Intrinsyc Software International Inc. (TSX:ICS) of Vancouver has restructured its business, letting go of two vice-presidents.
The Vancouver-based firm, which makes software for wireless devices, last week announced the longest-serving member of its board of directors, Robert Gayton, resigned effective Feb. 3.
On Monday Intrinsyc said David Manuel, Vice President and General Manager for Device Development Solutions, and Souheil Gallouzi, Vice President and General Manager for Mobile Product Development, are no longer with the company and will not be replaced.
“I want to thank Souheil and David for their contributions to Intrinsyc,” CEO Tracy Rees stated in a press release. “We are well positioned with a strong balance sheet, exceptionally talented engineering resources, and exciting new products launching in this quarter.”
The company last reported financial results in November, when it lost $216,000 on revenues of $4.4 million for the three months ending Sept. 30. Revenue for the same period in 2008 was $7.9 million. All figures are in U.S. currency.
Losses were worse last year, when the company lost $5.7 million during the three months ending Sept. 30, 2008. It has reduced costs this year. For example, it spent $9.3 million on research and development during the first nine months of 2008 but only $3.4 million during the same period last year. It also cut sales, marketing and administration costs.
Products include Radio Interface Layer, a software application for wireless devices using Google Inc.'s (NASDAQ:GOOG) Android operating system and Sierra Wireless Inc.'s (TSE:SW) modems.
The device development and mobile product development divisions will now be restructured, with managers reporting directly to the CEO. Gayton's replacement on the board is Gary Koerper, vice-president of engine systems at Motorola Inc. (NYSE:MOT)