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ALOG > SEC Filings for ALOG > Form 8-K on 13-May-2013All Recent SEC Filings

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Form 8-K for ANALOGIC CORP


13-May-2013

Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibit


Item 2.05 Costs Associated with Exit or Disposal Activities.

On May 7, 2013, Analogic Corporation approved a plan of restructuring (which we refer to as the plan) to streamline our business and realize synergies following our acquisition of Ultrasonix Medical Corporation and to further optimize our overall operational footprint.

As part of the plan, we will close our ultrasound transducer operation in Englewood, Colorado. Activities at the Englewood facility will be consolidated with our existing ultrasound transducer operation in State College, Pennsylvania.

In addition to the plan, we previously commenced the process of consolidating manufacturing and certain support activities currently conducted at the Ultrasonix facility in Vancouver, Canada with operations at our existing facilities (which we refer to as the Vancouver manufacturing consolidation).

We expect to complete the implementation of both the plan and the Vancouver manufacturing consolidation by the fourth quarter of fiscal 2014. With respect to the plan, we expect to incur total pre-tax charges of approximately $4.5 million, consisting of (i) facility-related charges, including charges in connection with the closure of the Englewood facility, of approximately $0.5 million; and (ii) employee termination charges, including charges in connection with the closure of the Englewood facility and optimization of our global operations, of approximately $4.0 million. With respect to the Vancouver manufacturing consolidation, we expect to incur employee-related charges of approximately $0.5 million.

Total pre-tax charges in connection with both the plan and the Vancouver manufacturing consolidation are together expected to be approximately $5.0 million. Of this amount, we expect to incur charges of approximately $0.5 million in the third quarter of fiscal 2013, $3.5 million in the fourth quarter of fiscal 2013, and $1.0 million in fiscal 2014. Substantially all of these charges will result in future cash expenditures.

This Current Report on Form 8-K contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various factors, including but not limited to employee separation and other costs that differ from the original estimates, the timing of future actions, and the factors discussed in our most recent quarterly report on file with the Securities and Exchange Commission. The forward-looking statements represent our views as of the date of this Current Report and should not be relied upon as representing our views as of any future date. We specifically disclaim any obligation to update these forward-looking statements.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit
No. Description

99.1 Press Release dated May 13, 2013


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