-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LOkzAQqfyLAcz7S/FRZ+P02WIDWralPgUEPy0zlP148Xd5QcLlO4wANdQlej+BNs BVUbUu5kpx7yIQKz9A39BA== 0001104659-04-038493.txt : 20041206 0001104659-04-038493.hdr.sgml : 20041206 20041206171506 ACCESSION NUMBER: 0001104659-04-038493 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041130 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20041206 DATE AS OF CHANGE: 20041206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAPTEC INC CENTRAL INDEX KEY: 0000709804 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576] IRS NUMBER: 942748530 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15071 FILM NUMBER: 041186840 BUSINESS ADDRESS: STREET 1: 691 S MILPITAS BLVD STREET 2: M/S25 CITY: MILPITAS STATE: CA ZIP: 95035 BUSINESS PHONE: 4089458600 MAIL ADDRESS: STREET 1: 691 SOUTH MILPITAS BLVD STREET 2: M/S25 CITY: MILPITAS STATE: CA ZIP: 95035 8-K 1 a04-14263_28k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

November 30, 2004

 

ADAPTEC, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

0-15071

 

94-2748530

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

691 S. Milpitas Boulevard
Milpitas, CA
95035

(Address of principal executive offices)
(Zip Code)

 

Registrant’s telephone number, including area code: (408) 945-8600

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 2.05.  Costs Associated with Exit or Disposal Activities

 

On November 30, 2004, Adaptec, Inc. internally announced its intent to simplify the Company’s structure by streamlining the corporate organization and reducing operating costs.  As a result, the Company implemented a restructuring plan and expects to record a restructuring charge in the third quarter of fiscal 2005 in the range of $2.2 million to $2.5 million. This charge will be utilized to cover the cash payments associated with the involuntary termination of approximately 50 employees of approximately $2.1 million to $2.3 million and the vacating of certain operating building leases of approximately $0.1 million to $0.2 million.  The workforce reduction will impact all functions within the Company and will primarily be based in the United States, and to a lesser degree, international locations.  The plan of action is expected to be completed in the third quarter of fiscal 2005 and is expected to reduce annual operating expenses by approximately $12.0 million due to this reduction in workforce, the continued integration of Snap Appliance and the reduction of contractors and consultants.  These actions are consistent with the Company’s previous discussions concerning operating cost reductions.  Management continues to evaluate additional opportunities to reduce operating costs.

 

Safe Harbor Statement

 

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events or the future performance of Adaptec including, but not limited to, statements regarding our ability to reduce annual operating expenses. These forward-looking statements are based on current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. For a more complete discussion of risks related to our business, reference is made to the section titled “Risk Factors” included in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2004, on file with the Securities and Exchange Commission, and to the reports that we will file with the Securities and Exchange Commission in 2004. Adaptec assumes no obligation to update this information.

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

ADAPTEC, INC.

 

 

 

 

 

By:

/s/ Marshall L. Mohr

 

 

Marshall L. Mohr

 

Vice President and Chief Financial Officer

 

(principal financial and accounting officer)

Date: December 6, 2004

 

 

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