It doesn’t get any better for Wireless Ronin Technologies, Inc. (Nasdaq:RNIN) and unfortunately it gets worse for the staff – yesterday (Wednesday 17th December 2008) another 30 people were let go.
Wireless Ronin Technologies Inc. has NEVER been worldwide and we wonder especially now in these telling times for the ‘walking dead’ they have the gall in their press releases and NASDAQ announcements to say “a Minneapolis-based worldwide digital signage provider”.
Despite culling the workforce by approximately 24 percent this time around, these guys still have 97 people on board – I’m sorry but what the hell do all these people do?
The statement to NASDAQ also said…
Today’s announcement, in combination with the action that was announced on November 3, 2008, results in an approximately 40 percent total headcount reduction during the fourth quarter of 2008. The combined pretax severance charge from the two workforce reductions will total approximately $375,000, or $.03 per basic and diluted share, in the fourth quarter of 2008. As a result of the two restructurings and expected lower non-employee operating costs, the Company anticipates that ongoing quarterly expenses will decline by approximately $2.0 million, or $.13 per basic and diluted share, commencing in 2009.
Steve Birke, Wireless Ronin’s interim CEO was quoted as saying “By right sizing our organization to meet current market demand, we believe we have positioned Wireless Ronin for improved financial performance and the ability to take advantage of the market shift from manual to digital signage, when the economy stabilizes and deployments accelerate”
He may have a long wait though we doubt whether he or his business may be around to see any resurgence in the industry!