Date Posted: 4/4/2007
Kintera to Cut 16 Percent of Workforce
Kintera Announces Plans to Refocus Resources, Reduce Workforce and Cut Expenses
SAN DIEGO (AP) -- Kintera Inc., which provides software and services to help non-profits raise money, said Thursday it will cut its workforce by 16 percent and refocus resources on its core businesses in an effort to improve financial results.
Kintera, which also announced its fourth-quarter results on Thursday, said it reviewed all of its acquired technology, services and resources, and is discontinuing those not core to its business. Divisions slated for elimination weren't disclosed, but Kintera said it will focus on increasing sales of its social CRM platform, which provides technology for constituent engagement, donor management and fund accounting.
Kintera also said the job cuts have been designed to minimally impact personnel that deal directly with clients, are related to CRM, or based at the company's San Diego headquarters.
Kintera is targeting expense cuts of about $2.5 million per quarter related to the reorganization.
We are committed to continuing to enhance value for all Kintera stakeholders, with the objective of achieving positive adjusted EBITDA during the second half of 2007," said Richard N. LaBarbera, chief executive.
Kintera shares rose 1 cent to close at $1.75 on the Nasdaq Stock Market.
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