SNDK » Topics » Second Quarter of Fiscal 2008 Restructuring Plan

This excerpt taken from the SNDK 10-K filed Feb 25, 2010.
Second Quarter of Fiscal 2008 Restructuring Plan.  In the second quarter ended June 28, 2008, the Company initiated restructuring actions in an effort to better align its cost structure with its anticipated revenue stream and to improve the Company’s results of operations and cash flows (“Second Quarter of Fiscal 2008 Restructuring Plan”).  The cost of $4.1 million was for severance and benefits related to the involuntary termination of approximately 131 employees in all functions, primarily in the U.S. and Israel.

The following table sets forth the activity in the accrued restructuring balances related to the Second Quarter of Fiscal 2008 Restructuring Plan (in millions).

   
Severance and Benefits
 
Restructuring provision
  $ 4.1  
Cash paid
    (3.1 )
Accrual balance at December 28, 2008
    1.0  
Accrual adjustments
    (0.8 )
Accrual balance at January 3, 2010
  $ 0.2  

During fiscal year 2009, the Company recorded a reduction of ($0.8) million related to lower employee severance and benefits costs than was originally estimated.  The remaining restructuring accrual balance is reflected in Other current accrued liabilities in the Consolidated Balance Sheets and is expected to be utilized in fiscal year 2010.

This excerpt taken from the SNDK 8-K filed Jun 3, 2009.
Second Quarter of Fiscal 2008 Restructuring Plan.  In the second quarter ended June 28, 2008, the Company initiated restructuring actions in an effort to better align its cost structure with its anticipated revenue stream and to improve the Company's results of operations and cash flows (“Second Quarter of Fiscal 2008 Restructuring Plan”).  The cost of $4.1 million was for severance and benefits related to the involuntary termination of approximately 131 employees in all functions, primarily in the U.S. and Israel.
 
The following table sets forth the activity in the accrued restructuring balances related to the Second Quarter of Fiscal 2008 Restructuring Plan (in millions):
 
   
Severance
and Benefits
 
Contract
Termination Fees
and Other Charge
 
Total
 
Restructuring provision
  $ 4.1    $
    $ 4.1  
Cash paid
    (3.1 )  
      (3.1 )
Accrual balance at December 28, 2008
  $ 1.0    $
    $ 1.0  
 
The remaining restructuring accrual balance is reflected in Other Current Accrued Liabilities in the Consolidated Balance Sheets and is expected to be utilized in fiscal year 2009.
 
This excerpt taken from the SNDK 10-Q filed May 7, 2009.
Second Quarter of Fiscal 2008 Restructuring Plan.  In the second quarter ended June 28, 2008, the Company initiated restructuring actions in an effort to better align its cost structure with its anticipated revenue stream and to improve the Company’s results of operations and cash flows (“Second Quarter of Fiscal 2008 Restructuring Plan”).  The following table sets forth the activity in the accrued restructuring balances related to the Second Quarter of Fiscal 2008 Restructuring Plan (in millions):

   
Severance and Benefits
 
Restructuring provision
  $ 4.1  
Cash paid
    (3.1 )
Accrual balance at December 28, 2008
    1.0  
Accrual adjustments
    (0.8 )
Accrual balance at March 29, 2009
  $ 0.2  

The remaining restructuring accrual balance is reflected in Other Current Accrued Liabilities in the Condensed Consolidated Balance Sheets and is expected to be utilized in fiscal year 2009.

These excerpts taken from the SNDK 10-K filed Feb 26, 2009.
Second Quarter of Fiscal 2008 Restructuring Plan.  In the second quarter ended June 28, 2008, the Company initiated restructuring actions in an effort to better align its cost structure with its anticipated revenue stream and to improve the Company's results of operations and cash flows (“Second Quarter of Fiscal 2008 Restructuring Plan”).  The cost of $4.1 million was for severance and benefits related to the involuntary termination of approximately 131 employees in all functions, primarily in the U.S. and Israel.
 
 
The following table sets forth the activity in the accrued restructuring balances related to the Second Quarter of Fiscal 2008 Restructuring Plan (in millions):
 
   
Severance and Benefits
   
Contract Termination Fees and Other Charges
   
Total
 
Restructuring provision                                                                                    
  $ 4.1      $
            ─
    $ 4.1  
Cash paid                                                                                    
    (3.1 )    
      (3.1 )
Accrual balance at December 28, 2008                                                                                    
  $ 1.0      $ 
           ─
    $ 1.0  

The remaining restructuring accrual balance is reflected in Other Current Accrued Liabilities in the Consolidated Balance Sheets and is expected to be utilized in fiscal year 2009.

 
Second Quarter of
Fiscal 2008 Restructuring Plan
.  In the second quarter ended
June 28, 2008, the Company initiated restructuring actions in an effort to
better align its cost structure with its anticipated revenue stream and to
improve the Company's results of operations and cash flows (“Second Quarter of
Fiscal 2008 Restructuring Plan”).  The cost of $4.1 million was
for severance and benefits related to the involuntary termination of
approximately 131 employees in all functions, primarily in the U.S. and
Israel.

 

 

The
following table sets forth the activity in the accrued restructuring balances
related to the Second Quarter of Fiscal 2008 Restructuring Plan
(in millions):

 
































































 
 

Severance
and Benefits


   

Contract
Termination Fees and Other Charges


   

Total


 

Restructuring
provision                                                                                    

  $ 4.1      $
            ─

    $ 4.1  

Cash
paid                                                                                    

    (3.1 )    



      (3.1 )

Accrual
balance at December 28,
2008                                                                                    

  $ 1.0      $ 

           ─


    $ 1.0  









The
remaining restructuring accrual balance is reflected in Other Current Accrued
Liabilities in the Consolidated Balance Sheets and is expected to be utilized in
fiscal year 2009.


 

These excerpts taken from the SNDK 10-K filed Feb 25, 2009.
Second Quarter of Fiscal 2008 Restructuring Plan.  In the second quarter ended June 28, 2008, the Company initiated restructuring actions in an effort to better align its cost structure with its anticipated revenue stream and to improve the Company's results of operations and cash flows (“Second Quarter of Fiscal 2008 Restructuring Plan”).  The cost of $4.1 million was for severance and benefits related to the involuntary termination of approximately 131 employees in all functions, primarily in the U.S. and Israel.
 
 
The following table sets forth the activity in the accrued restructuring balances related to the Second Quarter of Fiscal 2008 Restructuring Plan (in millions):
 
   
Severance and Benefits
   
Contract Termination Fees and Other Charges
   
Total
 
Restructuring provision                                                                                    
  $ 4.1      $
            ─
    $ 4.1  
Cash paid                                                                                    
    (3.1 )    
      (3.1 )
Accrual balance at December 28, 2008                                                                                    
  $ 1.0      $ 
           ─
    $ 1.0  

The remaining restructuring accrual balance is reflected in Other Current Accrued Liabilities in the Consolidated Balance Sheets and is expected to be utilized in fiscal year 2009.

 
Second Quarter of
Fiscal 2008 Restructuring Plan
.  In the second quarter ended
June 28, 2008, the Company initiated restructuring actions in an effort to
better align its cost structure with its anticipated revenue stream and to
improve the Company's results of operations and cash flows (“Second Quarter of
Fiscal 2008 Restructuring Plan”).  The cost of $4.1 million was
for severance and benefits related to the involuntary termination of
approximately 131 employees in all functions, primarily in the U.S. and
Israel.

 

 

The
following table sets forth the activity in the accrued restructuring balances
related to the Second Quarter of Fiscal 2008 Restructuring Plan
(in millions):

 
































































 
 

Severance
and Benefits


   

Contract
Termination Fees and Other Charges


   

Total


 

Restructuring
provision                                                                                    

  $ 4.1      $
            ─

    $ 4.1  

Cash
paid                                                                                    

    (3.1 )    



      (3.1 )

Accrual
balance at December 28,
2008                                                                                    

  $ 1.0      $ 

           ─


    $ 1.0  









The
remaining restructuring accrual balance is reflected in Other Current Accrued
Liabilities in the Consolidated Balance Sheets and is expected to be utilized in
fiscal year 2009.


 

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