Carrier Access Adjusts Workforce.Business Editors & Technology Writers BOULDER, Colo.--(BUSINESS WIRE)--March 22, 2002 Carrier Access Corporation (Nasdaq: CACS CACS Center for Advanced Computer Studies CACS Computer Audit, Control and Security CACS Carrier Access Corporation (stock symbol) CACs Criteria Air Contaminants CACS Center for Alaskan Coastal Studies CACS Coronary Artery Calcium Scoring ), a manufacturer of broadband communications, today announced a reduction in its national workforce of 17 percent as part of its overall strategic plan to return to profitability. The company reduced its employee base by approximately 75, with most of the adjustments in the Boulder, Colorado, and Roanoke, Virginia, offices. Carrier Access' employment will total about 350 after the reduction. "Like other companies in the communications industry, Carrier Access has seen dramatic changes in service provider capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. . We regret the hardship this event will have on the affected employees and their families. We have plans in place to help them in the transition, including outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. services," said Roger Koenig, Carrier Access CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The adjustment is in keeping with Carrier Access' strategic initiative that aligns its core technologies and business operations with the healthiest market segments -- Regional Bell Operating Companies (RBOC (Regional Bell Operating Company) The Bell telephone companies that were spun off of AT&T by court order in 1984 (the Divestiture). Also known as the "Baby Bells," the initial seven RBOCs were Nynex, Bell Atlantic, BellSouth, Southwestern Bell, US West, ), wireless and cable industries. "We believe that today's adjustment, our focus on strategic markets, and our lack of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. have us well positioned for 2002, despite the constraints of the current communications industry recession," said Koenig. Carrier Access will provide additional information and comment during its scheduled conference call at the close of market on Tuesday, April 23, 2002. Forward-Looking Statement 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 press release contains forward-looking statements that concern Carrier Access' reduction in workforce and its impact on future operations and returning to profitability. These statements involve risks and uncertainties that could cause actual results to differ materially. Some of these risks are discussed in detail in Carrier Access' SEC reports, including the 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. Report for the year ended December 31, 2000, and the Form 10-Q Report for the quarter ended September 30, 2001. Carrier Access Corporation, the Carrier Access logo, solve for x are trademarks of Carrier Access Corporation. All other trademarks are trademarks of their respective companies. About Carrier Access Carrier Access manufactures high-performance equipment for telecommunications carriers that helps to accelerate their revenue, lower operating costs and extend capital budgets. Founded in 1992, Carrier Access products have delivered more than 2.5 million voice and data lines for customers, including many incumbent carriers and top wireless service providers. The company focuses on broadband access from the central office to the customer premise; next-generation wireless infrastructure; and enterprise service delivery. Carrier Access products meet the industry's highest reliability and interoperability standards, including Telcordia(R) TIRKS/OSMINE, NEBS Level 3 and ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001. For more information, visit www.carrieraccess.com. |
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