The restructuring is needed to bring expenses in line with revenues, the company said. GSI said it estimates 2001 revenues may be reduced by less than five per cent and profits modestly improved as a result of the cost-cutting measures.
"While this action is unfortunate, it is taken to preserve the operating performance of the company both for the near and long term. It will not negatively affect our success in the areas of strongest opportunity for future growth," Charles Winston, GSI's president and CEO, said in a release.
The delay in developing the new laser system had previously been announced in a conference call after the company's third-quarter results.
Edited by Maeve McKenna
Assistant Editor, Photonics Online