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Touch America announces layoffs and departure of executive as stock drops again

BUTTE (AP) — Touch America, formerly the Montana Power Co., on Friday announced the layoff of 30 employees and the
departure of a company executive as the firm’s stock plummeted to a closing price of $3.09 a share.
Spokesman Cort Freeman said the layoffs are companywide and affect sales office positions, one of them in Billings.

By the AP, 03/03/02 Billings Gazette

On Feb. 14, the first day Touch America stock from the former Montana Power Co. traded under the symbol TAA, shares dropped
40 cents to $3.83.
At one point Friday, Touch America stock dropped to $2.70.
Freeman confirmed the layoff announcement was made in an e-mail by Chief Executive Bob Gannon, and that Perry Cole, vice
president for revenue and planning, had resigned after reaching a severance agreement with Touch America.
Gannon said the layoffs and management reorganization would help the fiber optic company meet business objectives at a time
when the telecommunications industry is suffering.
The layoff announcement came just two days after Touch America announced a 94 percent drop in earnings from 2000 to 2001. In
response to media questions at that time, Gannon said, via spokesman Freeman, that any talk of layoffs this early in the year would
be purely speculation.

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