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Independent of the above item, CTS also initiated certain restructuring actions to transfer and consolidate certain operations to further improve its cost structure. The restructuring and related actions will result in a pretax charge of approximately $4.4 million, or $0.07 per diluted share. The charge relates primarily to the elimination of approximately 60 positions and writing off certain leasehold improvements. Third quarter 2008 costs for these actions are approximately $3.5 million, or $0.06 per diluted share, with the remainder to be recorded in the fourth quarter.
About CTS
CTS is a leading designer and manufacturer of electronic components and sensors and a provider of electronics manufacturing services (EMS) to OEMs in the automotive, computer, communications, medical, defense and aerospace and industrial markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS." To find out more, visit the CTS Web site at www.ctscorp.com.
Safe Harbor Statement
This press release contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events and any other statements that are not based solely on historical fact. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. These forward-looking statements are made subject to certain risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from those presented in the forward-looking statements, including, without limitation, potential changes in the economy generally and in respect to the businesses in which CTS operates; rapid technological change in the automotive, communications and computer industries; reliance on key customers; CTS' ability to protect its intellectual property; pricing pressures and demand for CTS' products; the Company's successful execution of its restructurings and profit improvement plans; and risks associated with CTS' international operations, including trade and tariff barriers, exchange rates and political and geopolitical risks. For more detailed information on the risks and uncertainties associated with CTS' business, see the reports CTS files with the SEC, available at http://www.ctscorp.com/investor_relations/investor.htm. CTS undertakes no obligation to publicly update its forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes.
SOURCE: CTS Corporation
CTS Corporation Donna L. Belusar, Senior Vice President and Chief Financial Officer or Mitchell J. Walorski, Director of Investor Relations Telephone 574-523-3800 Fax 574-293-6146
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