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Luminex Corp Announces Corporate Restructuring Actions And Anticipates To Reduce Workforce; Comments On Q3, Q4 2013 And Q1 2014 Charge Guidance; Reaffirms FY 2013 Revenue Guidance

Wednesday, 7 Aug 2013 04:05pm EDT 

Luminex Corp announced a restructuring plan focused on its Assay and Related Products (ARP) Segment's Newborn Screening Group and its Brisbane, Australia office. The Company anticipates it will reduce its workforce by approx 5% and close its Brisbane, Australia office. This plan has been put in place to reduce expenses and better align the Company's resources with its focused growth initiatives. As a result of this plan, the Company expects to record restructuring charges as follows: Estimated Costs (in thousands) Closure of Brisbane, Australia office $4,500 to $5,000 Write-down of Newborn Screening Assets and Inventory $1,500 to $2,000 Severance and Employee Separation Costs $1,000 $7,000 to $8,000. Approximately half of the restructuring charge is expected to be expensed in third quarter of 2013, with the remainder expected to be expensed in fourth quarter of 2013 and first quarter of 2014. The Company expects approximately $1.1 million of the total charge to be in the form of cash expenditures, the majority of which is expected to be paid out in the quarters ending third quarter of 2013 and fourth quarter of 2013. The Company also reaffirmed its fiscal 2013 annual revenue guidance of between $220 and $230 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $223 million for fiscal 2013. 

Company Quote

0.2 +0.99%
24 Oct 2014