We regret the necessity of having to lay off employees. But we must take this action to reduce costs to make us more competitive. The fact is that we are taking a hard look at all of our costs to seek reductions. Everything is on the table for consideration. The combined results of these factors have been a deterioration of our market, our profitability and our share price.
Share price is a barometer.
In USEC s case, the barometer has fallen 67 percent since the initial public offering two years ago. This indicates recognition by investors of changed market conditions and the other factors I previously mentioned. As we stated in our public announcement last February, we expect much lower earnings for fiscal year 2001. We have also cut our dividend to investors, and both Standard and Poor and Moody s have dropped our credit rating to below investment grade. To be sure, the dot com phenomenon has made the stock markets chaotic.