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This excerpt taken from the PBI 10-Q filed Aug 7, 2008. Restructuring Pre-tax restructuring reserves at June 30, 2008 are composed of the following:
We recorded pre-tax restructuring charges and asset impairments of $35.9 million in the six months ended June 30, 2008. These charges relate primarily to a program we announced in November 2007 to lower our cost structure, accelerate efforts to improve operational efficiencies, and transition our product line. As a result of this program, we have targeted a net reduction of about 1,500 positions. About half of these reductions will be outside the U.S. During the first six months of 2008, 964 terminations have occurred under this program. We expect to incur approximately $50 million of restructuring charges in 2008 associated with actions identified to date; however, we continue to evaluate additional actions in conjunction with this program. We expect to complete the majority of this program by the end of 2008. The majority of the liability at June 30, 2008 is expected to be paid by mid-2009 from cash generated from operations. This excerpt taken from the PBI 10-Q filed May 8, 2008. Restructuring Pre-tax restructuring reserves at March 31, 2008 are composed of the following:
We recorded pre-tax restructuring charges and asset impairments of $17.1 million in the first quarter of 2008. These charges relate primarily to a program we announced in November 2007 to lower our cost structure, accelerate efforts to improve operational efficiencies, and transition our product line. As a result of this program, we have targeted a net reduction of about 1,500 positions. About half of these reductions will be outside the U.S. As of March 31, 2008, 576 employees had been terminated under this program. We expect to incur approximately $40 million of restructuring charges in 2008 associated with actions identified to date; however, we continue to evaluate additional actions in conjunction with this program. We expect to complete the majority of this program by the end of 2008. The majority of the liability at March 31, 2008 is expected to be paid by mid-2009 from cash generated from operations. In January 2003, we undertook restructuring initiatives related to realigned infrastructure requirements and reduced manufacturing needs for digital equipment. The activities associated with this program were substantially completed in 2006. At March 31, 2008, we had a remaining liability associated with this program of $4.1 million. We made payments of $0.5 million during the first quarter of 2008. This excerpt taken from the PBI 10-Q filed Nov 8, 2007. Restructuring Pre-tax restructuring costs of $17.4 million for the nine months ended September 30, 2006 were composed of:
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF This excerpt taken from the PBI 10-Q filed Aug 6, 2007. Restructuring Pre-tax restructuring charges were composed of:
In connection with our previously announced restructuring initiatives, we recorded a pre-tax restructuring charge of $10.6 million for the six months ended June 30, 2006. This excerpt taken from the PBI 10-Q filed May 4, 2007. Restructuring In connection with our restructuring program that we concluded in 2006, we recorded pre-tax restructuring charges of $5.6 million for the three months ended March 31, 2006. We primarily fund restructuring payments with cash from operating activities. We expect to pay most of the outstanding restructuring balance by the end of 2007. We expect the restructuring initiatives to continue to increase our operating efficiency and effectiveness in 2007 and beyond while enhancing growth, primarily as a result of the reduction in personnel-related expenses. The pre-tax restructuring charges were composed of:
Accrued restructuring charges at March 31, 2007 were composed of the following:
This excerpt taken from the PBI 10-Q filed Nov 9, 2006. Restructuring
See Note 13 to the condensed consolidated financial statements for further details of our restructuring charges. 28 MANAGEMENT’S DISCUSSION AND ANALYSIS OF This excerpt taken from the PBI 10-Q filed Aug 8, 2006. Restructuring Pre-tax restructuring charges are composed of:
In connection with our previously announced restructuring initiatives, we recorded a pre-tax restructuring charge of $10.6 million in each of the six months ended June 30, 2006 and 2005, respectively. See Note 13 to the condensed consolidated financial statements for further details of our restructuring charges. 28 | EXCERPTS ON THIS PAGE:
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