Ottawa-based laser maker GSI Lumonics Inc. said it will cut more jobs in the current quarter after Q3 revenues fell short of expectations.
Thursday afternoon the company warned that third quarter revenues will be around $37 million, far short of its previous guidance for $40 million to $45 million. The third quarter results are due out on Oct. 29.
The maker of advanced laser systems for the semiconductor and electronics industries said market conditions seem "to be further delayed than expected by the company and by analysts, as well."
"Accordingly, the company is taking additional cost-reduction actions to bring operations more in line with the realities in these markets," GSI said in a statement.
Over the past couple of quarters GSI has slashed its operations in Kanata. By the end of the year only the head office is expected to remain. About 60 employees will be cut in total as GSI's systems business is consolidated with facilities in Wilmington, Mass. and Rugby, U.K. Its laser business will be relocated to the United States.
The latest cuts will come "during the current fourth quarter."
For the third quarter GSI expects a net loss of 12 to 14 cents per share, or $4.7 million to $5.54 million. That estimate includes severance and inventory charges worth about six cents per share, or $2.3 million.
Thursday afternoon the company warned that third quarter revenues will be around $37 million, far short of its previous guidance for $40 million to $45 million. The third quarter results are due out on Oct. 29.
The maker of advanced laser systems for the semiconductor and electronics industries said market conditions seem "to be further delayed than expected by the company and by analysts, as well."
"Accordingly, the company is taking additional cost-reduction actions to bring operations more in line with the realities in these markets," GSI said in a statement.
Over the past couple of quarters GSI has slashed its operations in Kanata. By the end of the year only the head office is expected to remain. About 60 employees will be cut in total as GSI's systems business is consolidated with facilities in Wilmington, Mass. and Rugby, U.K. Its laser business will be relocated to the United States.
The latest cuts will come "during the current fourth quarter."
For the third quarter GSI expects a net loss of 12 to 14 cents per share, or $4.7 million to $5.54 million. That estimate includes severance and inventory charges worth about six cents per share, or $2.3 million.
