GARBSEN, GERMANY -- Following a weak first quarter, LPKF's board of directors is adjusting the OEM's revenue forecast for 2016.

The firm is also taking as-yet undisclosed steps to intensify cost reduction measures.

The news comes on the heels of the company's announcement that first-quarter revenue fell 30.8% from a year ago to 14.8 million euros ($17 million).

The firm lowered its 2016 revenue forecast to 90 million - 110 million euros, down from 100 million - 120 million euros.

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