Intrinsyc reduces workforce by an additional 30%

We missed this lay-off announcement on Monday – must have been their wordy press release title: Intrinsyc Optimizes Operations in Response to Market Conditions.

Intrinsyc Software International, Inc. (TSX: ICS), a leading provider of mobile and embedded software solutions, today announced that it will implement a comprehensive cost reduction plan designed to preserve cash and working capital through the reduction in operating expenses by approximately US$10 million to US$11 million to approximately US$18 million to US$19 million on an annualized basis, resulting in a substantially reduced revenue breakeven level.

By streamlining its global operations, and reducing its workforce by approximately 30% to 215 employees worldwide, the Company is positioned to preserve cash on hand and better weather the current global economic environment.

This new round of lay-offs is on top of Intrinsyc’s 20% cut made in September. According to my calculations Intrinsyc has shrunk from 375 employees three months ago to 215 today.

Hat tip to Xconomy.