DragonWave (DRWI) Trims Israeli Staff, Sees $1.1M in Quarterly Savings
Tweet
Share
E-mailGet Alerts DRWI Hot Sheet
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Kimbell Royalty closes $221.2M mineral rights acquisition
- Advance Auto Parts (AAP) Tops Q2 EPS by 22c; lifrs profit guidance
Create E-mail Alert Related Categories
Corporate News, GuidanceSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
