EDGAR Online Announces Staffing Cuts

Apr 04, 2003


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South Norwalk, Connecticut-based Edgar Online, Inc., has announced plans to reduce its workforce by 17%. Edgar Online is a provider of business information, specializing in the extraction, packaging, and distribution of public company information contained in SEC filings. Edgar claims the plan is in response to economic uncertainties as well as requests from the Nasdaq to reduce billings by $1 million in the second half of 2003. The company expects that new business will compensate for some of the anticipated revenue loss. During the first quarter of 2003 Edgar expects to incur restructuring charges of up to $800,000 because of employee severance associated with the work force reduction as well as its former president and chief operating officer. The company has not announced how many jobs will be lost because of the 17% cut. Edgar anticipates that the restructuring actions will reduce operating expenses by approximately $1.2 to $1.3 million annually. Edgar Online is a provider of business information, specializing in the extraction, packaging, and distribution of public company information contained in SEC filings. Edgar claims the plan is in response to economic uncertainties as well as requests from the Nasdaq to reduce billings by $1 million in the second half of 2003. The company expects that new business will compensate for some of the anticipated revenue loss. During the first quarter of 2003 Edgar expects to incur restructuring charges of up to $800,000 because of employee severance associated with the work force reduction as well as its former president and chief operating officer. The company has not announced how many jobs will be lost because of the 17% cut. Edgar anticipates that the restructuring actions will reduce operating expenses by approximately $1.2 to $1.3 million annually.

(http://www.edgar-online.com)