Electronics Production | April 16, 2009
Plexus implements further cost-cutting measures of approximately $2.3 million in Q2
Plexus has implemented further cost-cutting measures in response to the difficult economic environment and incurred restructuring costs of approximately $2.3 million during the second fiscal quarter, higher than the $500,000 originally anticipated for the quarter.
The impairment charge was driven by adverse macroeconomic conditions that contributed to an overall reduction in demand for the Company's offerings in the Kelso, Scotland facility. These conditions led to interim goodwill impairment testing in connection with the preparation of Plexus' financial statements for the quarter, which resulted in the determination that the goodwill was impaired. This was Plexus' sole goodwill asset and was related to the original acquisition of two facilities in the United Kingdom. This non-cash charge does not impact the Company's normal business operations, liquidity or availability under its credit facilities. Restructuring costs were primarily related to severance costs and fixed assets written down as a result of the closing of the manufacturing facility in Ayer, Massachusetts in March 2009. The Company also reaffirms second quarter fiscal 2009 guidance, with revenue expected to be within the previously announced revenue guidance of $375 to $405 million. Diluted EPS is expected to be above the high end of the previously provided guidance of $0.17 to $0.24, excluding any restructuring charges and the non-cash goodwill charge, based on aggressive cost cutting and a lower tax rate than previously anticipated.
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