Twenty six people were, however, which is a sad thing. On top of almost 60 laid off in May that ends up being about a 22% reduction in headcount from the start of the year.
Of course, business is down 40% from 2014 to 2015 and the leadership believes it will go down even further in 2016. In numbers, that's $220M in 2014, $120M in 2015, and $90M in 2016. Those percentages pretty neatly track the price of a barrel of oil over that time. This is the downside of being in business that is tied to the commodities market.
On the upside, our corporate parent has big faith in us and in fact is willing to let us a) have negative earnings for the next two years, and b) do a very big engineering development project that we believe has the potential to gain us enormous sales and market share when the commodities market has its inevitable upswing. The company did it before in 2009-2010 and 2011-2014 were the company's four best years ever by far. It is believed we can do it again.
Also, the management believes the business is properly sized to have two years of very low revenue while still being successful at the big engineering project.
So there's the good news. And I get to continue working at my company, which is very good news because I really really like it there.
I will have a drink to celebrate!