REFILE-UPDATE 1-X-Rite cuts Q1 rev view; to cut jobs

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April 3 (Reuters) - X-Rite Inc (XRIT.O: Quote, Profile, Research) cut its first-quarter revenue outlook, blaming economic and market softness and started a plan to cut costs, the majority of which would be though job cuts, sending its shares down as much as 25 percent to a new 52-week low.

The color measurement technology company now expects a 3 percent revenue fall, compared with its previous view of a "fairly flat top-line."

The company said the cost cutting plan was aimed at saving $23 million, with two-thirds coming from job cuts and the rest from lowering operating costs.

X-Rite did not say how many jobs it would cut. It has 1,018 employees according to Reuters data.

The company said its acquisitions of Pantone Inc and Amazys Holding AG would account for $7 million of the savings. It expects the cost saving plan to result in a $3 million charge.

Shares of the company fell to a low of $4.85, before recovering to trade down 97 cents at $5.45 in morning trade on Nasdaq.

The company also said it was not in compliance with certain covenants under its secured credit facilities, but is talking to lenders to amend certain terms of the arrangement. (Reporting by Savio D'Souza in Bangalore; Editing by Amitha Rajan)