Trikon to shed more staff as losses grow
The company s operating loss for the quarter was $7.1 million compared to $5.0 million for the year-ago period. Net loss applicable to common shares for the quarter was $7.3 million, or $0.56 per share, compared to a loss of $3.8 million, or $0.32 per share, for the first quarter of 2002.
"The company continues to carefully manage its working capital during this exceptionally difficult trading environment and has taken measured and appropriate steps to reduce the cost base," said Bill Chappell, CFO. "At this time, we will be making further reductions in cash expenses of approximately $1 million per quarter including a reduction in our workforce."
"Any reduction in workforce will be aimed at reducing excess capacity rather than capability," said Jihad Kiwan, president and CEO. "Cash of $37.7 million at quarter end enables us to take a measured and appropriate response and allows us to focus efforts on winning more of the available business during this unprecedented downturn."
Kiwan believes that Trikon s operations and technologies are amongst the best in the industry and that the company is close to significant breakthroughs with some of its advanced technologies at major accounts.
