Covista Communications Announces Workforce Reduction.Business Editors LITTLE FALLS Little Falls is the name of some places in the United States of America:
Covista Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CVST CVST Chinese Visiting Scholars in Toronto (Canada) ) announced today it reduced its workforce by approximately 10%. The headcount reduction, implemented January 19, 2001, affected only corporate and administrative positions at the Company's headquarters. This action is expected to result in operating cost reductions of approximately 12% in fiscal 2001. Covista expects to take a one-time charge of approximately $154,000 in the fourth quarter of its current fiscal year to reflect the costs associated with this workforce reduction. "Implementing these initiatives makes Covista a stronger, more nimble company," said John Leach John Leach can refer to :
About Covista: Covista Communications, Inc., headquartered in Little Falls, New Jersey Little Falls is a Township in Passaic County, New Jersey, United States. As of the United States 2000 Census, the township population was 10,855. Little Falls was incorporated as a township by an Act of the New Jersey Legislature on April 2, 1868, from portions of , is a facilities-based provider of voice, data and Internet solutions to commercial and wholesale carrier markets. Covista began operations in 1983 as TotalTel, Inc., one of the first companies to enter the long distance business after federal deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. . In July 2000, the Company changed its name to Covista to reflect its position as a leading provider of integrated communication solutions to businesses in the northeast United States. This news release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include price and product competition, dependence on new product and/or market development, reliance on major customers, customer demand for our products and services, control of costs and expenses, our credit rating, timely implementation of restructuring and financial plans, general industry and market conditions and 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. , and general domestic economic conditions including interest rate fluctuations. For a further list and description of such risks and uncertainties, see the reports filed by Covista with the Securities and Exchange Commission. Covista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document does not constitute the offering of any securities. For more information about Covista, please visit www.covistacom.com. |
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