NETCENTIVES CUTS 50% OF WORKFORCE

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(Aug. 1, 2001) -- Internet direct marketing company Netcentives cut 180 jobs yesterday - more than half of its 345-person work force - as part of a restructuring plan to reduce debt. The San Francisco-based company last week announced layoffs would be imminent, as well as additional cash infusion and cost reduction in order to continue operations. It reported a net loss of $284 million on $15 million in revenue for the second quarter and announced that it would not meet cash flow break-even projection for the fourth quarter. -- Cara Beardi

Copyright August 2001, Crain Communications Inc.

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