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Pastimes : Layoff Totals for US Companies -- Ignore unavailable to you. Want to Upgrade?

To: flint who wrote (2800)	6/10/2003 9:51:56 PM
From: Joe S Pack	Respond to of 8051

TI reduces Q2 forecast, cuts 250 more jobs By Mark LaPedus Semiconductor Business News (06/10/03 05:49 p.m. EST) DALLAS - Texas Instruments Inc. today (June 10) lowered its forecast for the second quarter and expanded its cost-cutting efforts, including a move to reduce its headcount by 250 employees. TI--which in April cut about 1,250 jobs--said that its sequential revenue growth in Q2 will be at the lower end of its previous expectations, due to a softness in the wireless market. Wireless customers, especially Nokia Group, are experiencing a slowdown in demand for handsets and excess inventory, particularly in Asia (see March 12 story ). Motorola Inc. is suffering from similar problems as well (see June 9 story ). In total, TI now expects its sequential revenue growth to be about 5 percent in Q2, instead of its original forecast of about 7 percent. Earnings per share are now expected to be about $0.06, plus or minus a few cents, instead of about $0.08, plus or minus a few cents. The company's semiconductor segment now expects sequential growth of about 2 percent, instead of about 4 percent. TI expects wireless semiconductor revenue to decline about 10 percent sequentially in the second quarter, but other semiconductor revenue to increase by more than 5 percent. Compared with the second quarter of 2002, wireless revenue should increase by more than 10 percent and other semiconductorrevenue should increase by more than 5 percent. At the same, the company recently expanded its previously-announced restructuring actions to include the reduction of about 250 jobs in semiconductor manufacturing operations in Japan. Total restructuring charges for the quarter are now expected to be about $55 million instead of $40 million, primarily due to higher-than-expected severance costs in the current quarter and the addition of the action in Japan. The company has already cut 1,250 jobs in that restructuring, which was announced in April (see April 15 story ). "As we noted in our April conference call, some inventory of wireless semiconductors was built in Asian markets, particularly China, toward the end of the first quarter,” said Tom Engibous, TI's chairman, president and CEO, in a statement. “That inventory, which would have been successfully worked through under normal conditions, instead stalled as demand has weakened in those markets,” he said. “We believe the weakness in demand is largely due to the ongoing economic impact associated with SARS, and should abate as the health concerns are resolved," he added.

To: flint who wrote (2800)	6/10/2003 10:15:10 PM
From: Ahda	Read Replies (1) \| Respond to of 8051

stats.bls.gov Mass Layoffs in April 2003 Technical information: (202) 691-6392 USDL 03-261 bls.gov For release: 10:00 A.M. EDT Media contact: 691-5902 Thursday, May 29, 2003 MASS LAYOFFS IN APRIL 2003 Employers initiated 1,576 mass layoff actions in April 2003, as measured by new filings for unemployment insurance benefits during the month, accord- ing to data from the U.S. Department of Labor's Bureau of Labor Statistics. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 161,095. (See table 1.) Compared with April 2002, the number of layoff events increased slightly, while the number of workers involved declined. April 2003 marked the 11th consecutive month the number of mass layoff initial claims declined over the year. From January through April 2003, the total number of events, at 6,460, and initial claims, at 624,401, were lower than in January-April 2002 (6,496 and 730,002, respectively). The total of mass lay offs from these stats is declining. It is good news.