The company posted a second-quarter loss of $137.1 million, or $1.40 per diluted share, compared to income of $5.14 million, or 5 cents per share, during the same period last year. Revenues were $28.7 million, as opposed to $42.7 million in the first quarter of this year and $76.6 million during the same quarter of 2000.
Though the company has been taking steps to restructure, including closing offices in Helsinki, Finland, and Milan, Italy, and laying off about 600 people, including 170 from its non-billable staff in recent months, its cash position is tenuous.
According to the company, it has $15.1 million in cash, cash equivalents and short-term investments, as opposed to $51.4 million at the same time last year.
The company took a restructuring charge of $70 million during the quarter. -- Adrienne Mand
Copyright August 2001, Crain Communications Inc.