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Microlytics woes prompt layoffs

Layoffs at Microlytics Inc. last week have cut staff to slightly more than a dozen workers, as the software developer continues to struggle months after the resignation of its top executive.
Reductions came primarily in marketing and support staff, a company official confirmed yesterday.

Microlytics woes prompt layoffs

Layoffs at Microlytics Inc. last week have cut staff to slightly more than a dozen workers, as the software developer continues to struggle months after the resignation of its top executive.
Reductions came primarily in marketing and support staff, a company official confirmed yesterday. In February, the software developer employed roughly 33 workers.
Microlytics suffered a blow earlier this year with the resignation of Roy Haythorn, who stepped down as president and CEO in February when his lawsuit against Xerox Corp.–disclosing a history of compulsive gambling–came to light.
Another top official–Chief Financial Officer Gregory Gordon–resigned Jan. 1. Some of Gordon’s duties have been taken over by Susan Renny, the firm’s controller.
In the wake of these departures, a management team was formed by three remaining executives. That group included Robert Harris, board member and managing director of Unterberg Harris, an investment-banking firm with offices in San Francisco and New York City that last June bought a 25 percent stake in Microlytics.
Other members of the group were Michael McCourt, vice president of engineering, and Peter Mason, vice president and general manager of the firm’s MicroPages product line.
Mason left the firm in May.
Just before Mason’s departure, Robert Carroll, a management consultant based in Texas, was named acting CEO. He could not be reached for comment.
The firm was set to file year-end earnings June 30 with the Securities and Exchange Commission. Microlytics had received an extension from the SEC to push back the filing deadline for its fiscal year ended March 31.
For the first nine months of fiscal 1996 ended Dec. 31, Microlytics reported a loss of $1.1 million on revenues of $1.7 million. For the same period in fiscal 1995, the firm earned $6.3 million–including a $5 million gain from debt restructuring–on sales of $2.3 million.
Microlytics’ Web site is http://www.microlytics.com.

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