Advanced Analogic (AATI) Guides Lower for Q4 Revenues; Announces 12% Cut in Workforce
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Advanced Analogic Technologies, Inc. (Nasdaq: AATI) announced that its financial results for the fourth quarter ending December 31, 2008 are expected to be below the Company's previous outlook.
Based upon the Company's preliminary review of its financial performance for the fourth quarter of 2008, AnalogicTech expects to report net revenue of approximately $18.0 million. (Consensus is $19.35M)
As a result of continued deterioration in business conditions, AnalogicTech will expand its cost reduction initiatives and reduce its workforce by approximately 12% by the end of December 2008. This reduction is in response to the current macroeconomic environment and is one of several broad-based cost cutting initiatives the Company is pursuing. The resulting annual cost savings are expected to be between $4.0 and $5.0 million.
AnalogicTech expects to incur an initial restructuring charge of approximately $0.8 to $1.2 million, related to costs associated with employee severance and restructuring expenses. Additionally, the Company will be performing an impairment analysis of its goodwill and intangible assets of approximately $17.0 million in the fourth quarter as several indicators have been identified that suggest that a more than temporary impairment might exist at this time.
"We expect the market to remain challenging into 2009 and we will continue to tightly manage our expenses. The streamlining of our operations combined with our strong balance sheet, will enable us to take advantage our leadership position once the market turns."[SM]
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