DragonWave (DRWI) Trims Israeli Staff, Sees $1.1M in Quarterly Savings
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DragonWave Inc. (Nasdaq: DRWI), has eliminated 38 positions from its Israeli operations.
The staff reduction, which includes both full time and contract staff, is intended to better align the company's global sales force with existing DragonWave resources as well as the planned acquisition of NSN's microwave transport business. DragonWave will continue to support R&D, customer support, finance, and operations functions in Israel.
DragonWave expects to save $1.1M in quarterly operating expenses as a result of this staff reduction. DragonWave anticipates restructuring charges in the fourth fiscal quarter as a result of the elimination of these positions to be approximately $0.3M, and that there will be a one-time cash usage of approximately $0.6M
Figures are in U.S. dollars and in accordance with U.S. generally accepted accounting principles.
The staff reduction, which includes both full time and contract staff, is intended to better align the company's global sales force with existing DragonWave resources as well as the planned acquisition of NSN's microwave transport business. DragonWave will continue to support R&D, customer support, finance, and operations functions in Israel.
DragonWave expects to save $1.1M in quarterly operating expenses as a result of this staff reduction. DragonWave anticipates restructuring charges in the fourth fiscal quarter as a result of the elimination of these positions to be approximately $0.3M, and that there will be a one-time cash usage of approximately $0.6M
Figures are in U.S. dollars and in accordance with U.S. generally accepted accounting principles.
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