American Science Cuts 10% Of Workforce; Expects Q2 Loss - Quick Facts

(RTTNews) - American Science and Engineering Inc (ASEI), Tuesday said it reduced its workforce by about 10% and implemented additional targeted cost reductions to further reduce its operating expenses, amid continued volatility in its markets.

Also the company said it is anticipating a net loss in the second quarter.

"The escalating global volatility negatively impacted our quarterly results with shipment delays for orders already recorded in backlog," said Chuck Dougherty, AS&E's President and CEO.

"While our opportunity pipeline remains robust, we have reduced our expenses to manage through the quarter to quarter variability that has affected us and others in our industry. As we move forward, we will continue to execute on our strategic growth initiatives to help us leverage and capture the increased global opportunity pipeline for our expanded portfolio of product and service offerings."

The company is to release its quarterly results on Nov. 7.