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Technology Stocks : Ultratech Stepper -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (2707)	8/28/1998 9:27:00 AM
From: Justa Werkenstiff	Read Replies (3) \| Respond to of 3696

Ian and All: Looks like I spoke too soon about UTEK layoffs awhile back: Ultratech <UTEK.0> to cut 20 pct of its workforce SAN JOSE, Calif., Aug 28 (Reuters) - Hurt by a glut in the semiconductor market and the Asian recession, Ultratech Stepper Inc. on Friday said it would lay off 120 employees, or 20 percent of its workforce, and require its additional employees to take two days off per month. Ultratech, which makes photolithography equipment for the semi-conductor industry, said that beginning next year, it would evaluate the mandatory vacation measure on a quarterly basis, depending on business conditions. Ultratech also said it expected to report a charge for the quarter ending Sept. 30 to cover costs related to the variety of measures it is implementing during the quarter. "Our business continues to be affected by capacity issues in the semiconductor and storage memory businesses and uncertainty surrounding the economic environment in Asia," Chairman, Chief Executive and President Arthur Zafiropoulo said in a statement. "Our announcements today are aimed at reducing our overhead structure while preserving key research and development programs." He said Ultratech's goal during this difficult operating environment was to focus on expense control and to continue to make investments that could provide opportunities to enhance its long-term growth potential. He said the company was committed to its diversification strategy and meeting the needs of the semiconductor and disk drive industries. "We believe we have compiled a strong product portfolio of cost-effective core and advanced lithography products that positions us for any growth in the future," he said. 08:57 08-28-98