Tuesday, Borland Software Corporation (BORL) announced preliminary financial results for the fourth quarter, and a series of executive and organizational changes. In addition, the company said it expects to take a goodwill impairment charge in the fourth quarter of 2008.
The Austin, Texas headquartered provider of Open Application Lifecycle Management solutions said that it expects to report total revenue in the range of $38.5 million to $40 million for the fourth quarter of 2008.
As part of a plan to recalibrate its go to market strategy, the company said, it would reduce its workforce by approximately 130 employees, or about 15% of its regular full-time staff.
Borland expects to complete a majority of the workforce reductions by the end of the first quarter, 2009, with annualized savings of $12 to $14 million. The company expects to take a charge of about $2.5 million to $3.5 million related to the workforce reduction and is in the process of determining the periods in which the costs will be recorded.
Borland said the company's chief executive officer Tod Nielsen would step down from his position as chief executive officer and would remain as Board Director.
Borland said it named Erik Prusch as acting president and chief executive officer. Erik joined the in November 2006 as chief financial officer, taking responsibility for all financial operations.
Borland said the company's chairman John Olsen would assume additional oversight duties. John Olsen joined the Borland Board in February 2005 and was appointed Chairman on August 1, 2006.
Borland also announced that Section 16 officer Peter Morowski, SVP of research and development, will be leaving the company to pursue other opportunities.
BORL rose $0.02 or 1.90% and closed Monday's regular trading session at $1.07.
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