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Technology / AI and automation

PYRAMID TO TAKE $23m HIT AGAINST ITS FIGURES AS IT CUTS 110 JOBS

Pyramid Technology Corp is cutting some 110 jobs, about 10% of the total, and will take a restructuring charge of between $22m and $24m against figures for its fourth quarter ended September 30. The charges, coupled with an expected loss from normal operations, will lead to a substantial loss for the fourth quarter, on turnover of $51m, up a little from the $48.6m reported for the third quarter. In addition to the staff reductions, cost-saving measures being taken under the restructuring include consolidation of excess facilities, write-down of inventory, and elimination of some balance sheet intangibles. Pyramid said its cash flow remained positive in the fourth quarter. The restructuring measures are intended to reduce annual spending by $10m to $12m; Pyramid expects to report cash of about $26m as of September 30, with almost no long-term debt.

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CBR Staff Writer

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