Thread regarding Sonus Networks Inc. layoffs

Boston Business Journal reports on 8/15: Sonus Networks Inc

Boston Business Journal reports on 8/15: Sonus Networks Inc. reports it has cut staff levels by another 93 positions, capping off its restructuring effort that began at the start of the year, resulting in a total of 243 jobs eliminated.

As a result of the layoffs, Westford, Mass.-based Sonus (Nasdaq: SONS) says it expects to be hit with restructuring charges for severance and related costs of approximately $1.4 million to $1.9 million in the third quarter of fiscal 2009. Officials anticipate, however, a cash savings of approximately $9.4 million to $10.3 million as a result of not having to pay compensation for those positions.

All of the layoffs add up to costs of approximately $3.4 million to $3.9 million during 2009, Sonus said. The company anticipates annual payroll-related cash savings of about $19.7 million to $21.6 million from all of the staff reductions.

Sonus last announced job cuts in March, cutting about 60 positions, about 6 percent of its total work force at that time. Those layoffs came just two months after the communications infrastructure equipment maker cut loose 40 workers, and about three months since Sonus announced the elimination of 50 jobs.

In April, Hassan Ahmed, former chairman and CEO of Sonus, took a position as a senior advisor at Charles River Ventures, which had been a venture backer of Sonus before it went public in 2000.

The company reported a net loss of $119 million on total revenue of $313 million for 2008.

| 2084 views | | no replies yet
Post ID: @OP+3E9BCa8

There are no replies in this thread yet. Be the first to post a reply below:

Post a reply