A month after the abrupt resignation of CEO Gary Ban, struggling wireless content provider Oasys Mobile announced this week the elimination of 20 employees and contractors, whittling its workforce to a team of 50. Bernard Stolar, the interactive entertainment industry vet who took over the managerial reins upon Ban's exit, said on a conference call with Wall Street analysts and investors the jobs cuts are the result of an "extensive operational review." As Oasys moves forward, the Raleigh, N.C.-based firm plans to outsource some of its product development in an effort to control costs while still rolling out new products, Stolar added.
Oasys lost $5.28 million, or 39 cents per share, in the most recent quarter. A year ago, the company lost $1.09 million, or 8 cents a share. Included in the Q3 2006 numbers was a $259,000 charge for the expensing of stock options, a one-time $1.48 million charge from the modification of stock purchase warrants and Ban's $200,000 severance package.
For more on the Oasys cuts:
- read this News & Observer article [1]
Links:
[1] http://www.newsobserver.com/104/story/512829.html