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PMTC > SEC Filings for PMTC > Form 8-K on 3-Sep-2013All Recent SEC Filings

Show all filings for PTC INC.

Form 8-K for PTC INC.


Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities.

On September 3, 2013, in furtherance of PTC's previously announced fiscal year 2014 margin expansion targets and in support of continued evolution of PTC's business model, PTC committed to a plan to restructure its workforce. The restructuring is expected to result in a restructuring charge of approximately $20 million, of which approximately $19 million is attributable to termination benefits and the remainder of which is attributable to facility consolidations. PTC expects that the majority of the restructuring charge will be recorded in the fourth fiscal quarter ending September 30, 2013. The restructuring will result in cash expenditures of approximately $20 million, which will primarily be paid in the first quarter of fiscal year 2014. PTC expects that the impact of the expense reductions will begin to be realized in the first quarter of fiscal 2014 with the full impact realized in the second quarter of fiscal 2014.

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