Zitel-ZITL What's Happening Message Board

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Technology Stocks : Zitel-ZITL What's Happening

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To: CalculatedRisk who wrote (16762)	7/22/1998 11:20:00 AM
From: CalculatedRisk	Read Replies (1) of 18263

All: Employee reductions and facilities. As of June 30, 1998 ZIT has 161 employees, down from 246 in December. They announced a layoff in January of 46 employees ... and since then another 39 employees have left the Company. This should reduce costs by a million or so for the quarter. File under Management Stupidity! Facilities. ZIT's lease expired in March '98 on their Taj Mahal in Fremont. At the time, I incorrectly predicted that ZIT would move to a smaller facility. Instead they signed a new five year lease for $990K per year. Just a few months later, ZIT is trying to sub-lease the building or cancel the lease! For short sellers ... management is our friend<g>! Regards, Bill

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