IMP Inc. Reduces Work Force by 14 Percent

September 16, 1999 by Jeff Shepard

IMP Inc. (San Jose, CA) recently laid off 30 employees or 14 percent of its work force. The action, under the direction of interim CEO Zvi Grinfas, is part of a planned streamlining of IMP operations.

IMP's net revenue for fiscal 1999 was $33.4 million compared to $40.4 million for the prior fiscal year. Fourth-quarter net revenue was $10.3 million, up from $9.8 million in the prior quarter and from $9.0 million in the same period last year. Despite the fourth-quarter improvement, the company still recorded a net loss for the fiscal year of $7.9 million, or $2.73 per share, compared to a loss of $3.8 million, or $1.35 per share, in the prior year.