Item 2.05 Costs Associated with Exit or Disposal Activities.
On October 23, 2009, the management of Phoenix Technologies Ltd. (the "Company")
approved the closure of the Company's facility in Nanjing, China in order to
consolidate development activities in the Company's other locations. The Company
expects to record a restructuring charge in the aggregate amount of
approximately $0.5 million in the first quarter of fiscal year 2010, all of
which represents cash expenditures. It is estimated that the actions under this
restructuring plan will be completed within the next eight weeks.
The actions under this restructuring will involve terminating and relocating
approximately 35 employees and vacating the Nanjing facility. The estimated
restructuring charges will consist of approximately (i) $400,000 related to
severance and relocation costs; (ii) $30,000 related to surrendering the Nanjing
facility pursuant to the terms of the lease; and (iii) $70,000 of other exit
costs.
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