FutureLink Cuts Its Work Force by 8%
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FutureLink Corp., which helps businesses run their Internet sites from remote locations, cut about 8% of its 660-person work force to save money and focus on its application service provider business.
The reductions, about 53 in all, will help the Lake Forest company reach its goal of breaking even before interest, taxes, depreciation and amortization by the end of the fourth quarter, FutureLink said in a statement.
FutureLink’s stock fell 47 cents a share, or 31%, to $1.09 in Nasdaq stock market trading. The shares have lost 95% of their value over the last year.
FutureLink said more than 70% of revenue, $91.4 million through the nine months ended Sept. 30, was derived from its professional services unit.
For the year-ago fourth quarter, the company reported a loss of $6.56 million before interest, taxes, depreciation and amortization.
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