Outsource Firm Cuts 260 Workers
SOURCE: Graphics Art Online
DATE: Dec 16th, 2008
ARTICLE
INNODATA ISOGEN, INC. (NASDAQ: INOD), today announced that it anticipates fourth quarter revenues will be approximately $20 million, a 10% increase over revenues in the third quarter, and that revenue growth will continue in the first quarter of 2009.
The company also announced that it is reducing its work force by approximately 260 employees, representing approximately 4% of its global work force. The company expects that the reduction will yield approximately $600,000 in quarterly operating cost savings beginning in the first quarter of 2009. Severance and other personnel related costs will approximate $500,000, which will be charged to operations in the fourth quarter and will be paid in the fourth quarter of 2008 and the first quarter of 2009.
Jack Abuhoff, chairman and CEO, said, “We are taking a series of strategic actions intended to improve productivity and generate greater efficiency among both revenue-generating and non-revenue generating functions. At the same time, we are investing further in our editorial KPO services, content-related technology services and eBook services. We believe that these actions, taken together, will enable us to drive continued revenue growth and margin expansion in 2009.”
About Innodata Isogen
Innodata Isogen, Inc. (NASDAQ: INOD) is a leading provider of knowledge process outsourcing (KPO) services, as well as publishing and related information technology (IT) services.
We work as a product development partner to our clients, helping them meet their content creation and publishing challenges. We provide outsourcing services that draw upon onshore and offshore resources, proven project management and highly engineered processes and tools. We also help our clients improve their internal business operations with process and systems engineering.
Our clients include leading enterprises in information-intensive industries such as media, publishing and information services, high technology, manufacturing, aerospace, defense, law, government and intelligence. Recent honors include EContent magazine’s EContent 100, KMWorld magazine’s 100 Companies That Matter, the International Association of Outsourcing Professionals (IAOP) Global Outsourcing Top 100, D&B India’s leading ITeS and BPO companies and the Black Book of Outsourcing’s list of leading outsourcing providers to the printing and publishing business.
Headquartered in Northern New Jersey, Innodata Isogen has offices and operations in the United States, the Philippines, India, Sri Lanka, Israel, China and France.
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