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Emcore (EMKR) To Cut Jobs
Emcore announced yesterday in an SEC filing that it will slash its workforce to help the company cope with the liquidity issues it is currently facing. The scope of the job cuts was not disclosed in the filing, and they are only one part of a package of cost-cutting measures that Emcore plans to take. From PVtech.org, here are some of the other ways that Emcore is planning to address this issue:
EMCORE is also selling non-core equity interests to boost its cash position as well as seeking a minority share sale in its photovoltaics business before its actual spin-off, which was announced earlier last year.
EMCORE also said that it would be liquefying remaining auction rate securities, which were approximately US$3 million, according to comments made in EMCORE’s 3Q08 financial conference call. The company will also attempt to sell other assets, though these were not specified.
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