Infinium Software cuts workers, trims costs
HYANNIS – In a move the company predicted would produce savings of up to $10 million a year, Infinium Software, Inc. has fired 19 percent of its workers, 126 employees. Infinium makes software to help companies manage their finances and personnel. The company employed 681 workers before the firings. The company also announced it was combining its marketing and development units in another attempt to halt losses, which have been consistent in the last three-quarters. Infinium announced it would take a charge of $1.6 million to $1.8 million in the fourth quarter to offset the job cuts.
Infinite Group revenues up 20.5 percent
WARWICK – Infinite Group, Inc. reported second quarter revenues of $3,236,850, up 20.5 percent from the same period last year, and a net loss of $529,193, compared to a net loss a year ago of $1,365,820. For the six-months ended June 30, the company said its revenues were $6,484,665, up 65.4 percent over the same period a year ago. The company reported a net loss of $985,722 for the six months, compared with $2,364,730 for the same period last year. Infinite Group is involved in laser material processing, advanced manufacturing methods, high productivity production tooling and laser-applications technology.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
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Infinite forms alliance with Cutting Edge
WARWICK – Infinite Group, Inc.’s Laser Fare ATG has formed a strategic alliance with the privately-held Cutting Edge Optronics, Inc. of St. Charles, Mo. to commercialize a new generation of high performance laser diodes. Infinite Group is a publicly traded company.
IParty to buy 33 retail stores from Big Party
New York (Bloomberg) — IParty Corp., which sells party goods over the Internet, plans to buy 33 retail stores in New England and Florida from Big Party Corp. for an undisclosed price. Big Party, which filed for bankruptcy protection earlier this year, operates 54 U.S. stores and had sales of about $69 million in 1999. New York-based IParty plans to acquire the inventory, fixed assets and leases of Big Party stores in Maine, Connecticut, Massachusetts, New Hampshire, Rhode Island and Florida. The purchase will give iParty, a Web-based retailer of balloons, costumes, decorations and gifts, its first “brick and mortar” shops. IParty Chief Executive Sal Perisano is a co- founder and former chief executive of Boston-based Big Party. The acquisition is expected to close later this month following bankruptcy-court approval, which is to be rendered tomorrow or shortly thereafter, the company said.
Zenia to sell Network business to Telco
BURLINGTON, Mass.- Ezenia! Inc., the company that brings life to the network, announced its intent to sell its Network Access Card business to Telco Systems, a BATM Company. Under the terms of a non-binding letter of intent, Telco Systems will acquire, for cash and product aggregating $6 million, the business associated with the Series I, Series II, BRICK and Smart-ISDN product families, as well as the StreamSpan products for broadband on demand and streaming video. Ezenia! provides real-time communication solutions for both corporate networks and the public Internet. With its Encounter product family, a comprehensive solution for real-time collaboration over corporate networks, Ezenia! delivers business quality voice, video and data collaboration, allowing users to initiate and join virtual meetings from anywhere in the world.
Companies use Web to broadcast analyst calls
Washington (Bloomberg) — A corporate group, seeking to derail a Securities and Exchange Commission plan to halt selective disclosure of company news, released a survey saying that 83 percent of the companies surveyed plan to broadcast analysts’ conference calls on the Internet. The National Investor Relations Institute survey of 462 investor-relations executives found that 61 percent of the companies do Web broadcasts of their conference calls with analysts and institutional investors. An additional 22 percent of the companies surveyed plan to introduce these simultaneous broadcasts, which are available to individual investors, in the next year, the study said. The figures released last week show a substantial increase in company use of Web broadcasts since March, when another NIRI survey found that 48 percent of companies surveyed make Web broadcasts of analyst conference calls.
American Tower losses widen
Boston (Bloomberg) — American Tower Corp., North America’s largest in-dependent owner of broadcast transmission towers, said its second-quarter loss widened as it acquired and serviced more towers to increase the company’s service capacity. The loss widened to $58.6 million from $9.9 million, a year earlier. The company was expected to lose 33 cents, the average estimate of seven analysts polled by First Call/Thomson Financial. Revenue rose to $167 million from $59.2 million in the year-earlier quarter. American Tower operates more than 10,400 towers in the U.S., Canada and Mexico that transmit signals for radio and TV stations and wireless phone companies. The Boston-based company has said it wants the boost the number to 15,000 within five years.
