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Quotes & Info
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| NEWP > SEC Filings for NEWP > Form 8-K on 8-Sep-2008 | All Recent SEC Filings |
8-Sep-2008
Costs Associated with Exit or Disposal Activities
Range of
Expected Charges
Employee termination costs $ 1,800,000 - $ 3,000,000
Facility, manufacturing transfer and other costs 2,100,000 - 4,000,000
Asset write-offs (non-cash) 1,600,000 - 2,000,000
Total Expected Charges in 2008 $ 5,500,000 - $ 9,000,000
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The Registrant expects that approximately $3.9 million to $7.0 million of these
2008 charges will result in cash expenditures.
The specific activities associated with certain profit improvement initiatives
to be completed in 2009 have not yet been quantified. As such, at this time, the
Registrant is unable to estimate the remainder of the total expected charges by
major type of cost.
Item 7.01 - Regulation FD Disclosure.
On September 2, 2008, the Registrant announced actions that it is taking to
reduce its operating costs and improve its financial performance, and provided
guidance regarding its expected financial results for the third and fourth
quarters of 2008. A copy of the press release issued by the Registrant in
connection with the announcement is attached to this report as Exhibit 99.1.
This information shall not be deemed "filed" for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference
into any filing by the Registrant under the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended, except as may be set forth
by specific reference in such a filing.
Use of Non-GAAP Financial Measures
In the press release attached to this report as Exhibit 99.1, in providing
guidance regarding its expected financial results for the third and fourth
quarters of 2008, the Registrant has supplemented certain of its expected
financial measures prepared in accordance with accounting principles generally
accepted in the United States (GAAP) with certain non-GAAP financial measures.
These non-GAAP financial measures and the reasons for their inclusion are
described below. The presentation of this additional information is not meant to
be considered in isolation or as a substitute for the Registrant's financial
measures prepared in accordance with GAAP.
The Registrant has provided non-GAAP measures of its expected net income per diluted share for its third and fourth quarters of 2008 that have been adjusted to exclude anticipated charges associated with profit improvement actions being taken by the Registrant, including severance costs, transition costs related to the transfer of manufacturing operations and other costs. Management considers these charges to be outside of the Registrant's core operating results. Therefore, these charges have been excluded with the intent of providing both management and investors with a more complete understanding of the Registrant's expected underlying operational results and performance trends and a more meaningful basis for comparison of such expected results with the Registrant's historical and future financial results. In addition, these adjusted non-GAAP measures are among the primary indicators that management uses as a basis for its planning and forecasting of future periods and may also be used by management for other purposes including its evaluation of performance to determine the achievement of goals under the Registrant's incentive plans. Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
99.1 Press release issued by the Registrant dated September 2, 2008
(furnished pursuant to Item 7.01 and not deemed filed).
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