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ATEC > SEC Filings for ATEC > Form 8-K on 20-Sep-2013All Recent SEC Filings

Show all filings for ALPHATEC HOLDINGS, INC.

Form 8-K for ALPHATEC HOLDINGS, INC.


20-Sep-2013

Costs Associated with Exit or Disposal Activities, Financial Statements a


Item 2.05 Costs Associated with Exit or Disposal Activities.

On September 16, 2013, Alphatec Holdings, Inc. (the "Company") issued a press release announcing its French subsidiary, Scient'x S.A.S. and its subsidiary Surgiview S.A.S. (collectively, "Scient'x") has begun a process aimed at significantly restructuring its business operations. The restructuring includes a reduction in Scient'x's workforce.

The reduction in workforce was authorized by the Company's Board of Directors on September 13, 2013, and when completed in accordance with French laws, is expected to affect 76 positions.

As a result of the restructuring, the Company estimates it will reduce operating expenditures between $2 to $6 million on an annualized basis. The Company will record one-time facilities closing costs and contract termination costs of up to approximately $11 million, which the Company will begin to record in the fiscal quarter ending September 30, 2013 and continue through fiscal 2014. The Company is currently evaluating the impact that this restructuring will have on inventory and certain intangible assets including goodwill. The estimated savings and the charges that the Company expects to incur in connection with the workforce reduction are subject to a number of assumptions, and actual results may differ materially as a result of various important factors, including the risks and uncertainties described under the heading "Forward-Looking Statements" in the press release, dated September 16, 2013, attached as Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated by reference herein. The Company may also incur other charges not currently contemplated due to events that may occur as a result of, or associated with, the workforce reduction.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

                Exhibit
                Number    Description

                99.1      Press Release dated September 16, 2013.


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