posted a narrower-than-expected third-quarter loss and said it expects to save $30 million annually from the recent 40% reduction in its work force.
The Internet mailing and shipping services provider said it lost $38.5 million, or 80 cents a share, excluding noncash charges, compared with a loss of $12.6 million, or 37 cents a share, last year. Four analysts polled by
First Call/Thomson Financial
expected the company to lose 85 cents a share.
Revenue totaled $4.2 million, up 14% from the second quarter.
Earlier today, Stamps.com said it named Bruce Coleman interim chief executive, replacing John Payne who resigned as chairman and CEO earlier this month.
The company also said it expects to take a charge in the fourth quarter related to the restructuring that eliminated about 240 workers. In addition, the company plans to cut its expected 2001 sales and marketing expenditures by half or more from current expectations. Starting in November, the company will raise the minimum price for its Internet Postage service by $2.51 per customer to $4.50 a month.