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BRIEF-Electro Scientific Industries announces corporate restructuring
February 10, 2017 / 12:36 PM / 7 months ago

BRIEF-Electro Scientific Industries announces corporate restructuring

Feb 10 (Reuters) - Electro Scientific Industries Inc

* ESI announces corporate restructuring

* Financial impact of actions is expected to reduce company’s cost structure by $10 to $12 million on an annualized basis

* Targeting an adjusted gross margin of 44 pct and adjusted EBITDA of 8 pct on an annual basis

* Says financial impact of actions is expected to reduce company’s cost structure by $10 to $12 million on an annualized basis

* Expects pre-tax charges of $6.5 to $8.5 million, of which approximately $5 million is expected to be recorded in q4 of fiscal 2017

* Actions are expected to be largely completed by end of june 2017 Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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