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ISIL > SEC Filings for ISIL > Form 8-K on 26-Jul-2013All Recent SEC Filings

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Results of Operations and Financial Condition, Costs Associated with Exit or Dis

Item 2.02. Results of Operations and Financial Condition.

On July 26, 2013, Intersil Corporation (the "Company") issued a press release which reported revenue of $144.8 million for the second quarter ended July 5, 2013, and other matters relating to the Company's plans and operations and financial condition. The Company will issue a press release announcing its financial results for the second quarter on July 30, 2013.

Item 2.05 Costs Associated With Exit or Disposal Activities.

On July 24, 2013, the Company adopted a rebalancing plan (the "Plan") to better align the Company's operating expenses with strategic growth areas for the purpose of improving competitiveness and execution across the business. The Plan includes a reduction in the Company's workforce of approximately 150 employees which is anticipated to be gradually offset by the addition of new hires in design and development over the next few quarters. Under the Plan, the Company expects to incur pretax restructuring-related charges of $8 million to $12 million, including severance costs of approximately $6 million to $9 million. The remainder relates to lease impairment charges which consist primarily of costs to consolidate facilities in North America.

The amount of the restructuring charges is an estimate, and the actual charges may vary materially based on various factors including, but not limited to, the extent of a reduction in force and changes in management's assumptions.

Item 8.01 Other Events.

Press Release

On July 26, 2013, the Company issued a press release announcing the matters
described in Item 2.02 and Item 2.05 of this Current Report on Form 8-K. A copy
of the press release is attached as Exhibit 99.1 hereto and is incorporated by
reference into this Item 8.01.

Exhibit No.   Description

99.1          Press Release dated July 26, 2013 announcing Intersil Corporation's
              rebalancing initiative.

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