[THIN] Citrix, Its Profit Down 52%, Lays Off 100 in Columbia
- From: "Jan Broucinek" <TinyBeetle@xxxxxxxxx>
- To: <thin@xxxxxxxxxxxxx>
- Date: Fri, 19 Jul 2002 14:20:46 -0400
I just found this on the Washington Post.
Jan Broucinek, System Manager
Arthur Rutenberg Homes, Inc.
(727) 536-5900 voice
(727) 536-7168 x245 direct
(727) 538-9089 fax
www.arhomes.com
By Sabrina Jones
Washington Post Staff Writer
Friday, July 19, 2002; Page E05
Florida-based Citrix Systems Inc., which bought Sequoia Software in Columbia
last spring, laid off 100 Columbia workers and today will close the former
Sequoia headquarters.
The Fort Lauderdale server-software firm's announcement came as it reported
that earnings in the second quarter fell 52 percent from the second quarter
of 2001. The company said it has been hurt by an industry-wide drop in
information-technology spending.
Citrix reported a profit of $10.8 million (6 cents per share) on revenue of
$117.5 million for the quarter ended June 30. That was down from a profit of
$22.9 million (12 cents) on revenue of $147.3 million in the same period in
2001.
The Columbia layoffs, which mostly affected former Sequoia employees, are
among Citrix's 225 job cuts, a 10 percent workforce reduction that leaves
the company with 1,680 workers worldwide, spokesman Eric Armstrong said. A
quarter of the layoffs are overseas.
About 20 other Columbia employees were offered jobs in Fort Lauderdale.
Citrix started notifying employees Wednesday of the layoffs and plans to
finish the notifications Monday, company officials said. The company will
maintain a regional sales and marketing center in the Washington area,
mostly to serve government clients, but a site for the office has not yet
been selected, Armstrong said.
Shares of Citrix closed yesterday at $5.32, down 28 cents.
The Columbia closing brings a disappointing end to the once-promising
development of Sequoia, a firm started in 1992 with three people, including
founder Mark Wesker, financing their venture with credit cards. The company
made Web portal software and eventually had more than 200 employees. In
2000, Sequoia reported a loss of $20.5 million on revenue of $19.7 million.
Last year, Citrix acquired Sequoia for $185 million. Wesker moved to Fort
Lauderdale as Citrix's vice president of Internet strategy but has since
left the company, Armstrong said
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