RSYS ($22.50)says to miss Q2 estimates, cuts jobs, CFO resigns
RadiSys says to miss Q2 estimates, cuts jobs, CFO resigns
HILLSBORO, Ore., June 27 (Reuters) - RadiSys Corp.
<RSYS.O>, a telecommunications components maker, said on
Wednesday it expects to post a wider-than-expected
second-quarter loss and said it will take one-time charges for
restructuring and excess inventory.
RadiSys said it expects to post second-quarter revenues of
$62 million and second-quarter pro forma net loss, excluding
charges, of about 8 cents to 10 cents a share. Wall Street
analysts polled by research firm Thomson Financial/First Call
expected a loss of 5 cents a share.
The company said it was also cutting 45 jobs, reducing
salaries and closing one of its design plants as part of
cost-cutting measures. RadiSys also said its Chief Financial
Officer Stephen Loughlin has resigned and Glen Myers, its chief
executive, will fill in until a replacement can be found.
The job cuts will include senior and mid-level management
roles and executive salaries will be reduced by 10 percent and
mid-level management salaries by 7 percent.
RadiSys shares lost 11 cents to $22.2 at the end of trading
on the Nasdaq.
((Patrick Markey, New York Newsdesk, 646-223-6173,
pat.markey@reuters.com))
REUTERS |
