Analogic (ALOG) Tops Q4 EPS by 4c; Announces Restructuring Plan
Analogic (NASDAQ: ALOG) reported Q4 EPS of $1.28, $0.04 better than the analyst estimate of $1.24. Revenue for the quarter came in at $154 million versus the consensus estimate of $150.53 million.
Today Analogic announced a restructuring of its business that includes the transition of certain manufacturing activities from our Peabody, Massachusetts location to our existing facility in Shanghai, China, a reduction in force in order to align our research and development investment with expected customer funding in our Security and Detection business, and a voluntary retirement program available to eligible employees in the affected areas of our Peabody, MA facility. These actions will impact approximately 90 workers in the Company’s Peabody, MA facility.
The company will incur a restructuring charge of approximately $6 million in fiscal 2016, of which approximately $3 million will be taken in Q1 FY16 with the balance taken throughout the remainder of the fiscal year. The Company expects annual savings on a pre-tax basis of approximately $4 million in fiscal 2016 and $9 million in fiscal 2017.
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