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.

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