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INPH > SEC Filings for INPH > Form 8-K on 25-Oct-2012All Recent SEC Filings

Show all filings for INTERPHASE CORP



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

Item 2.02. Results of Operations and Financial Condition.

On October 25, 2012, Interphase Corporation issued a press release regarding its financial results for the quarter ended September 30, 2012. A copy of the press release is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 2.02 of this Current Report on Form 8-K.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On October 19, 2012, Interphase Corporation (the "Company") committed to a plan intended to result in savings of approximately $1.0 million to $1.6 million in annualized operating costs. These actions aim to improve the balance between the Company's telecommunications product expense with the reduced revenue levels of this product line.

As part of this plan, the Company expects to reduce the number of its employees by approximately 12% to 16%. The Company expects to incur charges for one-time termination benefits in the range of $200,000 to $700,000, most of which will be cash expenditures. The Company expects to substantially complete the actions associated with the plan during the fourth quarter of 2012.

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