Exfo Electro-Optical Engineering
lowered its first-quarter guidance and set plans to cut 10% of its workforce, citing the effects of the Sept. 11 attacks and the telecommunications slowdown.
The Canadian fiber-optic equipment maker expects sales slightly above $20 million and an operating loss of 3 cents to 4 cents a share in the quarter ended Nov. 30. The company previously predicted revenue between $24 million and $28 million and an operating profit between 2 cents a share and a loss of 2 cents a share.
The company is implementing expense reductions that it hopes can provide $6 million of annual pretax savings. The company will take a charge of $4 million on the cuts.