Software Publishing Corp, Santa Clara, California is taking a swathe through its workforce, cutting 140 full-time and contract jobs, representing 21% of its worldwide workforce, which will fall to 510. It expects to take a one-time charge of between $18m and $20m for the cuts and related restructuring, including $15m to $16m for reserves for excess facilities and $3m to $4m for reduction of workforce and related changes. It looks for the charges to produce an annualised cost saving of about $12m in fiscal 1994 and a cash impact of about $4m between the fourth quarter of 1993 and the end of fiscal 1994. In its fiscal fourth quarter to September 30 1992, Software Publishing reported a loss of $8.3m or 70 cents a share, on revenues of $36.9m. The loss included a charge of $13.2m associated with an earlier restructuring and a charge of $3.6m for a decline in value of investment securities. The company blamed the workforce cuts on fundamental changes in the software industry, including a faster than anticipated migration to Windows creating intense competitive pressures and more price erosion.
