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LMNX > SEC Filings for LMNX > Form 8-K on 7-Aug-2013All Recent SEC Filings

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

Item 2.05 Costs Associated with Exit or Disposal Activities

On August 7, 2013, Luminex Corporation (the "Company") announced a plan to restructure its Assay and Related Products ("ARP") Segment's Newborn Screening Group and close its Brisbane, Australia office. This plan was put in place on August 2, 2013 to reduce expenses and better align the Company's resources with its focused growth initiatives. The plan is currently anticipated to be complete by the end of the first quarter of 2014. As a result of the plan, the Company expects to record a restructuring charge totaling approximately $7.0 to $8.0 million comprised of approximately $4.5 to $5.0 million incurred in connection with the closure of our Brisbane, Australia office, approximately $1.5 to $2.0 million to write down inventory and fixed assets related to our NeoPlex4 assay and approximately $1.0 million related to the elimination of approximately 5% of the Company's current employment positions. Approximately half of the restructuring charge is expected to be expensed in the quarter ending September 30, 2013, with the remainder expected to be expensed in the quarters ending December 31, 2013 and March 31, 2014. The Company expects approximately $1.1 million of the total charge to be in the form of cash expenditures, the majority of which is expected to be paid out in the quarters ending September 30, 2013 and December 31, 2013. The Company expects the changes, when completed, to result in annualized operating cost savings of approximately $5.0 to $6.0 million.
On August 7, 2013, the Company issued a press release announcing the plan. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 Press Release issued by Luminex Corporation dated August 7, 2013.

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