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Note M - Subsequent Event - Restructuring
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Note M-Subsequent Event - Restructuring

NOTE M – Restructuring

 

On January 10, 2013, the Company announced a program to sharpen its strategic business focus, which included a reduction of its workforce to better align its expense structure with its projected revenue levels. The program included the reduction of ten employees, or 8% of the Company’s workforce, for which the Company recorded a first quarter charge for severance costs in the amount of approximately $243,000. Substantially all of this charge resulted in an outlay of cash in the first quarter 2013.

 

The Company currently estimates that the full annualized cost savings resulting from this restructuring program will be approximately $700,000 on an annualized basis.