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| Alliance Atlantis Communications Reduces Staffing Levels in Entertainment Group, in Line with Production Reduction Strategy |
| Posted
on Tuesday, March 18, 2003 - 05:09 PM |
Alliance Atlantis Communications Inc. today announced that it is reducing staffing levels in its Entertainment Group by 33 permanent full-time positions, or 4% of the Company's overall workforce. The staff reductions will be implemented by March 31, 2003.
"While making a decision to reduce staff is a very difficult one, it is imperative that we align our human resources to our production levels," said Peter Sussman, Chief Executive Officer, Entertainment Group. "As previously announced, the Entertainment Group embarked on a strategy to reduce overall production levels and focus on achieving higher margins. While we have made significant progress against our goals and have improved the Entertainment Group's margin, it is important that we refine and rebalance our staffing levels to match our output."
In addition, Mr. Sussman, who has been based in Los Angeles since 1991, will relocate to the Company's headquarters in Toronto. He will continue to run the Los Angeles office and manage key relationships there.
The Company expects the impact of these staffing reductions to be a one-time cost of approximately C$2.0 million, which will be recorded in the fourth quarter ending March 31, 2003, and annual operating cost savings of approximately C$5.0 million commencing in fiscal 2004.
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