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Quotes & Info
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| RFMI > SEC Filings for RFMI > Form 8-K on 18-Dec-2008 | All Recent SEC Filings |
18-Dec-2008
Results of Operations and Financial Condition, Costs Associated with Exit
The Registrant's press release, dated December 18, 2008, announcing its results of operations and financial condition for the first quarter fiscal year 2009, is attached hereto as Exhibit 99.1 and incorporated by reference herein.
In response to current and anticipated economic uncertainties, on December 12, 2008, RF Monolithics, Inc. (the "Company") implemented an expense reduction program, which included (a) a reduction in force (the "Reduction in Force"), (b) the indefinite salary reduction of 10% for all officers and employees, (c) the suspension of the 401(k) corporate matching contribution, and (d) the suspension of cash retainer and meeting fees for our outside directors. The Company's is reducing headcount by approximately 43 full time positions, representing approximately 37% of its total workforce. These reductions will be substantially complete by December 31, 2008. The Reduction in Force was initiated in connection with the Company's efforts to reduce its cost structure and lower its break-even point.
As a result of the Reduction in Force, the Company expects to incur charges in the $0.5 million to $0.7 million range in the second quarter of fiscal 2009 for non-recurring expenses and employee termination benefits, including severance, and other benefits.
On December 18, 2008, the Company issued a press release announcing its financial performance during its first quarter of fiscal 2009. That release also announces the Reduction in Force and is set forth as Exhibit 99.1 to this Report on Form 8-K.
Item 9.01 Exhibits.
(c) Exhibits.
Exhibit Description
99.1 Registrant's Press Release, dated December 18, 2008.
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