ECI affiliate InnoWave likely to halve workforce in May
Network solutions firm ECI Telecom's (Nasdaq:ECIL) subsidiary InnoWave ECI Wireless Systems will dismiss half of its 350 workers in May, market sources estimate.
No comment was available from InnoWave, which provides fixed and wireless access solutions. In February the company announced it had won a contract to provide the MultiGain Wireless system to Swaziland Posts and Telecommunications Corporation. The product will enable providing communications lines to 11,000 subscribers.
As part of an efficiency plan, parent company ECI dismissed over 1,500 workers last year.
On releasing the results for the last quarter of 2001, ECI President & CEO Doron Inbar projected that results in each of the first and second quarters this year will be 10% to 20% lower than results in the fourth quarter last year. He said that the company is unlikely to return to profitability before the second half this year.
Ulticom cutting workforce by 20%
Ulticom (Nasdaq:ULCM), a Comverse Technology (Nasdaq:CMVT) subsidiary, lowered Q1 projections and announced lay-offs of 20% of its workforce. The cut and other restructuring operations will mean $3 million one-time charges in the second fiscal quarter this year, ending July 31.
Revenue is expected to come to $7 million in the first fiscal quarter this year, ending April 30. and loss per share is likely to come to 3 cents.
Analysts projected 2 cents loss per share, and $11 million revenue.
