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| ENTR > SEC Filings for ENTR > Form 8-K on 3-Dec-2012 | All Recent SEC Filings |
3-Dec-2012
Costs Associated with Exit or Disposal Activities
On November 28, 2012, Entropic Communications, Inc. (the "Company") committed to a program to rebalance its operations in an attempt to leverage synergies from its acquisitions, optimize resources around the projects and customers that drive the maximum growth of its businesses, and meet its financial objectives.
Specifically, the Company is reducing its personnel by 40 employees or approximately 6% of its workforce. As a result, the Company expects to incur a pre-tax restructuring charge of approximately $0.9 million in the fourth quarter of 2012, representing employee-related costs which will result in cash expenditures of approximately $0.9 million, the majority of which is expected to be paid during the fourth quarter of 2012.
The Company currently estimates that the full annualized costs associated with the 40 employees is approximately $4.2 million.
Forward-Looking Statements
Statements in this Current Report on Form 8-K that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty, including, but not limited to, the cost savings and other benefits that the Company anticipates will result from the rebalancing of its operations, which is prospective. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, the Company's ability to successfully implement its rebalancing program to leverage synergies and optimize its resources; the impact of the rebalancing program on the Company's business, including a potential adverse effect on revenues and the Company's other financial results; unanticipated charges not currently contemplated that may occur as a result of the rebalancing program, and risks and other uncertainties more fully described in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. These forward-looking statements speak only as of the date hereof, and the Company expressly disclaims any intent or obligation to update these forward-looking statements.
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