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Internap To Trim 45 Employees, 10 Percent Of Total

ATLANTA (AP) ¿ Internap Network Services Corp. said late Tuesday that it will cut 45 jobs, or 10 percent of its work force, to bring down its operating costs.

The company, which manages data centers and routes Internet traffic, said the cuts will come in its back-office operations and include some senior management positions.

Internap expects the move to save $5 million annually. It will take a charge of $1.2 million in restructuring costs, most of it in the first quarter of 2009, the company said.

"By acting decisively, we better prepare the company to manage through a tough economy, improve results and increase value for customers and shareholders," Chief Executive Eric Cooney said in a statement.

The company also gave its sales outlook for the first quarter, projecting revenue of $62 million to $65 million. Analysts polled by Thomson Reuters are expecting $63.8 million, on average.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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