Manugistics staff forced out by poor results

NEWS Supply chain provider Manugistics is slashing 12 per cent of its global workforce after posting a sharp rise in second quarter losses. The company blamed its poor performance on the economic slowdown since 11 September and warned the downturn could also hit third quarter performance. Manugistics posted a second quarter loss, excluding charges of $10.7m, or 16 cents per share, down from a profit of $1.4m, or two cents per share, in the corresponding quarter last year With expenses accounted for, losses rose to $21.7m, or 32 cents per share, compared to profit of $19.7m or 34 cents per share a year earlier. Revenue for the second quarter rose 22 per cent to $71m from $58.2m last year. Manugistics has predicted a fall in third quarter revenue of between $60m and $65m.