CTS Corp. (CTS) to Record 10-11c Benefit in Q3 from Release of Valuation Allowance; Announces Restructuring Actions
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CTS Corporation (NYSE: CTS) today announced that it will recognize a non-cash tax benefit of approximately $3.8-$4.2 million, or $0.10-$0.11 per diluted share, in Q3 as a result of the release of a valuation allowance due to sustained profitability of one of its Asian locations.
Separately, CTS also initiated certain restructuring actions to transfer and consolidate certain operations to further improve its cost structure. The restructuring and related actions will result in a pretax charge of approximately $4.4 million, or $0.07 per diluted share. The charge relates primarily to the elimination of approximately 60 positions and writing off certain leasehold improvements. Q3 costs for these actions are approximately $3.5 million, or $0.06 per diluted share, with the remainder to be recorded in Q4.
CTS Corporation engages in the design, manufacture, assembly, and sale of electronic components and sensors, and provision of electronics manufacturing services worldwide.
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