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Baltimore revenues fall
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May 15, 2001: 3:32 a.m. ET
Irish e-security company posts lower revenue, announces job cuts
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LONDON (CNN) - Baltimore Technologies, the high-profile Internet security company, announced job cuts on Tuesday as first-quarter revenue fell.
The Irish company, listed in London and on the Nasdaq, posted a 17 percent fall in revenue for the first three months to £23.7 million ($33.6 million) compared with £28.4 million in the final quarter of 2000.
Baltimore, which has issued two revenue warnings this year, said losses before interest, tax, depreciation and amortization doubled to £17.2 million from £8.7 million in the last quarter of 2000.
Compared with the first quarter last year, the losses more than tripled from £5.3 million.
Announcing cost-cutting measures, Baltimore (BALT: Research, Estimates) said it planned to cut 250 jobs and aims to make annual savings of £30 million to £35 million.
The company said losses per share amounted to 14.5 pence ($0.21) compared with a 20.1 pence loss in the same quarter last year. Its cash balance stood at £85 million as of March 31.
"Although the first quarter of 2001 has been challenging, we have today announced a series of measures which should accelerate the deployment of our solutions and consolidate our business to build a stronger company," said Chief Executive Fran Rooney.
The company, whose competitors include Entrust (ENTU: Research, Estimates) of the U.S., makes software to protect the computer data of companies and institutions and to make e-commerce safer.
Its clients include credit card company Visa and Baltimore said that among new customers signed up in the first quarter was the Italian Army.
Baltimore (BALM) shares fell about 15 percent in London to 72 pence after the earnings were announced. 
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