WASHINGTON (dpa-AFX) - QuickLogic Corp. (QUIK) announced a restructuring plan which is estimated to result in annualized operating expense savings of approximately $4.0 million. QuickLogic will reduce total personnel by approximately 30% by the end of the first quarter of fiscal 2020. The company expects to incur approximately $600 thousand of restructuring expenses, of which approximately $500 thousand will be cash expenditures.
Brian Faith, QuickLogic CEO, said: 'The restructuring is expected to further accelerate our path to improved bottom line financial performance in fiscal 2020. We continue to forecast revenue growth this year.'
QuickLogic also reaffirmed its fourth quarter revenue guidance of $3.0 million, plus or minus 10%.
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