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EYE » Topics » Plan to Reduce Fixed Costs

This excerpt taken from the EYE 8-K filed Feb 14, 2008.

Plan to Reduce Fixed Costs

AMO is announcing today plans to reduce its fixed costs in order to further enhance its global competitiveness, operating leverage and cash flow. The plan includes a net workforce reduction of approximately 150 positions, or about 4% of the company’s global workforce. In addition, AMO plans to consolidate certain operations to improve its overall facility utilization. To complete this plan, AMO expects to incur charges between $25 million and $30 million in 2008 and estimates that the vast majority will be cash. Upon full implementation, the company expects these actions to result in annualized savings of approximately $10 million to $12 million. In 2008, the company estimates savings related to these actions in the range of $4 million to $7 million, which are reflected in the current guidance. The charges outlined above are in addition to the $11 million to $13 million in charges the company expects to take in 2008 to consolidate its equipment manufacturing, which was announced in December 2007.

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