August Technology Implements Additional Cost Reduction Steps to Address Continued Industry Downturn.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 13, 2001 August Technology Corp. (Nasdaq:AUGT) today announced it has taken additional cost-cutting measures in response to the continued industry slowdown. The Company will further trim operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. using various measures including selective work-week reductions and an additional workforce reduction affecting 23 positions, or less than 13 percent of the Company's employees. "While the rate of decline has certainly slowed, we see no clear indication of near-term industry improvement," said Jeff O'Dell, August Technology's chief executive officer. "As we continue to focus on releasing new products and technologies, we believe that we must align our costs with current business levels. We feel it is critical to continue aggressively implementing initiatives to enhance revenue, drive down production costs and reduce operating expenses. We are confident that these actions will not materially affect our ability to deliver new products and to service our customers." Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This release contains forward-looking statements that involve risks and uncertainties including statements regarding future industry performance and the impact of cost-cutting measures on our ability to deliver new products and to service our customers. These forward-looking statements involve risks and uncertainties that may cause actual results to differ from those set forth in the forward-looking statements, including but not limited to deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions, further downturns in the microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. industry, further softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of the financial markets, or any unforeseen difficulties in the development or manufacture, shipment, delivery and acceptance of our products or in the economy in general. Please refer to additional risk factors stated in August Technology's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. August Technology Corporation, based in suburban Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , is a leading supplier of automated visual defect inspection equipment for the microelectronics industry and has established service and sales representation in all major microelectronics manufacturing markets worldwide. The inspection solutions designed, manufactured and marketed by August Technology provide microelectronic The miniaturization of electronic circuits. See chip. device manufacturers with cost-saving quality and process information. Additional information can be found by visiting August Technology's web site at www.augusttech.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion