Calton reports staff reductions and consolidation of operations.MANALAPAN, N.J.--(BUSINESS WIRE)--March 22, 1995--Calton Inc. (AMEX AMEX See: American Stock Exchange : CN), announced today staff reductions and the consolidation of its New Jersey and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York operations. Douglas T. Noakes, president and chief executive officer, announced plans to consolidate the company's New Jersey and Pennsylvania operations and to reduce personnel levels in the company's Florida and Chicago operation in an effort to "right size" the company's fixed operating costs operating costs npl → gastos mpl operacionales in a period of declining demand for new homes brought on by a twenty-five percent increase in mortgage interest rates over the last year. The plan will result in the elimination of thirty-one positions at all levels representing approximately a twenty percent reduction in personnel levels and will better match capacity with output providing for increased financial strength and flexibility during a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. decline in housing activity. The company projects that it will realize cost savings of approximately $2.0 million annually as a result of these actions. The pre-tax impact of the staff reductions and consolidation of operations will result in a charge of approximately $200,000 to results for the first quarter of 1995. Calton Inc.'s operations primarily consist of the design, construction and marketing of single family homes and townhomes through subsidiaries operating in central New Jersey, eastern Pennsylvania, central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. and the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. . CONTACT: Calton Inc., Manalapan Bradley A. Little, 908/780-1800 |
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