MOLX » Topics » Restructuring Charges

This excerpt taken from the MOLX 10-Q filed Oct 31, 2006.

Restructuring Charges


During the fourth quarter of fiscal 2005, we decided to close certain operations in the Americas and European regions in order to reduce operating costs and better align our manufacturing capacity with customer needs.  Production from the closed operations has been transferred to existing plants within the respective regions.  Also included in the restructuring charge are costs to reduce our selling, general and administrative costs in the Americas, Europe and at the corporate office.  


The cumulative restructuring charges as of June 30, 2006 were $54.2 million, of which $27.0 million related to the Americas region, $19.2 million related to the European region and $8.0 million for corporate operations.  The restructuring activities were substantially complete as of June 30, 2006.  



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The change in the accrued severance balance related to the restructuring charge is summarized as follows:

Balance at June 30, 2006

$

15,941 

    Cash payments

 

(4,739)

Balance at June 30, 2006

$

11,202 


This excerpt taken from the MOLX 10-Q filed May 2, 2006.

Restructuring Charges


During the fourth quarter of fiscal 2005, we recorded a pretax charge of $27,875 ($21,594 after-tax) related to closing certain operations in the Americas and European regions in order to reduce operating costs and better align our manufacturing capacity with customer needs. This charge included $12,150 relating to write-downs of manufacturing assets and facilities and $15,725 for severance costs related to a net workforce reduction of 600 employees.  


In connection with the restructuring initiative, during the three months ended March 31, 2006, an additional $4,287 of costs were recorded, of which $2,452 related to the Americas region and $1,171 related to the European region.  This increases the year-to-date restructuring charges to $15,674, of which $8,366 related to the Americas region and $5,613 related to the European region.  The cumulative restructuring charges as of March 31, 2006 were $43,549, of which $22,452 related to the Americas region and $16,454 related to the European region.  We expect to substantially complete the restructuring activities by June 30, 2006, resulting in an estimated total pre-tax charge of $20 million during fiscal 2006.


The change in the accrued severance balance related to the restructuring charge is summarized as follows:

            

Balance at June 30, 2005

         

$

     10,285 

 

Charges to expense

          

     13,600 

 

Cash payments

          

    (13,383)

Balance at March 31, 2006

         

$

     10,502 


 
 
 
 
 
 
 
 
 
 
 
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This excerpt taken from the MOLX 10-Q filed Feb 2, 2006.

Restructuring Charges


During the fourth quarter of fiscal 2005, we recorded a pretax charge of $27,875 ($21,594 after-tax) related to closing certain operations in the Americas and European regions in order to reduce operating costs and better align our manufacturing capacity with customer needs. This charge included $12,150 relating to write-downs of manufacturing assets and facilities and $15,725 for severance costs related to a net workforce reduction of 600 employees.  Implementation of this restructuring program is expected to continue through fiscal 2006 for which we anticipate an estimated pre-tax charge of $20 million during fiscal 2006.


In connection with the restructuring initiative, during the three months ended December 31, 2005, an additional $6,517 of costs were recorded, of which $3,098 related to the Americas region and $2,640 related to the European region.  This increases the year-to-date restructuring charges to $11,387, of which $5,914 related to the Americas region and $4,442 related to the European region.  The cumulative restructuring charges as of December 31, 2005 were $39,262, of which $20,001 related to the Americas region and $15,283 related to the European region.  At December 31, 2005, accrued expenses of $11,650 for severance payments related to the workforce reductions remained in the consolidated balance sheet.  We expect to pay substantially all of the remaining restructuring liabilities by June 30, 2006.


The change in the accrued severance balance related to the restructuring charge is summarized as follows:


Balance at June 30, 2005

$

10,285 

Charges to expense

 

9,997 

Cash payments

 

(8,632)

Balance at December 31, 2005

$

11,650 


This excerpt taken from the MOLX 10-Q filed Nov 4, 2005.

Restructuring Charges

During the fourth quarter of fiscal 2005, we recorded a pretax charge of $27,875 ($21,594 after-tax) related to closing certain operations in the Americas and European regions in order to reduce operating costs and better align our manufacturing capacity with customer needs. This charge included $12,150 relating to write-downs of manufacturing assets and facilities and $15,725 for severance costs related to a workforce reduction of 600 employees. During the first quarter of fiscal 2006, an additional $4,870 of previously announced costs were recorded of which $2,816 impacted the Americas region and $1,802 impacted the European region.  At September 30, 2005, accrued expenses of $11,146 for severance payments related to these workforce reductions remained in the consolidated balance sheet.  We expect to pay substantially all of the remaining restructuring liabilities by June 30, 2006.




-10-






The change in the accrued severance balance related to the restructuring charge is summarized as follows:


Balance at June 30, 2005

$

10,285 

Charges to expense

 

4,475 

Cash payments

 

(3,614)

Balance at September 30, 2005

$

11,146 



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