BILLERICA, Mass., April 14 /PRNewswire-FirstCall/ -- GSI Group Inc.,
(Nasdaq: GSIG) today announced it is reducing its U.S.A. workforce by
approximately 10% during the first half of 2008. The workforce reductions,
which began in the first quarter, are in response to softness in the
semiconductor markets and the reduction in the number of facilities in
North America. The Company plans to take a second quarter restructuring
charge of approximately $1.5 million for severance and lease impairment
costs related to these actions.
The Company's first quarter 2008 guidance anticipated these actions.
-- Revenue to be in the range of $66.0 million to $72.0 million.
-- Diluted earnings per share, including restructuring charges, in the
range of $0.02 to $0.06, assuming a 35% effective tax rate.
GSI Group Inc. supplies precision technology and semiconductor systems
to the global medical, semiconductor, electronics, and industrial markets.
GSI Group Inc.'s common shares are listed on Nasdaq (GSIG). The Company's
web site address is http://www.gsig.com.
Certain statements in this news release may constitute forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the United States Securities
Act of 1933 and Section 21E of the United States Securities Exchange Act of
1934. These forward-looking statements may relate to anticipated financial
performance, management's plans and objectives for future operations,
business prospects, outcome of regulatory proceedings, market conditions,
tax issues and other matters. All statements contained in this news release
that do not relate to matters of historical fact should be considered
forward-looking statements, and are generally identified by words such as
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"objective" and other similar expressions. Readers should not place undue
reliance on the forward- looking statements contained in this news release.
Such statements are based on management's beliefs and assumptions and on
information currently available to management and are subject to risks,
uncertainties and changes in condition, significance, value and effect.
Other risks include the fact that the Company's sales have been and are
expected to continue to be dependent upon customer capital equipment
expenditures, which are, in turn, affected by business cycles in the
markets served by those customers. Other factors include volatility in the
semiconductor industry, the risk of order delays and cancellations, the
risk of delays by customers in introducing their new products and market
acceptance of products incorporating subsystems supplied by the Company,
risks of currency fluctuations, risks to the Company of delays in its new
products, our ability to continue to reduce costs and capital expenditures,
our ability to focus R&D investment and integrate acquisitions, changes in
applicable accounting standards, tax regulations or other external
regulatory rules and standards, and other risks detailed in reports and
documents filed by the Company with the United States Securities and
Exchange Commission and with securities regulatory authorities in Canada.
Such risks, uncertainties and changes in condition, significance, value and
effect, many of which are beyond the Company's control, could cause the
Company's actual results and other future events to differ materially from
those anticipated. The Company does not, however, assume any obligation to
update these forward- looking statements to reflect actual results, changes
in assumptions or changes in other factors affecting such forward-looking
statements. For more information contact: Investor Relations, 978-439-5511,
Ray Ruddy, (ext. 6170)
For more information:
Raymond Ruddy
GSI Group Inc.
+1-978-439-5511 Ext. 6170
SOURCE GSI Group Inc.
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Related links:
http://www.gsig.com
http://www.prnewswire.com/comp/107189.html /
CONTACT:
Raymond Ruddy of GSI Group Inc.,
+1-978-439-5511, ext. 6170
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