Copyright 2002 Knight Ridder/
Tribune Business News
Copyright 2002 Pittsburgh Post - Gazette
Pittsburgh Post - Gazette…10/01/2002
Tollgrade Communications Inc., citing further spending cutbacks by telecommunications clients, yesterday said it will eliminate 47 jobs, warned that third-quarter earnings would fall on the lower end of already reduced forecasts and said Chief Executive Officer Chris Allison would seek another pay cut.
The Cheswick-based maker of remote testing equipment, which last year cut a quarter of its work force as profits fell by half, said the latest actions should generate annual savings of $3.6 million and result in a fourth-quarter charge of $200,000.
"While Tollgrade continues to meet many of our goals in an extremely tight telecom market, we must be prudent in how we manage our business," Allison, also the chairman, said in announcing the cuts after the markets closed yesterday.
The company, which in July said it expects earnings for the third-quarter that ended yesterday to range from break-even to 6 cents a share and revenue to range from $12 million to $15 million, said revenue for the quarter should total $13.9 million.
Allison last year took a 20 percent, or $60,000, reduction in his base salary.