The company said it had originally expected 2001 revenue growth of 10 to 12%, but the economic slowdown has made it impossible to predict revenues beyond the second quarter.
Tollgrade expects the cuts to results in annual pre-tax savings of about $4.3 million, or about 20 cents per share, it said. On the other hand, it expects to post a charge of about $400,000, or two cents per share, in the second quarter for severance, outplacement and other related costs.
