- Current report filing (8-K)
January 22 2009 - 5:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 15, 2009
SYMMETRICOM, INC.
(Exact name of Registrant as Specified in its Charter)
Delaware
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000-02287
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95-1906306
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(State or other jurisdiction
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(Commission File Number)
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(I.R.S. Employer
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of incorporation)
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Identification No.)
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2300 Orchard Parkway
San Jose, California 95131-1017
(Address
of Principal Executive Offices)
(408) 433-0910
(Registrants
telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item
2.05. Costs Associated with Exit or
Disposal Activities.
On January 20, 2009, Symmetricom, Inc. (the Company) announced
a restructuring plan to further streamline manufacturing operations and improve
operational efficiencies. As part of its
ongoing outsourcing and operational efficiency program, the Company plans to
eliminate approximately 100 positions, or about 11% of the Companys total
workforce. The reductions will begin in January and
will be complete by December 2009.
The Company expects to incur restructuring charges in the range of $6.5
to $7.5 million in connection with the plan, including approximately $5.0
million during the current fiscal year.
Total restructuring charges are expected to include $3.5 to $4.0 million
in one-time termination benefits, approximately $2.5 million in asset
impairment charges and $0.5 to $1.0 million in other restructuring related
charges. Total cash expenditures
associated with the restructuring plan are expected to be $4.0 to $5.0 million. Upon completion, the Company expects the restructuring
and other actions to reduce annual costs by approximately $7.0 million.
A copy of the Companys press release
relating to the restructuring plan is furnished as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
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Description
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99.1
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Press
Release, dated January 20, 2009 Symmetricom Announces Cost Reductions
to Further Enhance Operational Business Model
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CAUTIONARY
STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This Current Report on Form 8-K contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. These forward-looking statements include statements concerning estimates of restructuring charges and annual cost reductions. The Companys actual results could differ materially from those estimated in these forward-looking statements. Factors that could cause future actual charges, cost reductions and results to differ materially from the results projected in or suggested by such forward-looking statements include reduced rates of demand for telecommunication products, cable products or test and measurement products, our customers ability and need to upgrade existing equipment, our ability to reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, geopolitical risks such as terrorist acts and the risk factors listed from time to time in the Companys reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 29, 2008 and subsequent Forms 10-Q and Current Reports on Form 8-K. Any and all forward-looking statements we make may turn out to be wrong. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date:
January 21, 2009
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SYMMETRICOM,
INC.
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By:
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/s/
Justin Spencer
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Name:
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Justin
Spencer
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Title:
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Executive
Vice President, Chief
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Financial
Officer
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3
EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press
Release, dated January 20, 2009 Symmetricom Announces Cost Reductions
to Further Enhance Operational Business Model
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4
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