Design software company Autodesk has announced plans to reduce its operating expenses by between $100m and $150m on an annualized basis by cutting discretionary spending, consolidating facilities, and cutting jobs.
It said the initiatives will be in addition to the pre-tax cost savings of approximately $130m annually announced in January as part of a restructuring plan that included cutting approximately 750 jobs and consolidating facilities.
Carl Bass, president and chief executive at Autodesk, said: We have not seen an improvement in global economic conditions and we believe that taking additional actions to reduce our cost structure is appropriate at this time. Combined, our restructuring in January and this new initiative would eliminate between $230m and $280m in pre-tax operating expenses on an annualized basis. As we navigate this severe economic downturn, we will continue to invest in targeted areas of our business while reducing costs throughout the organization.
The company recently reported a 48% decline in net income to $183.6m for fiscal 2009, compared to $356.2m in 2008, on revenue up 7% at $2.31 billion.