Cascade (CAE) Misses Street's Q4 Earnings; to Cut Workforce by 20%

April 2, 2009 4:21 PM EDT

Cascade Corporation (NYSE: CAE) reports Q4 EPS of $0.10, ex-items, versus the analyst estimate of $0.30. Revenue for the quarter was $95.1 million, versus the consensus of $108.04 million.

Cascade said:

The financial crisis that occurred in the fourth quarter of fiscal 2009 triggered a significant decline in global economic conditions, which included significantly depressed demand for lift trucks and our products. Due to the uncertainty surrounding this environment, we have taken a number of steps to adjust our operations for these reduced business levels. These steps include:

  • Reduction in our global workforce by 20%.
  • 10% reduction in both salaries for our executive team and fees paid to our board of directors.
  • Pay and hiring freezes at all locations.
  • Reduced work schedules, including plant shutdowns for limited time periods, at most of our operations.
  • Spending controls to reduce production and administrative costs.
  • Spending controls to reduce capital expenditures.


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