IMP Inc. (San Jose, CA) recently laid off 30 employees or 14 percent of its work force. The action, under the direction of interim CEO Zvi Grinfas, is part of a planned streamlining of IMP operations.
IMP's net revenue for fiscal 1999 was $33.4 million compared to $40.4 million for the prior fiscal year. Fourth-quarter net revenue was $10.3 million, up from $9.8 million in the prior quarter and from $9.0 million in the same period last year. Despite the fourth-quarter improvement, the company still recorded a net loss for the fiscal year of $7.9 million, or $2.73 per share, compared to a loss of $3.8 million, or $1.35 per share, in the prior year.