February 12, 2001–Fremont, California–Credence Systems Corp. has laid off 200 people in an attempt to reduce company costs, in line with previously announced lower anticipated revenues for the first quarter of 2001. Other initiatives, including the consolidation and reorganization of certain functions and operations, also are being implemented.

“We believe the semiconductor industry is in the early stages of a sustained downturn and a recovery may not take place until late 2001 or 2002,” says Dr. Graham Siddall, president and CEO of Credence. “We are taking steps to preserve the sound financial footing that Credence has earned, while at the same time ensuring that our customers are well served and that the company remains strong and strategically positioned for the future.”