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