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Restructuring

12 Months Ended

Dec. 31, 2011

17. Restructuring

As a result of the economic crisis, the Company implemented a restructuring in January 2009 to rationalize its cost structure in an uncertain economic environment. The restructuring included the elimination of approximately 50 permanent and temporary positions (a reduction of approximately 40% of the Company’s workforce) as well as an across the board 10% reduction in wages and a 15% reduction in the base fee paid to members of the Company’s Board of Directors. These reductions resulted in severance and payroll charges during the year ended December 31, 2009 of approximately $264,000. As of December 31, 2011, the remaining balance of these payments is expected to be made over the next six months. Additionally, the Company expects to incur $100,000 in relocation expenses, which has not been accrued for, when it relocates its Ellicottville, New York operations to Texas during 2012. The restructuring and relocation is expected to result in approximately $240,000 in annual savings when completed. To implement the restructuring plan, management anticipates incurring aggregate impairment charges and costs of $396,000. Accrued restructuring expenses of $123,000 are included in “Other accrued expenses” in the Company’s consolidated balance sheet.

The following table analyzes the changes incurred related to the Company’s reserve with respect to the restructuring plan for the year ended December 31, 2011:


	December 31, 2010		Expense/ (Benefit)		Payment/ Charges			December 31, 2011

Severance	$	132,000	$	—	$	(21,000	)	$	111,000
Other		12,000		—		—			12,000


Total	$	144,000	$	—	$	(21,000	)	$	123,000

The following table analyzes the changes incurred related to the Company’s reserve with respect to the restructuring plan for the year ended December 31, 2010:


	December 31, 2009		Expense/ (Benefit)			Payment/ Charges			December 31, 2010

Severance	$	157,000	$	(5,000	)	$	(20,000	)	$	132,000
Other		12,000		—			—			12,000


Total	$	169,000	$	(5,000	)	$	(20,000	)	$	144,000

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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