OXYGEN-DEVICE FIRM CUTS 11 JOBS.Byline: Deborah Adamson Daily News Staff Writer Chad Chad (chăd, chäd), Fr. Tchad, officially Republic of Chad, republic (2005 est. pop. 9,826,000), 495,752 sq mi (1,284,000 sq km), N central Africa. Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , facing a losing third quarter, announced Wednesday that it has laid off 11 people or 12 percent of its work force. The maker of oxygen-conserving devices and oxygen-delivery systems expects to lose money in the quarter ending today. The company blamed weak sales in its oxygen-conserving product line, competition and cutbacks in Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for the expected decline in sales volume of 5 percent to 10 percent, compared with the same quarter last year. The company also replaced two parts suppliers for its Total 02 oxygen-delivery system because of quality problems. Executive salaries were reduced by more than 10 percent as part of a cost-cutting plan expected to save about $900,000 a year, company officials said. ``We're trying to keep costs at a minimum and doing everything we can to increase sales,'' said Earl Yager, Chad's chief financial officer. He said the company is gearing up its sales force to seek business aggressively. Chad recently started recruiting and training for a field sales force of manufacturer representatives. About 25 percent of the sales representatives have been trained, and the rest will be recruited and trained by spring, officials said. ``We do expect things to improve,'' Yager said. This year hasn't been great for Chad. In the first quarter, net income dropped 1 cent a share or 87 percent to $107,000, while sales dipped by 22 percent to $4.2 million. In the second quarter, the company broke even. Sales dropped by 12 percent to $3.86 million. Earlier this month, Chad Chief Executive Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Jones added the company presidency to his role. Anticipating retirement, the former president, Frank Fleming Frank Fleming was a famous Gaelic football player for Mayo in their cup winning season then retired to start Champion Fire Defences. He was born on the 2nd of October or the 4th of November 1930 (even he doesn't know which one is right!) , became senior vice president and a director of the company. Shares of Chad dropped 6.25 cents to $1.50 on Wednesday. The layoffs were announced before the market opened. |
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