Amtech Systems (ASYS) Announces Cost Cuts; Will Implement Salary Reduction Measures

August 9, 2012 4:11 PM EDT
Amtech Systems, Inc. (Nasdaq: ASYS), announced the implementation of further cost reduction measures anticipated to generate annual cost savings of $6-$7 million in fiscal 2013, when compared to the Company's annualized expense run rate of the first half of fiscal 2012.

The savings will come primarily from selling, general and administrative, and non-essential research and development costs. The cost reduction programs include voluntary salary reductions by the officers of the company ranging from 10 to 20 percent and salary reductions of other corporate staff. Due to the flexible nature of the company's labor base, no significant restructuring charge is anticipated.

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