re: Bookham Readies More CutsCathi48, Well, they say that they're shifting some of the Ottawa stuff to Paignton and some to China. Not sure exactly how much they will keep going, but it sounds like the Ottawa shutdown will make up the bulk of the $6-7 million quarterly savings they're aiming for - so I guess that not too much will be left...
re: Bookham Readies More CutsSo where are we ? Ottawa shuts amplifier design shifted to Paignton Caswell shuts remaining packaging development goes to paignton and old 2-inch InP closing (strange I always thought paignton would close but presumably bookham think it would be too difficult to move people from paignton to Caswell after all it is called the English Riviera ) Will this be enough ? to save 7M$ probably Is it then a case of waiting until Georgio's pay off clause expires before Bonex becomes a reality Or if they fail which bits would people want in a fire sale? What 'good' products do bookham have that someone would pay good cash (or shares) for?
re: Bookham Readies More CutsSome really nice tunable products based on chips from Caswell (long time coming!) plus some nice little revenue earners from the Zurich operations .... oh and I nearly forgot the $50M worth of inventory. Let's hope it does have some value and isn't just a bucketful of old fixed wavelength products which nobody wants ......
re: Bookham Readies More CutsJust dredged up and old email from 2003. Looking back its pretty funny.
"Following the Q4 results, the new sales forecasts and the finalisation of the budgets I have had to review the situation regarding the pay review.
In order for us to work towards achieving our target of breakeven in Q4 2003, we need to not only reduce costs to the business but also to increase our productivity and sales revenue. In addition we need to reserve our cash level. Unfortunately this means that I can no longer agree to a full pay review in April.
However, I have agreed with my officer team to secure a small spend for individuals in the following categories: principally those currently paid significantly below the market or individuals who have taken a significant increase in responsibility since they last received a rise.
It is absolutely critical that we focus our cash where it is most needed and therefore I, together with each of the officers, will be approving each rise individually.
I appreciate this is a difficult message for you to hear right now, however it is critical that I make such decisions now for the long term future of Bookham and sometimes that means short term pain to get us there.
re: Bookham Readies More CutsOn a nice 3 week holiday, money in the bank, and the share price rising again .... the man doesn't know the meaning of short term pain.
Indeed he fits the mould of the narcissistic corporate psychopath pretty much perfectly.