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December 7, 2012
06:25 EDTCYBECyberoptics announces 10% workforce reduction
CyberOptics announced the completion of a restructuring and staff reduction totaling approximately 10% of its global workforce. This action was taken in response to continued softening of the electronics market, which has resulted in significantly reduced revenue during the first two months of the fourth quarter. Management currently anticipates fourth quarter revenue will range between $5.5M-$6M. The company indicated that the severance expense associated with the workforce reduction will approximate $550,000, and along with the weakened revenue, will result in a more significant net loss for the fourth quarter and full year than previously anticipated.
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