Quepasa.com Cuts Work Force, Explores Sales of Several Units
A WSJ.COM News Roundup
PHOENIX -- Quepasa.com Inc. cut its work force by nearly two-thirds -- to 20 workers from 58 -- in an effort to preserve cash.
It was the second recent round of layoffs for the Web portal, and comes as several other public dot-coms have gone out of business or been forced to sell themselves. In May, Quepasa cut 30 employees and hired Friedman Billings Ramsey & Co. to help the company explore options, including a possible sale or merger.
Earlier Tuesday, the company reported a third-quarter loss of $7.9 million, or 45 cents a share, on revenue of $966,581. As of Sept. 30, the company had $9.5 million in cash, cash equivalents and liquid securities.
The company now anticipates a one-time restructuring charge of about $730,000 in the fourth quarter in connection with the reduction in its work force. As of Sept. 30, cash and cash equivalents and liquid securities totaled about $9.5 million.
The company, which targets Spanish speakers in the U.S., said it is now actively pursuing the sale of one or more of its Real EstateEspanol.com, Etrato.com and Credito.com units.
Quepasa went public in June 1999. The shares priced at $12 and hit a high of $26.88 in mid-July of that year. Now, the stock trades under $1.
interactive.wsj.com
Let's see losses are EIGHT time revenues and the stocks is a dollar. Should call it quits like MTHR and throw one hell of a party for the remaining shareholders.
Jack
Jack |
