Harmonic announces layoffs

SUNNYVALE, Calif.--(BUSINESS WIRE)--Harmonic Inc. today announced a reduction in its staff as part of its efforts to bring costs more in line with current revenue levels. The Company expects to reduce its overall workforce by approximately 10%, or 100 jobs, which is expected to result in a one-time charge of approximately $800,000 in the first quarter of 2001. The effort to lower corporate expenses comes in response to decisions by some of the Company's major customers to scale back capital spending in recent periods.

"We have been facing challenging market conditions and are taking the necessary steps to reduce expenses without damaging our long-term competitiveness,'' said Anthony J. Ley, President and Chief Executive Officer. "Our great strength continues to be our innovative product line and technological expertise. We have overcome cyclical slowdowns in capital spending in the past and we intend to succeed over the long-term by continuing to introduce new products and by maintaining our technological edge. By reducing expenses, we plan to make careful use of our financial resources and continue to be well prepared for a resurgence in our market."