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January 10, 1988

SYMBOLICS TO CUT 10%, TAKE BIG CHARGE

By CBR Staff Writer

Symbolics Inc, the Cambridge, Masschusetts symbolic processing systems specialist, has decided to take further measures to reduce operating expenses and streamline operations. The company will reduce its workforce of approximately 730 people by about 10% and the expenses associated with the lay-offs will be included in a substantial charge to second quarter earnings for the period to January 3. The charge will include additional reserves for excess capacity and assets and will substantially increase the loss the company expects to report for the second quarter – the figures should be out by the end of the month. The company says that earlier measures have reduced by operating expenses by about 16% over the past year, gross margins have improved, and its cash position of $12.1m at the end of the last fiscal year, has remained stable. The company hopes that the new cuts will enable it to return to profitability by the end of the current fiscal. However the company believes that maintaining the best available customer service is particularly important and therefore, notwithstanding the workforce reduction, we will be adding resources and increasing personnel in this area. For its fiscal first quarter to October 4, 1987, Symbolics reported a net loss of $4.5m, $2.2m of the losses from operations, on turnover of $24m.

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