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XETA warned investors that its second-quarter earnings would be in the low to mid single digits, compared with the consensus estimate of 9 cents a share. Revenue is expected to come in between $22 million and $23 million, down compared with the company's previous target of $23 million and $26 million. The company stated its cutting its staff during April, affecting an estimated 80 to 90 employees. Additionally, a salary reduction ranging from 10 to 25 percent is being implemented for the company officers, as is a 20 percent cut in fees paid to the outside directors. The company cited overall weakness in the economy.

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Fool on!

Vince
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