This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Entropic Reaffirms And Narrows Guidance Range For Q2 2013; Restructures To Improve Operational Efficiencies

SAN DIEGO, July 2, 2013 (GLOBE NEWSWIRE) -- Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions for the connected home, today narrowed its previously announced financial guidance for the second quarter of 2013 to the low end of the revenue range. Entropic now expects revenue of approximately $70 million and is reaffirming prior guidance for non-GAAP earnings per share of $0.00 for the second quarter.

Entropic also announced it is implementing a restructuring plan designed to refine business operations with the goal of driving long-term profitable growth. In connection with the corporate restructuring plan, Entropic is making strategic organizational changes across its marketing and business operations to focus on key vertical markets, streamline global manufacturing resources, and consolidate several engineering activities to drive efficiencies.

Entropic anticipates the restructuring plan will be substantially completed within the next month. The restructuring plan is expected to result in a reduction in force of approximately 70 employees, constituting approximately 10 percent of Entropic's global workforce. Once fully implemented, Entropic estimates that the full annualized costs associated with the 70 employees will be approximately $9 million. Entropic has plans to reinvest these savings in the development of new products and programs. 

"The restructuring activities are designed to maximize engineering efficiencies, optimize business operations and align our investments with key vertical market requirements," said Patrick Henry, president and chief executive officer, Entropic. "It also gives us an opportunity to increase investment in strategic areas with more long-term growth potential, including analog mixed-signal and software."

Entropic estimates it will incur pre-tax GAAP charges of approximately $1.7 million in connection with this restructuring plan, the majority of which will be recorded during the second quarter of 2013.

Entropic will release financial results for the second quarter 2013, and host a conference call for analysts and investors on July 31, 2013. At that time, Entropic will review its second quarter results and provide an outlook for the third quarter of 2013. Details on the conference call will be announced, prior to that date.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs