So, in terms of the company, I’m always reluctant an investor presentations to show organization charts because they mean a lot to the company inside but often they mean very little to the outside. But I thought I’d make a few points which is at the top level.
The company before was really focused on what we’re calling new businesses and the historical semiconductor business or semiconductor business group, and after Satish and the team and I did a deep dive, we concluded that it would be better to really elevate the key businesses that we’re really at a business unit status and then to take some of the other more strategic initiatives and put them into a corporate R&D or lab function if you will and then to update the organization in this way.
It eliminated a layer of management and made, I think, our decision making much more robust and efficient in the process. If there is a word, I would say it or little bit more entrepreneur experience despite the fact that there was a lot tracking of big company historically.
With that change in the organizational construct, we also concluded that the company had really gotten out in front of itself a bit mostly on the G&A spending and so that’s a bit of benchmarking. We reduced largely the G&A to produce an annualized net saving based on second quarter.So what we currently have on record as our expenses, between $30 million and $35 million, and we use the word net year simply because we actually are taking out more on the G&A front, but there is some of the core businesses, some of the new acquired business that I’ll talk about that we’re spending a bit more money on. We’re reviewing other assets, I should say, specifically, Satish is the CFO, the business and other contractual obligations. So we may adjust and take more charges by the end of the year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV