Acterna Corp. to Cut 400 Jobs
May. 29, 2002
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GERMANTOWN, Md. (AP) _ Acterna Corp. plans to cut about 400 jobs, or about 8 percent of its staff, while consolidating some of its locations.
The Germantown, Md., high-tech company, formerly Dynatech Corp., expects to record restructuring charges of about $17 million for the job cuts, while realizing savings of about $75 million.
The company now has reduced its headcount to about 4,100, or 36 percent of its staff, since the beginning of its fiscal 2002.
As of March 31, Acterna had about 5,000 employees.
Acterna also sold its product line for testing cellular phones to Willtek Communications Holding GmbH. Terms weren't disclosed.
Before items, the company lost 77 cents a share compared with a loss of 10 cents a share in the year ago quarter. After items, the company reported a loss of 24 cents a share for the 4th quarter ended March 31.
A Thomson Financial/First Call survey of analysts estimated of a loss of 24 cents a share, before items, for the quarter.
For fiscal 2002, the company lost $1.95 a share compared with a loss of 85 cents a share a year ago.
Acterna expects to report a first quarter cash operating loss, excluding items, of 20 cents to 22 cents a share, on revenue of $185 million to $190 million.
A Thomson Financial/First Call survey of analysts estimate a 19 cents a share loss, before items, for the company's first quarter.
Acterna reported cash earnings of 8 cents a share, before items, on revenue of $302.25 million for its year-ago first quarter ended June 30.
The company expects a cost structure after restructuring that would result in break-even earnings before interest, taxes, depreciation and amortization at about $190 million of quarterly sales.
Shares traded late Wednesday morning at $1.46, down 3 cents.