Additionally, in the second quarter, the company took further actions to reduce costs and expenses as part of its strategic turnaround plan. The following table summarizes the actions and the expected annual savings:

         
  Expected   Expected
Annual Savings Effective Time
Action   ($ in millions)   Frame
Total of Q1 2011 announced actions $ 6.6
General reductions of staff positions and expenses 8.1 Q3 2011
Renegotiation of outside service and consulting fees 1.7 Q2 2011

Reduction in compensation for senior management and the

board of directors
0.5 Q3 2011
Facility closure and simplification 3.8 2012
Total   $ 20.7    
 

Of the $20.7 million cost and expense savings detailed above, approximately $17.1 million is related to operating expenses. Net of planned increases in spending, the company believes it remains on track to meet its previously stated objective to reduce operating expenses approximately $12 million in the next 12 to 18 months.

If you liked this article you might like

Scalia's Death Leaves Several Major Cases Hanging in Balance

3 Stocks Improving Performance Of The Electronics Industry

Why Pulse Electronics (PULS) Stock Is Tanking Today

3 Stocks Pushing The Electronics Industry Lower

3 Stocks Pushing The Electronics Industry Lower