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.