LECG Corporation (XPRT) Reports Preliminary Q4 Financials - Below Consensus; Cuts Workforce
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LECG Corporation (NASDAQ: XPRT) announced preliminary fourth quarter financial information with revenue of approximately $70 million, and a loss of $0.21-0.23 per share expected for the quarter, excluding anticipated restructuring, divestiture and impairment charges. (Consensus is $88.40 million and $0.11 profit)
In order to better align its cost structure with current market conditions, the company has undertaken a number of restructuring activities that will result in a pre-tax charge of approximately $10 million in the fourth quarter of 2008. These include a workforce reduction of 72 employees, the closure of two offices, and the divestiture of its finance and accounting services operations in Milan, Italy. The company also expects to recognize pre-tax goodwill and other asset impairment charges of between $90-110 million in the quarter.
LECG Corporation and its subsidiary, LECG, LLC provides expert testimony, original authoritative studies, and strategic advice to companies and law firms, as well as local, state, and federal government agencies in the United States and internationally. [SM]
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