CFM Technologies Announces Workforce Reduction; Comments on Business Outlook.WEST CHESTER West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Penn.--(BUSINESS WIRE)--March 16, 1998--CFM Technologies, Inc. (Nasdaq: CFMT CFMT Community Foundation of Middle Tennessee CFMT Canada’s First Multicultural Television CFMT Ceinwen Faulkner Memorial Trust CFMT Cooperative Fusion Machine Translation ) today announced a workforce reduction totaling 78 of the Company's 407 employees. Roger Carolin, President and Chief Executive Officer, commented, "In our first fiscal quarter press release, we disclosed reductions in customer demand that we now believe will continue over the next several quarters as the semiconductor industry responds to current conditions. As a result, we are taking what we believe to be the necessary actions to better align our costs with these industry conditions and overall reduced demand for semiconductor and FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. capital equipment. We deeply regret having to take this step because of the personal dislocation to affected employees. In addition, the Company's senior management has voluntarily taken a 15% reduction in current compensation, which will remain in effect until conditions improve. "While making these reductions, we have been careful to preserve the infrastructure needed to continue the Company's recent initiative to improve overall customer communication, service and support, worldwide. We are also continuing to move forward with key investments in new product development. We are preparing to ship our first 300mm Full Flow wet processing system to Semiconductor 300 in Dresden, Germany. We believe the inherent advantages of Full Flow technology in the areas of cost of operation, footprint, evaporative emissions and water and chemical usage will be validated at Semiconductor 300 - the world's first production 300mm fab. These actions reflect our commitment to a course which will position the Company to take maximum advantage of an eventual upturn in demand, when it does occur." The discussion above regarding the Company's expectation of future results of operations, product introductions, and order activity includes certain forward-looking statements on these subjects. As such, actual results may vary materially from such expectations. Factors which could cause actual results to differ from expectations include variations in the level of orders, which can be affected by general economic conditions including the current economic and financial conditions in Asia, particularly in Korea; growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the semiconductor and flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation , difficulties or delays in product delivery, functionality or performance, changes in budgeted costs or failure to realize a successful outcome to pending patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . CFM Technologies, Inc. is a leading manufacturer of advanced cleaning equipment for the semiconductor and flat panel display industries. CFM's systems provide superior contamination control Procedures to avoid, reduce, remove, or render harmless (temporarily or permanently) nuclear, biological, and chemical contamination for the purpose of maintaining or enhancing the efficient conduct of military operations. and processing capabilities using a totally enclosed processing chamber. Watermarks and other drying defects are eliminated through CFM Direct-Displace(TM) IPA IPA - International Phonetic Alphabet vapor drying technology. CFM historically has developed technical innovations to lower cost of ownership for advanced wet processing systems. CONTACT: Jeff Randall Chief Financial Officer 610-696-8300 or Michele Katz/Libby Marshall/ Jonathan Rebell Morgen-Walke Associates Press: Lee Foley/Elizabeth Pieroni 212-850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion