Captaris Announces Voluntary Staff Reduction Program; Company Continues to Align Operations in Effort to Achieve Profitability Target.Business Editors/High-Tech Writers KIRKLAND, Wash.--(BUSINESS WIRE)--Oct. 31, 2002 Captaris, Inc. (Nasdaq:CAPA CAPA California Alternate Performance Assessment CAPA Captaris, Inc (stock symbol) CAPA Confederation of Asian and Pacific Accountants CAPA Creative and Performing Arts (school) ), a leading provider of unified communications The real time redirection of a voice, text or e-mail message to the device closest to the intended recipient at any given time. For example, voice calls to desk phones could be routed to the user's cellphone when required. and mobile business solutions announced to its employees a voluntary layoff program designed to eliminate approximately 40 positions, which represents less than ten percent of its total workforce, from the Kirkland, Washington Kirkland is a city in King County, Washington, United States. It is a suburb of Seattle located on the Eastside (of Lake Washington). As of April 1, 2005, the city had an estimated population of 45,740, making Kirkland the eighth largest city in King County and the eighteenth offices by the end of 2002. The program was offered to employees in an effort to align the organization with the market realities of a difficult economic environment and overall softness in IT spending. "As a result of these economic factors, our commitment to deliver sustainable profitable results to our shareholders and to uphold our fundamental values of being open and honest with our employees, we have initiated a program giving associates an opportunity to proactively leave the company with a severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
The company reiterated that its most recent guidance remains unchanged. The company expects revenue to approximate $92 million for 2002 in total and, building on its attainment of breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations in the third quarter of this year, expects modest profitability for the fourth quarter of 2002. As is consistent with prior guidance, all figures are pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma figures, which exclude charges from staff reductions, amortization of intangibles, variable accounting charges for stock based compensation and any other one time or non operating events that may occur. The company will not be able to quantify the financial implications of this program until it receives responses from its employees. The necessity for involuntary reductions will be assessed following a complete review of the impacts of this program. About Captaris Captaris is a leading provider of unified communications and mobile business solutions that allow companies to improve business communications with customers, partners and employees. The company provides access to and control of critical business information from almost any communications device Typically refers to a terminal used to send voice, video or text. Mobile phones, wireless PDAs and personal computers equipped with microphones, speakers and cameras are all considered communications devices. See modem. and enhances communications workflow by improving the way in which company stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. exchange information. The company specializes in developing and marketing CallXpress unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. , RightFax fax and communications servers, MediaLinq electronic document delivery services, and the Infinite Mobile Delivery product line. Captaris has more than 80,000 systems installed and over one million users worldwide, with 80 percent of Fortune 100 companies using the company's award winning products and services. Founded in 1982, Captaris is publicly traded under the symbol "CAPA" on the NASDAQ National Market. Captaris maintains a site on the World Wide Web at www.captaris.com. Certain statements in this press release are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements include all passages containing verbs such as "aims," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects" or "targets" or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of the management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect Captaris' actual results include, among others, the potential failure to maintain and expand Captaris' network of dealers and resellers or to establish and maintain strategic relationships, inability to integrate recent and future acquisitions, inability to develop new products or product enhancements on a timely basis, inability to protect our proprietary rights or to operate without infringing the patents and proprietary rights of others, changes in accounting principles, and quarterly and seasonal fluctuations in operating results. More information about factors that potentially could affect Captaris' financial results is included in Captaris' most recent quarterly report on Form 10- Q filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, Captaris undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise. |
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