Baan plans to slash work force by 20%

Article Abstract:

Baan NV, a software maker in the Netherlands, says it will cut its employee base by 20% and implement changes in senior management. The company also reported a worse-than-anticipated net loss of 16 cents a diluted share for the third quarter of 1998. The employee reductions will involve as many as 1,200 jobs. Baan says it will take a $110-million charge in the fourth quarter of 1998 to pay for severance and other restructuring costs. The move will likely lead to a loss for the full financial year and burden the company's cash flow, according to analysts.

Comment:

Software maker in the Netherlands will cut its employee base by 20% and implement changes in senior management

Netherlands, Labor force information, Executive changes & profiles, Article, Baan N.V.

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SAP pretax profit tops forecasts, spurring stock

Article Abstract:

SAP AG saw its share value rise by 18% following a series of one-time technical factors and solid demand in Europe. These factors led to higher-than-expected results for the first-quarter of 1999. SAP posted a 1% decline in pretax profits for the period to 172 million euros ($182.9 million). Analysts had forecasted as much as a 30% decline in SAP's pretax profits. SAP is a software giant based in Germany.

Comment:

Posts 1% decline in pretax profits for 1999 first quarter to 172 million euros ($182.9 million)

Germany, Sales, profits & dividends, Computer software industry, Software industry, Finance, Abstract, SAP AG

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