putting two plus two together
part 1
DJ Preview Systems Results -3: To Talks To Sell Co.
06 Feb 16:55
Preview Systems Inc. (PRVW) is terminating 37 of its 140 employees, or about
25% of its work force, in order to reduce costs.
The company said it will record a first quarter charge of about $750,000 to
cover the cost of the job cuts.
Preview Systems is currently in talks for the sale of the company's business,
but no definitive agreement has been reached.
The company said the move is due to changes in market valuations, the
changing competitive landscape and the consolidation within its industry.
A First Call/Thompson Financial survey of four analysts produced an estimate
for a first quarter loss of 28 cents a share.
The company reported a first quarter loss of $3.7 million, or 22 cents a
share, excluding items, on revenue of about $1.7 million.
Shares of Preview Systems were halted for news late Tuesday, last trading at
$2.41, down 33 cents, or 12%, on volume of 278,900 share, compared to daily
average volume of 156,832 shares. The company's share had a 52-week high of $76
in March 2000.
Preview Systems develops and markets products that enable networks to
electronically distribute and license digital goods.
-Thomas Gryta; Dow Jones Newswires; 201-938-5400
(END) DOW JONES NEWS 02-06-01
04:55 PM |
