and amortization of intangible assets -- by the end of the first calendar quarter of 2002, the company reported.

"That is one quarter earlier than previously predicted," according to a published statement.

Upon completion of the reorganization, the company expects to have about 350 employees on its payroll.

Evolve shares closed Thursday at $5-7/8 on Nasdaq. At press time it was trading at 5 3/4. The company's 52 week range had a low of 4 and a high of 28 3/4.