This excerpt taken from the KEI 8-K filed Aug 26, 2009.
Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 25, 2009 Keithley Instruments, Inc. issued a press release reporting a reduction in its global workforce by approximately ten percent, which includes the impact of a voluntary separation program. It is expected that non-recurring severance, separation and related costs associated with the reductions will approximate $2.3 to $2.6 million on a pre-tax basis and that the majority of the charges will be recorded in the fourth quarter ending September 30, 2009. The majority of the cash expenditures are estimated to be paid within one year by the Company. The Company’s press release is filed with this Report as Exhibit 99.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
Certain of the statements in this Current Report on Form 8-K that are
not historical facts, including those relating to cost savings,
estimated charges expected to be incurred, sales growth and current
expectations of sales and results, are “forward-looking statements,” as
defined in the Private Securities Litigation Reform Act of 1995, that
involve a number of risks and uncertainties. Actual results may differ
materially from the results stated or implied in the forward-looking
statements as a result of a number of factors that include, but are not
limited to: worldwide economic conditions; uncertainties in the credit
and capital markets; business conditions in the semiconductor, wireless,
precision electronics and other segments of the worldwide electronics
industry; timing of recognizing shipments to revenue; the Company's
ability to develop new products in a timely fashion and gain market
acceptance of those products to remain competitive and gain market
share; competitive factors, including pricing pressures, loss of key
employees, technological developments and new products offered by
competitors; and the Company’s ability to implement planned cost savings
initiatives and other initiatives to return to profitability without
adversely affecting the Company’s product development program and
strategic initiatives. Further information on factors that could cause
actual results to differ from those anticipated is included in the
Company’s annual report on Form 10-K and quarterly reports on Form 10-Q
which are filed with the Securities and Exchange Commission. In light
of these uncertainties, the inclusion of forward-looking information
should not be regarded as a representation by the Company that its plans
or objectives will be achieved. Further, the Company is not obligating
itself to revise forward-looking statements contained herein to reflect
events or circumstances after the date of this release or to reflect the
occurrence of unanticipated events.
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.