Lyrtech Inc., a Quebec City-based digital signal processing component maker, plans to reduce staff as part of a restructuring and “cost reduction” program.
The Quebec City-based vendor, which hired chief executive officer Alain Houle last month, did not say how many positions it will cut or whether those cuts will be made by attrition.
The vendor is also in negotiations with its lenders and discussions with “potential financial partners” in an effort to ease its debt burden and raise more money. Lyrtech manufactures DSP products for wireless communication, audio and video processing and other electronic systems.
The company lost $2.7 million between January and September. Revenues for the third quarter were $5.5 million, down seven per cent from the same period in 2006.
Houle, an electrical engineering professor at the University of Sherbrooke, was hired last month. Before becoming a professor, Houle was advisor to the chief technology officer of the advanced technology group of Cisco Systems Inc.’s optical networking group.