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Vital Images to trim workforce by 35 positions
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Vital Images Inc. said Wednesday that it will cut 35 jobs, or 11 percent, of its 320-person workforce.
The Minnetonka-based company, which makes software that analyzes CT images, said the move will boost profitability in the face of a weakening economy and reduced demand for its products.
Vital Images lost $243,000 in the third quarter, compared with a profit of $927,000 during the same period in 2007. Sales grew slightly, to $17.7 million.
"While we are pleased with our financial results, the market and industry outlook for the fourth quarter and 2009 is uncertain," Vital Images CEO Michael Carrel said.
The company hopes to cut overall costs by 10 percent, and said that it will take a pretax charge of $800,000 in the fourth quarter.
THOMAS LEE
3rd quarter FY2008, 9/30
2008 2007 % chg. Revenue $17.7 $17.1 +3.3 Income -0.2 0.9 -- Earn/share -0.02 0.05 --9 months
Revenue $50.7 $53.5 -5.2 Income -2.4 2.9 -- Earn/share -0.15 0.17 --Figures in millions except for earnings per share.
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