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IDTI > SEC Filings for IDTI > Form 8-K on 8-Oct-2013All Recent SEC Filings

Show all filings for INTEGRATED DEVICE TECHNOLOGY INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INTEGRATED DEVICE TECHNOLOGY INC


8-Oct-2013

Costs Associated with Exit or Disposal Activities


Item 2.05 Costs Associated with Exit or Disposal Activities.

On October 2, 2013, Integrated Device Technology, Inc. (the "Company") announced a plan to reduce its workforce by approximately 5%, or 90 employees. The Company has taken this action following an assessment of operational and financial considerations. In connection with this reduction in force, the Company expects to record approximately $4.8 million for severance and related costs. During the second quarter of fiscal 2014, IDT accrued approximately $3.9 million and paid $0.6 million in expenses associated with this action. The Company expects to complete this action in the fourth quarter of fiscal 2014.

Forward-Looking Statements

Investors are cautioned that forward-looking statements in this Report involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to:
global business and economic conditions; operating results; new product introductions and sales; competitive conditions; capital expenditures and resources; manufacturing capacity utilization; customer demand and inventory levels; product performance; intellectual property matters; mergers and acquisitions and integration activities; and other risk factors detailed in the Company's Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company's Securities and Exchange Commission filings, including but not limited to its annual report on Form 10-K for the fiscal year ended March 31, 2013, its quarterly reports on Form 10-Q and its current reports on Form 8-K and other Securities and Exchange Commission filings. These forward-looking statements speak only as of the date of this Report and the Company assumes no obligation to publicly release the results of any revisions or updates to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.


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