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Quotes & Info
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| INTT > SEC Filings for INTT > Form 8-K on 15-Dec-2008 | All Recent SEC Filings |
15-Dec-2008
Costs Associated with Exit or Disposal Activities
On December 9, 2008, inTEST Corporation (the "Company") approved a reduction in workforce in its Manipulator & Docking Hardware product segment of 9 employees, representing approximately 11% of the total employees in this segment. The Company will incur approximately $100,000 in total costs related to this action for one-time termination benefits. These costs will be incurred in the fourth quarter of 2008 and the first quarter of 2009. In addition to the reduction in workforce, the Company reduced by 40% the hours worked by three employees and reduced by 25% the salary of two employees.
These actions are being taken to reduce the operating expenses of this product segment in response to continued operating losses. The Company completed the communication of these actions to its employees on December 12, 2008, and expects that the completed actions in this product segment will reduce its annual operating expense structure by approximately $798,000.
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