Internet firms Interlinq and Watchguard to trim 82 jobs
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Two more technology companies - Interlinq Software and Watchguard Technologies - announced layoffs yesterday.
Interlinq, a Bellevue-based company that makes mortgage-lending software, is eliminating 32 jobs, or 18 percent of its staff.
President and Chief Executive Officer Jiri Nechleba resigned.
Nechleba is also resigning from the board of directors. The company did not give a reason for Nechleba's departure. He had served in the top positions for five years.
Robert Gallagher, Interlinq's chairman, will serve as interim president and CEO.
The job cuts included 13 positions in Seattle. Affected employees were given severance packages based on seniority and outplacement services.
"This is really a restructuring to refocus on our core businesses," said Patricia Clem, spokeswoman for Interlinq. "Our goal is to return to positive cash flow."
Clem said the company is refocusing efforts on its mortgage-lending software. The company also announced it has stopped searching for a strategic partner or buyer. It plans to sell or restructure the division that houses Logical Software Solutions, a Bozeman, Mont.-based company that Interlinq acquired in 1998.
In Seattle, Internet security company Watchguard Technologies is laying off 50 employees, or 16 percent of its work force.
The company also projected a pro forma net loss of 10 to 14 cents a share for the first quarter, about 160 percent lower than analyst estimates. Analysts originally expected a pro forma profit of six cents per share, according to a First Call/Thomson Financial survey.
Investor-relations director Miles Goda blamed general economic conditions and said the layoffs were made to "increase efficiency and reduce costs."
In after-hours trading on Nasdaq yesterday, shares of Watchguard dropped 11 percent to $5.75.
Sharon Pian Chan can be reached at 206-464-2958 or schan@seattletimes.com.