LSI Logic to Take Charge for Layoffs
Friday March 21, 7:34 pm ET
SAN FRANCISCO (Reuters) - LSI Logic Corp. (NYSE:LSI - News) expects to take a charge of about $30 million to $45 million for recent layoffs, the chipmaker said in a filing with the U.S. Securities and Exchange Commission (News - Websites) on Friday.
A company spokesman said LSI Logic plans to take the charge in the current first quarter.
LSI Logic eliminated 210 jobs, or about 4 percent, in February, the company said in its 10-K filing. That brings the work force total to about 5,300, a spokesman said.
The positions were primarily in manufacturing operations, research and development, marketing and sales, said the company, which makes application-specific integrated circuits used in consumer electronics like video game consoles and DVD machines.
A year ago, the Milpitas, California-based company cut 1,400 positions as part of a restructuring.
LSI Logic has forecast first-quarter revenue of $370 million to $390 million.
Shares in LSI Logic closed at $5.27, up 21 cents, or 4 percent, on the New York Stock Exchange (News - Websites). |
