GSI Lumonics Cuts Staff as Losses Mount

KANATA, Ontario, Oct. 26 -- GSI Lumonics Inc. reported a third-quarter loss and said it expects to continue to incur operating losses in the fourth quarter and plans to cut its full-time staff by 10 percent more.

As a result of the job cuts and other actions, the company said it will take about $3 million in one-time charges in the fourth quarter of this year.

The Kanata, Ontario-based firm incurred a loss of $8.5 million, or $0.21 per share, in the third quarter, compared to a profit of $7.2 million, or $0.17 per fully diluted share, a year earlier.