Advertisement

Cybernetics Tells of Layoffs, CEO Resigning

March 31, 1995|ROSS KERBER | TIMES STAFF WRITER

SANTA ANA — Cybernetics Products Inc., a maker of computer manufacturing equipment, Thursday announced employee layoffs from its main plant and the resignation of its president and chief executive officer, following three years of losses.

Kirk A. Waldron, the company's chief financial officer, declined to specify the number layoffs at the Santa Ana plant, except to say that it would be a quarter of non-production employees there.

In its most recent annual report, the company stated it had 97 full-time employees, including those at its facilities in New Jersey and New Hampshire.

The company also said it has accepted the resignation of Joseph P. Drier, from his position as president and chief executive. He will stay on as a sales employee.

In Drier's place the board on March 17 appointed Jon Hopper, who was president of a San Diego-based electronics packaging firm.

Cybernetics' board also plans to sell off the company's out-of-state plants in order to concentrate on improving the efficiency of its core operations in California.

Cybernetics lost $1.8 million on sales of $16.2 million last year. The company's stock closed at $.50 in Nasdaq trading Thursday, down 44 cents on volume of 122,000 shares.

Advertisement
Los Angeles Times Articles
|
|
|