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Quotes & Info
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| ELON > SEC Filings for ELON > Form 8-K on 12-Feb-2013 | All Recent SEC Filings |
12-Feb-2013
Results of Operations and Financial Condition, Costs Associated with Exit or Disposa
The information in the following paragraph is furnished (not filed) as Exhibit
99.1 hereto. This information shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), nor incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such a filing.
On February 12, 2013, Echelon Corporation (the "Company") issued a press release reporting on its results of operations for the quarter ended December 31, 2012. The full text of this press release is furnished in this report as Exhibit 99.1.
On February 12, 2013, the Company began notifying approximately 40 employees whose employment will be terminated as part of an overall plan to reshape the Company for the future. The Company expects to incur severance and other related costs in conjunction with this action. Total charges are expected to include cash costs as well as charges or credits related to stock-based compensation expense, and may include facilities, lease termination, asset impairment and other charges.
The Company cannot currently estimate the total charges it expects to incur in connection with this action. The Company estimates it will incur pre-tax cash charges of $2.5 million to $3.0 million for severance pay expenses and related cash expenditures. The Company expects to recognize these charges in the quarter ending March 31, 2013. The pre-tax cash charge estimate does not include facilities, lease termination or other charges the Company may incur as part of this action. Once the Company is able to better estimate the charges and other information required by subsections (b), (c) and (d) of Item 2.05, the Company will file an amendment to this Form 8-K to reflect such information.
(d) Exhibits
Exhibit
Number Description
99.1 Press Release dated February 12, 2013, of Echelon Corporation.
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