6/24/2002 - Agilent Technologies Inc. (NYSE: A) announced that the company will restore full pay to all its employees worldwide as of Aug. 1, 2002. Temporary pay reductions have been in place since May 2001 when Agilent cut pay as one of several measures to address the severe downturn in the telecommunications industry and the corresponding decline in Agilent's business.
"We recognize the impact the pay cuts have had on our employees over the past year, and we appreciate their hard work in this tough environment," said Ned Barnholt, Agilent president and CEO. "While we still need to work hard to manage our expenses in order to meet our previously announced goal of returning to profitability in the fourth quarter, the time has come to return our employees to full pay."
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global technology leader in communications, electronics and life sciences. The company's 37,000 employees serve customers in more than 120 countries. Agilent had net revenue of $8.4 billion in fiscal year 2001. Information about Agilent is available on the Web at www.agilent.com
This news release contains forward-looking statements (including, without limitation, information regarding the restoration of full pay to Agilent employees and its timing, and the achievement and the timing of returning to profitability) that involve risks and uncertainties that could cause results of Agilent Technologies to differ materially from management's current expectations.
In addition, other risks that Agilent faces in running its operations include: the ability to execute successfully through the current economic downturn and an upturn, competitive and pricing pressures, the timely ability to adapt manufacturing capacity to changes in demand, the ability to meet cost reduction goals, the ability to manage inventory levels to adapt to the current economic slowdown and other changes in demand, the successful redesign and implementation of the company's business processes and systems, the ability to successfully introduce new products, and other risks detailed in the company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Oct. 31, 2001 and its Quarterly Report on Form 10-Q for the quarter ended April 30, 2002. The company assumes no obligation to update the information in this press release.
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