My mandate is to increase tangible shareholder value, says Keith Rickard, BakBone's newly appointed president and CEO.
Rickard was president of Sterling Software's storage management division before it was bought by Computer Associates International (NYSE: CA) for $4 billion in February 2000.
But sources say the layoffs have been more severe than the company has publically disclosed. While 10 percent layoffs may have been the cutoff point for helping financials this quarter, a sizeably larger percentage of staff have been cut since January, they say.
"[BakBone has] let go of about 70 people since the start of the year," said one industry analyst, who requested anonymity. The reorganization is also said to have included firing the COO and reducing the role of the founders. Rumor has it the company is presently seeking a new CFO as well.
BakBone's restructuring program resulted in a 22 percent drop in operating expenses from the fourth quarter of 2000
to the first quarter of 2001, contributing to a 25 percent reduction in net loss per share.
Net loss for the first quarter was $5.0 million, or
$0.12 per share, compared with a net loss of $6.5 million, or $0.16 per share, for the preceding three-month period.
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