Multimedia digital solution company

Nice Systems

(Nasdaq:NICE) is facing a crisis as its Chairman Benjamin Levin resigns and it announces the dismissal of 220 workers, or 20% of its workforce.

The company also today announced it is to correct its financial report for 2000, explaining that it cannot include revenue generated from sales to its Stevens distributor, until Stevens actually sells the firm's products. This means the firm will have to cut $2.2 million from its annual report.

Meanwhile, Nice has again slashed its Q4 forecast for 2000 to $36 million, against its previous estimate of $39 million to $40 million. Nice had originally released a profit warning for its fourth quarter on December 28, based on its original estimates.