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FSI International cuts 11 percent of workforce to reduce costs |
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Mar 23, 2007 at 10:52 AM |
FSI International has announced that it is cutting costs to move back into profitability with the loss of approximately 62 jobs - 11 percent - of its workforce due to slower than projected sales and equipment order delays.
"With the delay in orders and a slower then expected recovery in the semiconductor device segments we serve, this week we reduced our head count approximately 11 percent and implemented other operating cost reductions," said Don Mitchell, FSI chairman and CEO. "These initiatives will result in approximately $450,000 of severance cost in the third quarter. However, when combined with other operating cost reductions, they are expected to reduce the Company's quarterly expense level by $1.2 to $1.4 million and the quarterly breakeven revenue level by $2.8 to $3.3 million.
FSI International said it expects to lose in the range of $3 to $4 million for the third quarter financial period, on revenues of $24 million to $27 million.
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