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PerkinElmer Shifts Resources, Lays Off Staffers, and Incurs $9M in Charges

NEW YORK, July 11 (GenomeWeb News) - PerkinElmer has laid off an undisclosed number of employees as it "shifts resources into geographic regions and product lines that are more consistent with [its] growth strategy," the company disclosed in a recent filing with the US Securities and Exchange Commission.

 

According to the July 8 SEC filing, the termination plan will result in a pre-tax restructuring charge of around $9 million for its fiscal second quarter, which ended July 3.

 

PerkinElmer also disclosed in the filing that "a soft sublease market" will require it to increase its reserves for financial obligations under several leases associated with previous restructurings in 2001 and 2002, and that it will therefore incur an additional pre-tax restructuring charge of around $6 million.

 

Approximately $9 million of the $15 million total restructuring charge is expected to be paid over the next twelve months, and the remaining $6 million is expected to be paid before 2014, PerkinElmer said.

 

The company also said that it is "nearing resolution of audits of certain prior year tax returns," which should result in a tax benefit of at least $15 million in its second fiscal quarter.

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