Re: Geac cuts work force by 12 %

[Jeff_Klipa/Harvard@xxxxxxxxxxxxxx]

If you want professional services from Geac you had better order them
now...  You may still be able to get the person with the skill-set you
need...  Better hurry...

POSTED AT 6:36 PM EDT    Monday, October 16
            Geac slashes 12% of work force
            Reuters News Agency

            Geac Computer Corp. Ltd., Canada's largest software firm, said
            Monday it would cut about 12 per cent of its work force in a
major
            restructuring aimed at trimming $60-million in annual expenses.
            The company also said it was open to takeover bids for part or
all
            of the operation. CIBC World Markets will act as the company's
            financial adviser, said interim chief executive officer William
            Nelson in a conference call.
            As part of an effort to revive its slumping fortunes, Geac said
it
            would eliminate 500 jobs - 300 from layoffs and 150 from
attrition -
            largely from administration and professional services. The
cuts,
            expected to be complete by the end of November, will leave the
            company with about 4,200 staff.
            "We want to return Geac to making money by operating the
company
            very efficiently," Mr. Nelson said. "We didn't want to cut off
our
            nose to spite our face."
            The company said cost cutting, coupled with season revenue
increases
            should result in improved operating profits and cash flow in
the
            second half of the year. It would not provide details.
            The cutbacks will result in a one-time pretax charge of up to
$20
            million, the majority of which is expected to be taken in its
fiscal
            second quarter.

There is more to this article but I cut it here for space considerations...


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