Santa Ana’s Troy Group to Cut Jobs as Loss Looms
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Because of the economic slowdown in information technology and capital spending, Troy Group Inc. said Monday it is reducing its work force and lowering its second-quarter earnings expectations to a loss.
The Santa Ana maker of financial payment products did not say how many workers were or will be fired in its effort to return to profitability. A company executive wasn’t available to comment on the job cuts.
Troy said it expects to post a loss of up to 15 cents a share, including restructuring costs, compared with previously expected break-even earnings. The company expects second-quarter revenue of $9 million to $9.5 million, down from previously expected revenue of $12 million to $13 million.
Trading in Troy shares was halted on Nasdaq about 4 p.m. for news pending. The stock last traded at $4.03 a share, down 4 cents.
For its third quarter, the company expects to earn between 1 cent and 2 cents a share, on revenue ranging between $11 million and $12 million.
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