Entropic to reduce personnel by 6%Monday, December 3rd, 2012
Entropic Communications (Nasdaq:ENTR) has filed a statement with the SEC as follows:
“On November 28, 2012, Entropic Communications, Inc. (the “Company”) committed to a program to rebalance its operations in an attempt to leverage synergies from its acquisitions, optimize resources around the projects and customers that drive the maximum growth of its businesses, and meet its financial objectives.
Specifically, the Company is reducing its personnel by 40 employees or approximately 6% of its workforce. As a result, the Company expects to incur a pre-tax restructuring charge of approximately $0.9 million in the fourth quarter of 2012, representing employee-related costs which will result in cash expenditures of approximately $0.9 million, the majority of which is expected to be paid during the fourth quarter of 2012.
The Company currently estimates that the full annualized costs associated with the 40 employees is approximately $4.2 million.”