Short take: Cysive lowers fourth-quarter targets
Cysive, which helps clients develop Web-based software systems, has lowered its fourth-quarter profit targets and plans to cut roughly 50 non-engineering jobs in a new plan to reduce costs. The Reston, Va., company now expects to post a loss between 10 cents and 12 cents per share. Revenue is expected at approximately $9 million. Cysive will take a restructuring charge between $6 million and $8 million to cover severance, bad debt and other costs.
Cysive, which helps clients develop Web-based software systems, has lowered its fourth-quarter profit targets and plans to cut roughly 50 non-engineering jobs in a new plan to reduce costs. The Reston, Va., company now expects to post a loss between 10 cents and 12 cents per share. Revenue is expected at approximately $9 million. Cysive will take a restructuring charge between $6 million and $8 million to cover severance, bad debt and other costs.