Santa Ana’s Troy Group to Cut Jobs as Loss Looms

Because of the economic slowdown in information technology and capital spending, Troy Group Inc. said Monday it is reducing its work force and lowering its second-quarter earnings expectations to a loss.

The Santa Ana maker of financial payment products did not say how many workers were or will be fired in its effort to return to profitability. A company executive wasn’t available to comment on the job cuts.

Troy said it expects to post a loss of up to 15 cents a share, including restructuring costs, compared with previously expected break-even earnings. The company expects second-quarter revenue of $9 million to $9.5 million, down from previously expected revenue of $12 million to $13 million.

Trading in Troy shares was halted on Nasdaq about 4 p.m. for news pending. The stock last traded at $4.03 a share, down 4 cents.

For its third quarter, the company expects to earn between 1 cent and 2 cents a share, on revenue ranging between $11 million and $12 million.