Dec. 5, 2001 – San Jose, CA – inSilicon Corp., a provider of communications technology for complex SoC, is set to cut its work force by approximately 20% as part of its ongoing efforts to reduce costs and return to profitability.
The reduction is expected to be complete by the end of December and the company anticipates an annualized cost savings of approximately $2.8 million.
The company expects to take a one-time charge of approximately $3.5 million in its 1Q02 that will include a one-time cash restructuring charge and a substantial non-cash write-down of previously capitalized software.
“During the past year, we have focused on several initiatives to help cut expenses in light of the tough economic conditions we have faced,” said Wayne Cantwell, president and CEO. “Although we have continued to reduce operating expenses each quarter, it is clear that we need to realign our ongoing expense structure to ensure that we are able to return to profitability as quickly as possible.”