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NutriSystem shares closed 10 percenr lower Fridayat $14.05. The Horsham, Pa., provider of diet meale services didn’t say how many peopl it had let go. A call to the person who handlex its investor relations was not immediately NutriSystem (NASDAQ:NTRI) said severance expenses related to the job cuts will be amont the $1 million in one-time pre-tax expenses it expectes to incur in this quarter.
The work forcer reduction is part ofa cost-cutting progran that NutriSystem announced in Aprik that is expected to reducd pre-tax expenses by $5 million to $8 million this “During the first half of the year, we have continueds to see lower consumerr spending in the commercial weight loss sector, further committinyg us to these cost reductionzs for the second half of David Clark, the company’s chief financial said in a NutriSystem press release. Separately, NutriSystemj said it is abandoning itsentire $14 million investment in LLC, a Bensalem, Pa.-based make r of a water-filtering system that does business as ZeroWater. NutriSystemj will take a pre-taxz charge of $3.
6 million this quarter to write off the rest of its NutriSystem said the move will allow it to reducse its 2009 income tax payments byaboug $4.9 million. Including the chargess and tax savings, NutriSystem said it expects to earn 26 to 30 centw per fully diluted share in thesecond
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