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August 6, 2009 (FinancialWire) -- Analogic Corp. (NASDAQ: ALOG), a provider of medical imaging and aviation security technology, has reduced its workforce by 6% worldwide and has vacated a portion of its Canton, Massachusetts facility. As a result, the company will record a $3.1 million charge in the fourth fiscal quarter of 2009. The company expects this action will result in annual expense savings of approximately $5 million, a portion of which will fund strategic growth initiatives. The reduction in force, which affects 85 people across the business, will result in a $2.1 million charge for severance and related costs. In addition, the company vacated approximately half of its Copley Controls facility in Canton, moving certain operations to its Peabody facility. Accordingly, the company will record a charge of $1.0 million, which represents the ongoing lease payments for the vacated portion over the remainder of the lease term, which ends in 2011. "We recognize that workforce reductions are difficult for everyone," commented Jim Green, president and CEO. "However, we have a commitment to improve our overall operational effectiveness and fund the ongoing investments needed to position Analogic for future growth. While market conditions over the past few quarters have been difficult, we remain optimistic as the market appears to be stabilizing." FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net. Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279). http://www.financialwire.net For full details on Analogic Corp (ALOG) click here. Analogic Corp (ALOG) has Short Term PowerRatings of 8. Details on Analogic Corp (ALOG) Short Term PowerRatings is available at This Link.
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