Acterna to Slash More Jobs After Wider-Than-Expected Loss

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Acterna

(ACTR)

disclosed more job cuts as it posted a second-quarter loss of $148 million, or 77 cents a share. In the year-ago period the company lost $50 million, or 27 cents a share. The company plans to slash another 500 jobs, or 9% of its workforce.

Acterna, a communications testing equipment maker, posted second-quarter pro forma sales of $315 million, a 12% drop from last year's $359 million. On a cash basis, the company lost 12 cents a share; analysts had been expecting a profit of 4 cents, according to Thomson Financial/First Call.

The job cuts bring the total for the fiscal year to more than 1,000, or more than 16% of the workforce. In addition, the company plans to consolidate offices, cut the work week at some plants, and reduce capital spending. Acterna expects these moves will allow it to save $115 million to $125 million a year.

The company didn't issue any guidance for the third or fourth quarters, citing market uncertainty.