The firm expects to record one-time charges this quarter ofapproximately $7 million associated with employee severance, theclosure of the facility and related expenses.
Adaptec blames the need for restructuring on "continuingworldwide market softness" which it says could also impact companyrevenues in the last month of the quarter ending at the end of thismonth. The company anticipates revenues for the quarter will bedown approximately 15-20% from the prior quarter's $107.8million.
Robert Stephens, president and CEO of Adaptec says the companyis continuing to look for "new efficiencies" as it copes with"extraordinarily tough" global economic conditions. Upon completionof the restructuring, the company will employ approximately 1,550people worldwide.
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