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QTM > SEC Filings for QTM > Form 8-K on 14-Nov-2012All Recent SEC Filings

Show all filings for QUANTUM CORP /DE/

Form 8-K for QUANTUM CORP /DE/


Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities

On November 8, 2012, the officers of Quantum Corporation (the "Company" or "Quantum") approved a plan to eliminate approximately 180 positions and reduce other expenses to improve the Company's cost structure. These actions reflect the changes the Company said it would be making in its fiscal Q2 earnings call to align spending with revenue expectations while enabling continued investment in driving growth. These actions are expected to be completed by March 31, 2013, with the majority occurring by December 31, 2012. The Company expects these actions to result in annual savings of approximately $25 million. The costs associated with these actions consist of one-time termination benefits. The Company's preliminary estimate of these costs is approximately $6 million, and substantially all of these charges will result in future cash expenditures.

This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements regarding the expected costs and cost savings, including the timing of such savings, related to the announced actions. These forward looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, Quantum's ability to successfully implement the workforce reductions as expected, possible changes in the size and components of the expected costs, and general economic conditions. More information about potential factors that could affect Quantum's business and financial results is included in the "Risk Factors" set forth in the periodic reports Quantum files with the Securities and Exchange Commission from time to time, including Quantum's Annual Report on Form 10-K for the fiscal year ended March 31, 2012 and its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012. Actual results could differ materially from those set forth in the forward-looking statements as a result of such risk factors, as well as other risks and uncertainties. Quantum assumes no obligation to, and does not currently intend to, update these forward-looking statements.

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