Rheometric Scientific Inc. To Take Fourth Quarter Restructuring Charge.Business Editors PISCATAWAY, N.J.--(BUSINESS WIRE)--Dec. 31, 2001 Rheometric Scientific, Inc. (AMEX AMEX See: American Stock Exchange : RHM RHM Right Hand Man (band) RHM Rank Hovis McDougall (UK company) RHM Right-Handed Media RHM Remains Handling Model RHM Routine Health Maintenance RHM Registered Housing Manager RHM Red Hub Module - news) announced today that it will record a non-recurring charge of $1.75 million in its fourth quarter for a restructuring plan. This plan will involve streamlining its US and European operations, rationalization of the company's product lines and other cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. actions, including a 12% reduction in personnel. This charge, which will reduce earnings for the fourth quarter and the fiscal year ended December 31, 2001, by $1.75 million or $.07 per share, is expected to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by approximately $1.2 million annually. Paul S. Mangano, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated: "We have devoted considerable effort to evaluating our overall business strategy and cost structure. This restructuring plan is aimed at improving our operational competitiveness and positioning the company for future growth." Rheometric Scientific, founded in 1970, develops, manufactures, markets and services rheological (a science dealing with the deformation and flow deformation and flow Alteration in size or shape of a body under the influence of mechanical forces. Flow is a change in deformation that continues as long as the force is applied. of matter) and thermal analysis Thermal analysis is a branch of materials science where the properties of materials are studied as they change with temperature. Techniques include:
This press release includes forward-looking statements, which are subject to inherent uncertainties when discussing future results. Various factors could cause the Company's actual results to differ materially from those projected. The Company assumes no obligation to update its forward-looking statements or advise of changes in the assumptions and factors on which they are based. Specific risk factors may be detailed from time to time in the Company's Securities and Exchange Commission filings. |
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