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PerkinElmer Cuts Workforce in Q1 Restructuring

NEW YORK (GenomeWeb News) – PerkinElmer reduced its workforce by 62 employees during the first quarter as part of a restructuring plan, the company said in its Form 10-Q filed with the US Securities and Exchange Commission on Monday.

The restructuring plan, approved during the first quarter, focuses resources on higher growth end markets and resulted in a $2.3 million pre-tax restructuring charge PerkinElmer took in its Human Health segment related to the workforce reduction, and a $200,000 pre-tax restructuring charge it took in its Environmental Health segment.

The Waltham, Mass.-based firm said that all affected employees were notified of their termination by March 31. It added that remaining severance payments of $1.7 million for layoffs related to the restructuring plan will be completed by the end of the fourth quarter of 2014.

The layoffs in Q1 2013 follows a reduction in headcount of 54 employees in the fourth quarter of 2012, which resulted in pre-tax restructuring charges of $3.0 million that the company took in the Human Health and Environmental Health segments, according to PerkinElmer's SEC document.

PerkinElmer reduced its number of employees by 437 in 2012, it said in its Form 10-K filed earlier this year.

The company recently said that revenues in the first quarter shrank 1 percent year over year, missing consensus analyst estimates on the top and bottom lines.