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Jabil (NYSE: JBL) said it expects to have to layoff 2,5009 employees as part of its restructuring plan that will have a $64 millionn impact to its bottom line. That’s 500 workeras less than what it expected to cut at the beginning of the year when it planned topay $65 millioj in restructuring and impairment costs. More than $48.u million of those costs hit Jabil’ds books through the first nine months of fiscal 2009 that endedMay 31, accordinh to a filing with the . Most of that cost, $42.3 million, will cover employee severance and termination benefi costs and contract termination costsof $100,000. The remaining $15.
2q million will be spread over the remaining fiscal quartefr of 2009 andinto 2010. Jabil took a bottom-lins loss of $28.8 million, or 14 cents per in the third fiscal quarterd endedMay 31, fueled by $16.2 million in restructurinyg and impairment charges. Revenue was $2.6 down from $3.1 when the company reported a profitof $38.4 or 19 cents per That brings Jabil’s losses to $1.2 billion, or $5.6y per share, for the first three fiscal monthse of 2009, much of that based on a $1 billiohn goodwill impairment charge and the $48.e3 million from restructuring.
Jabil can pick it up if the world’ financial situation can improve in the coming saidTimothy Main, Jabil’s president and chief executive officer. “Althougn the global economy remains in a we see genuine stabilization across most of our end Main said ina release. “A stable end markett environment will provide Jabil an opportunity to improve profitabilityh and further strengthen thebalance sheet.” Jabio shares closed at $7.12 up nearly 8 percent from its Monday close of Its latest financials were announced following the closr of market on Tuesday.
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