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Technology Stocks : SONS

SONS 7.830

+2.8%

Nov 28 4:00 PM EST

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From: Bill Wolf	3/10/2009 6:34:27 PM
	of 1575

WESTFORD, Mass., March 10 /PRNewswire-FirstCall/ -- Sonus Networks, Inc. (NASDAQ: SONS) , a provider of network transformation through IP communications technology, today announced a restructuring initiative to further reduce its workforce by approximately 60 people, or 6% of employees worldwide. The Company expects to incur restructuring charges for severance and related costs of approximately $1.3 million to $1.6 million on a pre-tax basis in the first quarter of fiscal 2009 in connection with this action and anticipates annual compensation-related cash savings of approximately $5.8 million to $6.3 million as a result of this restructuring initiative. This action brings the total expected restructuring charges for severance and related costs to approximately $2.1 million to $2.4 million on a pre-tax basis for both restructuring actions taken during the first quarter of 2009. The Company anticipates annual compensation-related cash savings of approximately $10.3 million to $11.3 million as a result of these reductions. "This latest action is part of our plan to ensure the business is aligned to the Company's long-term strategic direction," commented Richard Nottenburg, president and chief executive officer of Sonus Networks. "We are actively investing in our solutions portfolio to build a stronger and more competitive company, and will continue to deliver innovative, market-leading technology to our customers." The actions related to this restructuring initiative are expected to be completed in the first quarter of 2009. sev.prnewswire.com

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