Thursday, December 18, 2008

RF Monolithics to Lay Off 37 Percent

Dallas-based RF Monolithics has joined the long parade of companies laying off employees due to the economy. In its quarterly revenues report Thursday, RF Monolithics Inc., a manufacturer of embedded radio frequency devices, announced that it would slash its workforce as a result of sagging revenues and a weakening economy. David M. Kirk, RF Monolithics' president and chief executive, said his company would reduce its workforce by some 37 percent. Additionally, Kirk promised a 10 percent, across-the-board salary reduction for those who retained their jobs. He also said RF Monolithics would suspend its policy of compensating outside directors in cash. Kirk estimated that the cuts would save the company approximately $1 million in recurring quarterly expenses. Exact number of employees was not disclosed.