MSC Software Corp. has a market cap of $334.1 million; its shares were traded at around $7.34 with and P/S ratio of 1.3.
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substantial cost savings during the three and six months ended June 30, 2009. The workforce reductions were expected to impact approximately 11% of our employees within various departments and will result in estimated severance related payments totaling approximately $2.8 million, of which we recognized $2.0 million in 2008. During the three and six months ended June 30, 2009 we recognized an additional $0.3 million and $0.6 million of such costs, respectively, and expect to recognize the remaining costs of approximately $0.2 million by December 31, 2009. At June 30, 2009, we had 972 employees compared to 1,006 at December 31, 2008 and 1,087 at June 30, 2008.
Total revenue for the six months ended June 30, 2009 decreased 16% to $105.3 million when compared to $125.7 million for the same period in 2008. Changes in foreign currency rates unfavorably impacted 2009 revenue by $2.6 million. Total operating expenses for the six months ended June 30, 2009 decreased 19% to $85.7 million compared to $106.2 million for the same period in 2008 primarily due to a 11% reduction in average headcount, lower incentive compensation and stock-based compensation expenses attributable to weak sales and operating performance, and lower contracted and professional services and travel expenses, all due in part to the 2008 restructuring plan. Total operating expenses for the 2009 period included a favorable impact from changes in foreign currency rates totaling $1.7 million.
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