Barra to lay off 9% of workforce

The company estimates that the staff cuts will result in annual pre-tax cost savings of approximately $5 million. Barra expects to record a restructuring charge related to severance and other costs of approximately $2 million in the first financial quarter, which comes to an end on June 30 2003.

"Despite challenging market conditions we have maintained peak investment in new products over the past two years," said Kamal Duggirala, chief executive officer of Barra. "We have now reset our priorities to focus on the follow-through from those investments. Based on current market conditions and the decline in royalties, we believe these steps position us for modest growth and strong profitability in the core business for fiscal year 2004."

The company will publish its fourth-quarter and fiscal year-end results on April 24 2003.

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