| Tech Stock News and Analysis |
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| Monday, November 27, 2006 |
Pixelworks Inc., a maker of integrated circuits used in televisions and monitors, said Monday it plans to consolidate North American Operations as part of an additional restructuring plan.
The plan is expected to reduce operating expenses by $16 million to $18 million, on an annualized basis, by the end of 2007. The company said it may also consider making investments to improve operational efficiency. Pixelworks did not say if any jobs would be cut.
The company expects charges of $3.5 million to $4 million, with about $1 million to $1.3 million of those in the fourth quarter, and the remainder to be booked in 2007.
The new plan comes just seven months after a previous restructuring plan announced in April when Pixelworks said it would pull out of stand-alone digital media streaming markets that are not core to advanced television.
The company also extended its form tender offer for its stock option exchange program to Dec. 1. The extension gives members additional time to consider how much they want to participate in light of the additional restructuring. |
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