Join        Login             Stock Quote

Smart Technologies (SMT) To Cut 25 Pct Of Workforce; To Realign Business Into Two Units

 December 11, 2012 10:21 AM

(By Balaseshan) Smart Technologies Inc. (NASDAQ: SMT) said it will cut about 25% of its workforce during the third and fourth quarters as part of corporate restructuring.

The company announced a corporate restructuring that will sharpen focus on each of its target markets in Education and Enterprise while simultaneously streamlining its corporate support functions.

The restructuring will realign the organization into two business units. The estimated financial impact is an annualized pre-tax cost savings of about $40 million once fully implemented by the fiscal fourth quarter ending March 31, 2013.

One-time charges associated with the restructuring are currently under review and additional details will be provided when the company reports its third-quarter financial results.

[Related -SMART Technologies (SMT) PT Cut To $6 By CIBC After Q4, 'Sector Outperformer' Maintained]

"Today's announcement marks a significant change in Smart's operating model and has been designed to improve the customer experience and provide a more efficient and robust platform to build upon," said Neil Gaydon, President and CEO of Smart.

The company said the new structure will enable a more effective go to market strategy for its Education and Enterprise customers. The markets Smart operates in remain challenging, and establishing the right operating platform is critical to successfully executing its strategy.

The company designs, develops and sells interactive technology products and integrated solutions that enhance learning. Its core interactive technology solution is its interactive whiteboard product category. SMART Board interactive whiteboards combine the simplicity of a whiteboard and the power of a computer.

[Related -Stock Upgrades & Downgrades: PNW, SKY, AMAT, AKS, HON, NFLX, FRX, AEP, SMT, FRPT]

SMT is trading up 1.50% at $1.35 on Tuesday. The stock has been trading between $1.10 and $4.68 for the past 52 weeks.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageAutomating Ourselves To Unemployment

In this current era of central planning, malincentives abound. We raced to frack as fast we could for the read on...

article imageFed: Waiting For June… Or Godot?

The Federal Reserve left interest rates unchanged yesterday, as widely expected. But the possibility of a read on...

article imageThe Single Best Place To Invest Your Money For Retirement

It was never supposed to be this daunting. At least that's what we were read on...

article imageNegative Blowback From Negative Interest Rates

The Federal Reserve is widely expected to leave interest rates unchanged today. But perhaps standing pat read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.