Thursday, TomoTherapy Inc. (TOMO), the manufacturer of Hi Art system, said it has reduced workforce by approximately 12% through a combination of layoffs and the elimination of open positions. As of September 30, 2008, the company had 721 employees.
The Madison, Wisconsin-based company stated that it will incur a one-time charge of approximately $1.8 million related to severance costs during the fourth quarter of 2008. Hi Art system estimates an annual savings of approximately $5.4 million beginning in 2009.
Fred Robertson, TomoTherapy's CEO said, "It is essential in the current environment to effectively manage costs while continuing to provide outstanding service and support to our global customer base. We also remain committed to extending the clinical advantages of our leading TomoTherapy Hi·Art system, which provides superior quality of care to cancer patients around the world."
TomoTherapy closed Thursday's regular trading at $2.99, down $0.17 or 5.38%, on a volume of 160,489 shares on the Nasdaq. In after-hours trade, the stock is currently up $0.0723 or 2.42% trading at $3.06.
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