Intevac, Inc. IVAC today announced a global cost reduction plan
which includes reducing its workforce by approximately 13% worldwide. The
workforce reduction will be substantially completed in the fiscal first
quarter ending March 30, 2013. Today's announcement is part of the company's
strategy to reduce its total expenditures by approximately $12 to $14 million
on an annual basis.
The company expects to record a restructuring charge in the first quarter of
approximately $500,000, primarily related to employee severance. The impact of
this charge is not expected to materially change our previously provided
guidance for the first quarter.
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