* Expects $500,000 in severance, other costs in Q2
* Expects to save additional $3 mln in 2009
April 14 Telecom equipment maker Soapstone
Networks Inc SOAP.O said it is slashing about 40 percent of
its workforce to cut expenses.
The company, which said in February it was exploring
strategic alternatives, expects severance and related costs of
about $500,000 in the second quarter.
Soapstone sees overall incremental savings of about $3.0
million during 2009 as a result of the job cuts, in addition to
the $5.0 million in savings it expects from a workforce
reduction it announced in February.
On Feb. 12, the company said it was cutting permanent
headcount by about 10 percent and its contractor workforce by
about 75 percent.
Shares of the company closed at $3.49 Tuesday on the
(Reporting by Mansi Dutta in Bangalore; Editing by Anne