April 13, 2018 / 10:27 AM / 5 months ago

BRIEF-IDT Commenced Implementation Of Internal Restructuring That Is Expected To Result In Reduction Of Global Employee Base By About 11 Pct

April 13 (Reuters) - IDT Corp:

* COMMENCED IMPLEMENTATION OF INTERNAL RESTRUCTURING THAT IS EXPECTED TO RESULT IN REDUCTION OF GLOBAL EMPLOYEE BASE BY APPROXIMATELY 11%

* REDUCTION OF EMPLOYEE BASE WILL BE MAINLY IN CORE TELECOM DIVISION, AT CORPORATE LEVEL, AND WILL SPAN ACROSS CO’S GEOGRAPHIC LOCATIONS

* AS OF APRIL 11, 2018, A MAJORITY OF IMPACTED EMPLOYEES HAD BEEN NOTIFIED OF TERMINATION OR RESIGNED

* ANTICIPATES INCURRING SEVERANCE, RESTRUCTURING CHARGES FOR CASH EXPENDITURES IN AMOUNT OF ABOUT $4 MLN IN THIRD FISCAL QTR OF 2018 - SEC FILING

* ANTICIPATES COST SAVINGS RESULTING DIRECTLY FROM RESTRUCTURING WILL BE IN RANGE OF ABOUT $9 MLN TO $11 MLN PER YEAR

* IDT SAYS CANNOT ENSURE THAT HEADCOUNT REDUCTIONS WILL NOT HAVE MATERIAL NEGATIVE IMPACT ON OPERATIONS, REV, PROFITABILITY - SEC FILING Source text: (bit.ly/2JKlE7E) Further company coverage:

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