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BRIEF-SunPower to cut about 25 pct of its workforce
December 7, 2016 / 1:10 PM / a year ago

BRIEF-SunPower to cut about 25 pct of its workforce

Dec 7 (Reuters) - SunPower Corp :

* SunPower Corp - to implement a global workforce reduction of approximately 25 percent or 2,500 employees

* SunPower Corp - to substantially decrease 2016 inventory to improve working capital and de-lever its balance sheet

* To reduce 2017 annual operating expenses to less than $350 million

* SunPower Corp - reduce annual 2017 capital expenditure by more than 50 percent to approximately $100 million

* SunPower Corp - will record restructuring charges of at least $150 million on a GAAP basis in Q4 of 2016

* Sees 2017 revenue of $1.8 billion to $2.3 billion on a gaap basis and $2.1 billion to $2.6 billion on a non-gaap basis

* SunPower Corp - will record a Q4 GAAP and non-GAAP charge in range of $50 million to $55 million as a result of anticipated sale of above market Polysilicon

* Approximately 30 percent of restructuring charges will be in cash

* To substantially decrease 2016 inventory to improve working capital and de-lever its balance sheet

* SunPower Corp - expects to incur total restructuring charges of $225 million to $275 million through end of 2017

* SunPower Corp - will record restructuring charges of at least $150 million on a GAAP basis in Q4 of 2016

* As a result of restructuring, expects to incur total restructuring charges of $225 million to $275 million through end of 2017

* SunPower Corp - expects to generate positive cash flow from operations through end of fiscal year 2017

* SunPower Corp - previously disclosed 2016 fiscal year guidance did not reflect impact of the two Q4 charges

* SunPower Corp announces restructuring program Source text for Eikon: Further company coverage:

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