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i2 sees profits by next year
NEW YORK: I2 Techs chief financial officer Bill Beecher said that he expects a restructuring charge of $60 million in the third quarter for layoffs, even as the company struggles through a downturn for business software.
Beecher was addressing a Salomon Smith Barney technology conference in New York. i2 Technologies had earlier announced that it expected a charge of $50 million in the quarter.
Beecher said i2 was working to cut its expenses by an additional 40 percent by the end of the year, to about $120 million.
"We want to get back to profitability by the first or second quarter of next year," he said. "We'll work our best to do better than that but there are no commitments."
Like the majority of software companies i2 was hit when companies put the brakes on software spending amid the tough economy.
The company -- which has laid of thousands of workers and twice changed its CEO -- is struggling to make its sales force adapt to an environment of smaller-sized deals, a far cry from the multimillion dollar commitments it was previously used to signing.
Source: IANS