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Quotes & Info
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| MKSI > SEC Filings for MKSI > Form 8-K on 3-Apr-2009 | All Recent SEC Filings |
3-Apr-2009
Results of Operations and Financial Condition, Costs Associated with Exit or
On April 3, 2009, MKS Instruments, Inc. (the "Company") announced revised guidance for the first quarter of 2009. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item and in the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
On March 30, 2009, the Company committed to a plan of termination with respect to approximately 370 employees worldwide. This decision was based on the continued global financial crisis and its impact on our semiconductor equipment OEM customers and the other markets we serve. When combined with a previously announced plan of termination in January of 2009, this results in a reduction of approximately 600 employees in the first quarter.
As a result of these plans of termination, (1) the Company expects to incur approximately $6.3 million to $7 million in cash expenditures for severance and related costs in the quarter (including approximately $2.5 million related to the previously announced plan of termination), and (2) the Company expects annual compensation-related savings of approximately $40 million (including approximately $16 million related to the previously announced plan of termination).
(d) Exhibits
99.1 Press Release dated April 3, 2009
Safe Harbor Language
This Report on Form 8-K contains projections or other forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
Section 27 of the Securities Act, and Section 21E of the Securities Exchange
Act. These projections or statements, including the charges to be incurred and
the compensation-related savings to be realized, are only predictions, and are
subject to the final terms of the various terminations. Actual events or results
may differ materially from those in the projections or other forward-looking
statements set forth herein. Among the important factors that could cause actual
events to differ materially from those in the projections or other
forward-looking statements are fluctuations in capital spending in the
semiconductor industry, fluctuations in net sales to MKS' major customers,
potential fluctuations in quarterly results, the challenges, risks and costs
involved with integrating the operations of MKS and any acquired companies,
dependence on new product development, rapid technological and market change,
acquisition strategy, manufacturing and sourcing risks, volatility of stock
price, international operations, financial risk management, and future growth
subject to risks. Readers are referred to MKS' filings with the Securities and
Exchange Commission, including its most recent Annual Report on Form 10-K and
most recent quarterly report on Form 10-Q, for a discussion of these and other
important risk factors concerning MKS and its operations. MKS is under no
obligation to, and expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information, future
events or otherwise.
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