Cysive cuts jobs, sees first-quarter charge

Cysive, which helps companies develop Web-based software systems, plans to eliminate approximately 95 positions, or about 30 percent of its work force, as part of a companywide restructuring plan to help drive down costs. Reston, Va.-based Cysive said it will take a charge of between $1 million and $1.5 million in the first quarter to cover severance and other costs related to the plan. The new cost-cutting measures are expected to lead to approximately $8 million to $10 million in savings on a yearly basis. The company cited weakened demand for its offerings but said it is taking the steps needed to ensure its long-term success.

Jan. 2, 2002 4:43 p.m. PT

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Cysive, which helps companies develop Web-based software systems, plans to eliminate approximately 95 positions, or about 30 percent of its work force, as part of a companywide restructuring plan to help drive down costs. Reston, Va.-based said it will take a charge of between $1 million and $1.5 million in the first quarter to cover severance and other costs related to the plan. The new cost-cutting measures are expected to lead to approximately $8 million to $10 million in savings on a yearly basis. The company cited weakened demand for its offerings but said it is taking the steps needed to ensure its long-term success.