| | "Brad Mattson, Chief Executive Officer of Mattson Technology, stated, ``We, similar to other semiconductor equipment suppliers, have experienced a significant decline, not only in shipments but also in bookings, during the second quarter of 2001, as a result of the economic downturn experienced by our customers. This contraction has hit us especially hard since we recently acquired substantial production facilities as part of our merger with CFM and STEAG. Our restructuring efforts initiated in Q2 will require a couple of quarters to complete. We have already taken several actions so far in Q2 and into Q3 to reduce expenses and improve efficiency, including consolidating facilities, reducing materials costs, reducing executive pay, implementing shortened workweeks and reducing headcount. We implemented a reduction in force in May, releasing approximately 180 employees. This was in addition to previous reductions in contract and temporary employees.
We are continuing our restructuring and cost reduction program with plans to further reduce our SG&A and fixed costs of goods. As part of our consolidation plan, we are in the process of selling two buildings -- one in Austin, Texas, and the other in West Chester, Pennsylvania. We also have plans to reduce our space in the Fremont/San Jose area by more than 60,000 sq. ft. in the near future. We continue to review our headcount and plan to make further adjustments to align headcount with current revenue levels. Finally, we are reviewing our product lines and outsourcing some low volume product lines to improve manufacturing efficiencies. The company expects to record restructuring charges in the third quarter as a result of these actions.'' Mattson continued, ``Although our visibility into the market is very limited at this time, we anticipate that revenue for the third quarter to be down 10-20% from the second quarter, on a shipment basis, and bookings are forecasted to be flat at $45-50 million.''
Mattson Technology, Inc. Announces Second Quarter Financial Results
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Mattson reports Q2 loss as bookings drop 30 pct
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