BURLINGTON, Mass.-Lightbridge Inc. announced it will cut 36 positions, or 9 percent of its work force, due to Cingular Wireless L.L.C.’s acquisition of AT&T Wireless Services Inc. The announcement follows an alert that the company expects to see a decline in its revenues due to the acquisition.
Lightbridge said the workforce reduction will constitute $4.2 million in annual pre-tax savings starting in the first quarter. For the fourth quarter, the company said it expects to record a restructuring charge of $1.4 million associated with the reduction.
Lightbridge reaffirmed its expectations of between $30 million and $32 million in revenues for the fourth quarter.
