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PLCM > SEC Filings for PLCM > Form 8-K on 22-Jan-2014All Recent SEC Filings

Show all filings for POLYCOM INC

Form 8-K for POLYCOM INC


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

Item 2.02. Results of Operations and Financial Condition

On January 22, 2014, Polycom, Inc. issued a press release announcing its financial results for the three months ended December 31, 2013. The full text of the press release is furnished as Exhibit 99.1.

Item 2.05 Costs Associated with Exit or Disposal Activities

On January 22, 2014, management finalized certain actions designed to better align expenses to our revenue and gross margin profile and position the company for improved operating performance and commenced communications regarding such actions to Polycom's workforce. These actions are part of our efforts to manage expenses and increase our operating margins and will result in the elimination of approximately 6% of our global workforce. The significant majority of the reductions will take effect in the first quarter of 2014.

We expect to record charges and make cash expenditures, primarily related to severance and other one-time employee termination benefits, of between $9 million and $11 million through the third quarter of 2014 as a result of this action.

We have also approved plans to reduce or eliminate certain leased facilities. As a result, we expect to record between $23 million and $25 million in additional charges upon vacating these facilities through the third quarter of 2014. The underlying net cash expenditures of between $24 million and $26 million are expected to occur over the remaining lease terms, which range from less than 1 year to 9 years.

The total charges expected to be incurred in connection with these actions through the third quarter of 2014 are between $32 million and $36 million.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release, dated January 22, 2014, entitled "Polycom Announces Revenues of $348 Million for Fourth Quarter 2013."

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