Boston-Converted Organics Inc. is cutting expenses and has renegotiated financing so that it can complete essential components at its Woodbridge, N.J., plant. The company said 20 percent of its employees have been laid off, with the exception of operations personnel at plants in New Jersey and California. All remaining administrative and salaried personnel have had salary cuts ?Çô in some cases by 50 percent. Travel will be curtailed, and all expenditures will be focused exclusively on producing and selling product in the immediate future. The company recently shipped its first tons from the N.J. plant. The company cuts lead to speculation it may have to put on hold plans, announced last August, to build its third plant in near Johnston, R.I. The company reported a net loss of $3 million on revenues of $428,516 for the third quarter ending Sept. 30, 2008, compared to a year-ago loss of $913,126 and no reported revenues. Nine-month losses were $11.6 million on revenues of $1.2 million, compared to the year-ago $3 million in losses and no revenues reported.
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