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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: KevinThompson who wrote (18589)	4/26/2001 8:59:58 AM
From: KevinThompson	Respond to of 37746

Spectra Physics cutting work force - Uncertainty in the telecom market... Spectra Physics says to cut work force by 11 pct MOUNTAIN VIEW, Calif., April 25 (Reuters) - Spectra Physics (NASDAQ:SPLI), a unit of Thermo Electron Corp. (NYSE:TMO) which builds chip based lasers and optical gear, said on Wednesday that it would cut 11 percent of its work force because of the uncertain outlook for the telecommunications industry. The company broke even for its fiscal first quarter ended March 31 on net sales of $54.6 million, compared with a loss of 2 cents per share on sales of $39.4 million in the year earlier period, as adjusted to account for new revenue recognition policies. Spectra Physics said that demand had been strong for its dense wavelength division multiplexing systems (DWDM), which are used to increase the amount of capacity on fiber lines, but said that it was cutting costs because of the tough overall market. The company will lay off 140 employees in its unit that makes passive optical components, those that do not require an electric charge to operate, and will centralize distribution operations in Europe. It was the second round of job cuts announced by an optical communications company on Wednesday. New Focus Inc. (NASDAQ:NUFO), which also makes fiber optic products, said that it was cutting 10 percent of its U.S. work force and half of its employees in China.