Credence announces reduction in work force

November 19, 2004 – Credence Systems Corp. has announced a reduction in force, which will impact approximately 150 positions or 7% of its employees and contract workers.

This action, combined with the previously announced facilities restructuring plan, will result in the elimination of approximately 310 positions or 15% of its global work force. Credence will record a severance charge in the fourth fiscal quarter ending October 31 of approximately $2.4 million.

“This restructuring is part of the integration process of combining Credence and NPTest. It reduces our operating costs and better aligns our expense structure with current levels of demand for semiconductor test equipment,” said Dr. Graham Siddall, chairman and CEO of Credence.


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