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Network Commerce


eliminated 85 jobs today as part of a cost-cutting move and said Chief Financial Officer Alan Koslow will resign at the end of the month.

The company plans to shut down operations at an off-line direct marketing facility next month, which will affect an additional 56 people.

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Koslow, who also serves as general counsel, will resign, effective Dec. 31, but will remain with the company for an additional month in a transitional role. Network Commerce, a technology infrastructure and services company based in Seattle, said Stephen Smith, vice president of finance, will serve as interim financial chief while the company searches for a permanent replacement.

Network Commerce expects its cost-cutting measures to result in savings of $40 million in 2001. The job cuts are across the board at all of the company's locations. The company also expects a pro forma loss of about $15 million for 2001, compared with a previously expected loss of $27 million. The company expects to be profitable, on a pro forma basis, in the third quarter of 2001, a quarter earlier than previously forecast. The company also sees revenue of $150 million for 2001.

Network Commerce recently rose 13 cents, or 11.1%, to $1.28 in afternoon