| President and CEO Michael Davin commented: "We are on track to achieve our target operating expense savings of between $14M and $18M for 2009." "The cost-reduction program we implemented beginning in early 2009 has enabled us to cut operating expenses by $11.8M, more than 20%, through the first nine months of the year, compared with the same period in 2008. At the same time, we maintained our strong balance sheet, with cash, cash equivalents and investments increasing $1.9M for the quarter ended September 30, 2009 to $90.5M. :theflyonthewall.com |
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