Smart card manufacturer Gemplus reported a second quarter operating loss, before restructuring charges, of US$25.1 million, almost half the losses posted in 2Q/01. The company also confirmed that its interim CEO, Ron Mackintosh, has decided to step down as of August 15th, with no apparent successor named till then. 2Q/02 revenue was up 19% to US$217.9 million, and gross profit was up 34% to US$50.3 million compared to 1Q/02. However revenue for 2Q/01 was US$261.9 million and gross profit was US$96.3 million, significantly above current quarter levels. Since February, the company has gone through a restructuring that has reduced its operating costs by US$69.6 million annually. The company is seeking to cut $114.2 million from its costs by year-end, according to The RAM Report ([www.ramreport.com]). Gemplus also noted that it decided to include in its consolidated accounts for the second quarter a provision to cover the risk of possible non-reimbursement of a loan granted to Dr Marc Lassus, former Chairman and a current Board member, in the amount of US$69.5 million. For complete details on Gemplus’ 2Q/02 performance visit CardData ([www.carddata.com]).