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Components | July 24, 2012

Mindspeed to reduce workforce by 15%

In the fiscal fourth quarter of 2012, Mindspeed initiated a global corporate restructuring to reduce operating expenses, focus investments and deliver better results for its shareholders, employees and customers.
The restructuring is expected to decrease non-GAAP operating expenses by approximately $13 million per year, primarily driven by an approximate 15% reduction in Mindspeed's global workforce. The company expects to decrease its operating expenses to roughly $22 million per quarter starting in the first fiscal quarter of 2013. These moves are expected to better focus the company on its most significant growth opportunities and improve earnings leverage going forward.

"While these decisions were difficult to make as they involve a reduction in force, we now expect non-GAAP operating profit in the first half of fiscal 2013," said Mr. Halim.

As a result of this restructuring, Mindspeed currently expects to incur total charges ranging from approximately $4.0 million to $5.0 million, of which approximately $3.5 million to $4.5 million will be cash expenditures.

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