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MINNEAPOLIS - Ciprico Inc., which makes digital storage devices and software, said Wednesday it cut its work force by 30 percent as a result of a sharp drop in sales.
| CPCI | 0.0799999982118607 |  -0.09 |
The company also said fiscal 2008 revenue will not reach expected levels. Ciprico did not issue specific guidance for the year.
Chief Financial Officer Monte Johnson said the job cuts equal about 20 full and part time positions. The company will have about 50 full time workers after the cuts, he said.
"Current business and economic conditions have caused a sharp decline in sales of our traditional video storage products, while our newer IT class products are taking longer than expected to be qualified at current and prospective customers," said Steve Merrifield, president and chief executive, in a release.
Additionally, the company said it hired Minneapolis-based investment banking firm Craig-Hallum Capital Group LLC to help it explore strategic alternatives.
Shares gained 9 cents, or 4.2 percent, to close at $2.23. Shares have traded between $1.76 and $8.50 in the past 12 months.
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