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Review and Outlook
Christopher B. Galvin, chairman and chief executive officer, said, ``We are making the adjustments that are necessary in a
period of slower overall economic growth. Having anticipated a softening in economic activity, we began implementing cost
reductions in the third and fourth quarters of 2000, and will continue with additional actions to be taken in the first quarter of
2001. These actions have been designed to adjust our costs to softening global market conditions and, as the market
recovers, to restore the trend of improved profitability that we had achieved over the last two years,'' he said.
``Despite a slowdown in the growth of overall consumer spending, we expect demand for wireless, broadband, and
workgroup equipment and services to grow as individuals continue to be attracted to broadband's triple play of voice, data,
and multimedia and the convenience of portable communication products. Growth in embedded devices has slowed in most
segments, but the demand for embedded systems that make our customers' products simpler, safer, smarter and more
synchronized remains strong in the long term,'' Galvin said. |
