I think the headlines this past month pretty much say it all – expect rough seas ahead.  There is no escaping that fact for just about every sector of the economy.  I envy a friend of mine who is a cardiologist – because people simply cannot postpone cardiovascular issues because medical bills might be inconvenient.

Pillar is anticipating a tough economic climate will persist throughout 2009 and into 2010, so we have decided to batten down the hatches and lay off some of our employees.  These decisions are always among the toughest decisions a CEO has to make. But our jobs require we do what’s necessary to fulfill our duties to the company and its shareholders. 

The good news for Pillar and our Customers is that our long term viability is ensured by prudent financial actions such as these.  At Pillar, we have maintained our Account Reps, added forces to our channel, and our distributors. We have also maintained and enhanced our Customer support groups.  Our large installed base of over 420 Customers in 16 countries is in great shape. Our development roadmaps have actually been strengthened through partnerships and some added outsourcing, so our products will continue to enjoy superior features and functions, and timely introduction of enhancements people expect from Pillar.

At the end of the day, I am sorry to say we are in a long line of companies doing the same thing to protect their Customers and shareholders.  But good management teams prepare for the worst, and drive for the best, and I am happy to say that Pillar is no different.

Mike