UPDATE 1-Cytec Q1 lags Street; slashes dividend by 90 pct

* Q1 non-GAAP EPS $0.06 vs est $0.30

* Slashes dividend by 90 pct to $0.0125/shr

* Implements additional headcount reductions

* Cuts 2009 capex to $180 mln from $200 mln

* Shares fall 17 pct in after-hours trade

April 16 (Reuters) - U.S. specialty chemical maker Cytec Industries Inc (CYT.N) reported worse-than-expected quarterly results, forecast full-year earnings below market estimates and slashed its dividend by 90 percent.

"We have begun implementation of additional headcount reductions which, when combined with the actions we announced in January, will result in over a 12 percent reduction in our global work force," CEO Shane Fleming said in a statement.

The company posted a first-quarter net loss of $0.1 million, or breakeven a share, compared with a profit $49.1 million, or $1.01 per share, a year earlier.

Excluding items, the company, which cut around 600 jobs in January, earned 6 cents a share.