-- In connection with the business realignment implemented in the third quarter, Caliper reduced its current workforce, including several senior management positions, and eliminated other open positions. In addition to achieving future cost savings with this realignment, the company believes its revised management structure will result in increased customer focus. This initiative is expected to achieve approximately $2.6 million of annualized savings and should begin to benefit operations in the fourth quarter of 2008.
-- The company completed the previously announced relocation of its research and development operations previously conducted in Mountain View, CA to its west coast R&D headquarters in Alameda, CA. In completing this move, an idle facility charge of $2.7 million was recorded during the third quarter, in line with previously communicated estimates. The company believes that the consolidation of these resources is improving R&D synergies in the formation of new technologies to address the company's I-I-H strategy vision.
-- As previously announced, the leases for two previously closed facilities in Mountain View expired in June, 2008, resulting in annualized cash savings of approximately $3.6 million.
2008 GAAP Guidance
Caliper reported that its revenue outlook for the fourth quarter of 2008 is $34.0 million to $37.0 million, reflecting the company's recent product line divestitures and the expected impact from foreign currency exchange rate movements compared to the US Dollar.
Use of Non-GAAP Financial Measures
Caliper supplements its GAAP financial reporting with certain non-GAAP
financial measures. Caliper uses certain non-GAAP financial measures,
including adjusted earnings per share, which exclude restructuring charges,
including severance charges; amortization of acquired intangibles; asset
impairment charges; and amortization of stock compensation. Caliper
believes the presentation of non-GAAP f
|SOURCE Caliper Life Sciences, Inc.|
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