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FileNet to Cut 5% of Staff in Restructuring

November 20, 1998|Reuters

FileNet Corp., a maker of document-management software, said it will cut 100 jobs, or about 5% of its work force, and take a $2-million charge against fourth-quarter earnings as it revamps its sales, marketing and international operations. The Costa Mesa-based company, whose software helps manage documents electronically and manage information to boost productivity, said the fourth-quarter charge will cover the cost of severance packages and consolidation of functions and facilities. The job cuts will come from FileNet's sales offices in the United States and overseas. The company currently employs about 1,830 people. FileNet reported a third-quarter loss of 18 cents a share, contrasted with a profit of 6 cents in the year-earlier period. FileNet's shares dipped 3 cents on the Nasdaq to close at $8.75, compared with a 52-week high of $32.88.

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