FREE Breaking News Alerts from StreetInsider.com!
E-mail Address
Top NewsMost Read Highlighted
Get AlertsMTSN Hot Sheet
Financial Fact:
Today’s EPS Names:
MBWM, DYSL, PNFP, More
Mattson Technology, Inc. (Nasdaq: MTSN) announced the finalization of plans for Phase IV of its cost-reduction program, which primarily entails a broad reduction in force across all areas of the Company. The total estimated reduction in annual operating expenses for all four phases of the cost-reduction program is expected to be $30 million. Combined with the ongoing gross margin improvement efforts, the Company’s cash flow breakeven point is expected to be reduced to the mid to high $20 million quarterly net sales level by the end of Q1 2013.
“Over the past five quarters, Mattson has taken appropriate measures to restructure and size the Company to conserve cash during the down-cycle and enable significant leverage to deliver profitability in the up-cycle,” said David L. Dutton, President and Chief Executive Officer. “Leaving Q1 of 2013, the results from all phases our cost-reduction program are expected to decrease our annual operating expense run rate by over 40%. These measures when combined with our ongoing gross margin improvement program lower our quarterly net sales breakeven level from the $50 million range to the mid to high $20 million level,” noted J. Michael Dodson, Chief Operating and Financial Officer.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items – JOIN NOW