Camtek Ltd. (CAMT), a manufacturer of automatic optical inspection systems and related products, Tuesday said it is implementing additional reduction of its global work force by 68 employees. The cut represents about 14% of the company's present total workforce of 480.
According to Rafi Amit, Camtek's CEO, "We believe that the continuing severe global slowdown require us to be more conservative and monitor our business expenses and cash resources. While implementing this reduction plan, we remained focused on preserving our R&D capabilities in order to position ourselves for the future recovery of our markets."
In November 2008, the company reported a loss in the third quarter, compared to a profit last year. Third quarter net loss was $4.09 million or $0.14 per share, compared to net income of $85 thousand or breakeven per share in the year-ago period.
The net loss in the quarter included a $1.5 million inventory write-off and a total of $1 million of legal and professional expenses related to an aborted acquisition and a patent lawsuit that Rudolph Technologies, Inc. filed against the company.
Quarterly revenues declined 5% to $19.12 million from $20.17 million last year.
CAMT closed Friday's regular trade at $0.34, down from the previous close of $0.36, on 4,300 shares.
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