Due to economic conditions, the company I work for is forced to cut back the hours of all of their salaried and hourly employees. Because they are timesheet driven, the salaried are now listed as hourly exempt. Are they classified correctly?

Due to economic conditions, the company I work for is forced to cut back the hours of all of their salaried and hourly employees. Because they are timesheet driven, the salaried are now listed as hourly exempt. Are they classified correctly?