08/05/98 LTX Corporation Announces Restructuring and Reduction in Workforce...
WESTWOOD, Mass., Aug. 5 /PRNewswire/ -- LTX Corporation (Nasdaq: LTXX - news), a leading supplier of semiconductor test equipment, today announced actions it is taking to restructure the company, including a reduction of 300 people, or 30%, in its worldwide workforce. The actions the Company is taking include consolidation of the Company's San Jose manufacturing with its Massachusetts facilities, restructuring its sales channels in Japan and divesting the iPTest division in the U.K.
The Company expects to record a restructuring charge in the range of $40 to $50 million for the quarter ended July 31, 1998. Included in the restructuring charge are costs related to the actions being taken, as well as a write-off of excess inventory due to the accelerated weakening of industry conditions. The Company also announced that it expects financial results for the fourth quarter ended July 31, 1998 to be below analyst expectations, with revenue in the range of $35 million. |
