Altair Engineering Inc. 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2009
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (408) 544-7000
(Former name or former address, if changed since last report.)
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:
Item 2.05. Costs Associated with Exit or Disposal Activities.
On August 4, 2009 the management of Altera Corporation (the Company) committed to a plan to restructure its operations by eliminating approximately 87 positions from the Companys approximately 2,700 person workforce. Nearly all of the position eliminations will occur in the third quarter of 2009. The Plan is the result of the Companys efforts to lower its overall cost structure.
The Company will incur restructuring-related charges of approximately $4-5 million in the third quarter of 2009 as a result of employee severance costs. The Company estimates that the annualized savings from this restructuring will be approximately $9 million.
This report contains forward-looking statements concerning Alteras expectations regarding the amounts of cost savings and employee termination payments. Investors are cautioned that all forward-looking statements in this report involve risks and uncertainties that may cause actual results to differ from those currently anticipated, including, without limitation, unanticipated restructuring difficulties and inaccuracies in Alteras assessment of the amount and timing of cost savings, payments and charges, as well as other risks discussed in Alteras Form 10-K filed with the Securities and Exchange Commission on February 25, 2009 and in Alteras other current and periodic reports filed from time to time with the SEC. Copies of Alteras SEC filings are posted on Alteras web site and are available from Altera without charge. Forward-looking statements are made as of the date of this report, and, except as required by law, Altera does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 4, 2009