Mosaic Group Inc., Toronto, plans to make a 10% headcount reduction during the first quarter of 2002. The customer acquisition and retention services firm will also consolidate its locations.
Mosaic also said that it will sell 12 million shares of its stock to an investor group lead by Yorkton Securities Inc. and Scotia Capital. The group will pay $2.38 for each share, for a total value of roughly $28.6 million. Mosaic provides. Mosaic will use the proceeds from the sale for debt reduction and working capital.
On Thursday, Mosaic reported that it had $477.7 million in revenue during 2001, up from $309.6 million in 2000. Its net earnings were $13 million), up from $1.64 million.
In addition to its acquisition and retention services, Mosaic also offers marketing, infrastructure and research capabilities.
