SeraCare Reports First Quarter Fiscal Year 2009 Results
Tuesday February 17, 4:03 pm ET
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“During the first quarter, we took a series of actions to optimize our opportunity for growth in the core business while reducing spending levels in support of our profitability improvement goals,” stated Gregory Gould, Chief Financial Officer. “The actions taken include a workforce reduction of over 10%, the suspension of annual salary increases for senior management and executives and other spending reductions across all areas of our operations. As a result of the global economic downturn, the Company did take a goodwill impairment which resulted in a $15.1 million charge this quarter, however we remain focused on growing the business and believe the value proposition of the Company’s business continues to be very promising.”
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