Wireless and broadband solution provider
said it will cut about 10% of its staff to reduce expenses. It also said previously forecast third-quarter results remain on track to match the analyst consensus.
The company said it hopes that cutting 10% of its 450-employee workforce, combined with other cost-saving strides, will save $2.5 million quarterly, beginning in the fourth quarter. The cost savings will also lower Anadigics' break-even EBITDA target to about $25 million in revenue. The cuts will result in a charge of $15 million to $17 million, or 40 cents to 56 cents a share.
Due to the repurchase and retirement of some of its debt, the company also expects to report a gain of about $6 million to $9 million, or 19 cents to 29 cents a share.
The Warren, N.J.-based company expects sales of $21 million, anda loss of 33 cents a share, in the third quarter. Analysts were also expecting the company to lose 33 cents a share.
Shares of the company closed at $2.01 Monday on the