SmartForce cut 23% of workforce as revenues drop

For Q1, 2002 SmartForce posted revenues of $43m (€48m), this compares with revenues for Q1, 2001 of $62.3m (€70m).

Net loss before amortisation of acquired intangibles and one-time charges in connection with the termination of the company's proposed merger with Centra, was $14.9m (€16.7m), or a loss of $0.26 per share, this compares with net income of $2.3m (€2.6m) in Q1, 2001 and $2.6m (€2.8m), or $0.04 per share in Q4, 2001.

SmartForce has formulated a plan to cut costs, which includes the jobs cuts referred to above. It will take a charge of around $30m (€33m) in Q2, 2002 in connection with costs related to the restructuring.