Bioscrypt Plans to Reduce Its Workforce to Stay Strong for 2003
In reporting its financial results for the third quarter ended Sept. 30, fingerprint technology provider Bioscrypt Inc. says its board of directors and management will do some necessary restructuring to remain competitive and financially strong. The company plans to reduce operating expenses by at least 17 percent by reducing its workforce and implementing other cost-savings initiatives.
This includes a 10-percent cut in pay for President and CEO Pierre Donaldson and the forfeiture of fees by all directors. A charge of $38 million has been booked in the third quarter in respect of this restructuring.
Bruce MacInnis, CFO of Bioscrypt, says, “We are implementing measures to reduce our overall expense run rate to ensure we meet our goal of quarterly profitability in the second half of next year.”
For the third quarter ended Sept. 30, the company reports revenue of $1.7 million, an increase of 29 percent from $1.3 million in the previous quarter and an increase of 31 percent compared to the same period in fiscal 2001. Bioscrypt reports a loss of $1.6 million, or 3.5 cents per share, in the second quarter, including the restructuring charge, compared to a loss of $1.7 million, or 4.5 cents per share, for the same period in 2001.
Third-quarter net loss was $2 million, or 4.6 cents per share, vs. a net loss of $4 million in 2001, or 11 cents per share.
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