AMD Announces Work Force Reductions
AMD Announces Work Force Reductions
SUNNYVALE, CA --
3/8/1999 --
AMD announced today that it will eliminate approximately 300 positions over the next two quarters as part of a restructuring program. Costs of the work force reductions will be reflected in charges against earnings in the current quarter, which will end on March 28, 1999, and in the following quarter. The restructuring is aimed at increasing the company¹s focus on microprocessors and other circuits that enhance the value of personal computers as communications and information-processing tools.
"The accelerating convergence of computation and communications technologies is driving greater strategic focus by all information technology companies," said W.J. Sanders III, chairman and chief executive officer of AMD. "We believe that our greatest opportunity lies in enhancing the personal computer as a tool for communications and information processing. In our most recent quarter, more than two-thirds of AMD revenues were derived from AMD-K6®-2 processors for Microsoft® Windows® computing. Going forward, we believe our best opportunities for profitable growth lie in offering circuits that provide improved connectivity, a superior visual computing platform, and better access to the Internet from personal computers."
Cautionary Statement
This press release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally preceded by words such as "expects," "plans," "believes," "anticipates," or "intends." Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that could cause actual results to differ materially from current expectations. Forwardlooking statements in this release involve the risk that the company will not achieve profitable growth. We urge investors to review in detail the risks and uncertainties detailed in the company's Securities and Exchange Commission filings, including the most recently filed Form-10K and Form-10Q.
