UNITED STATES |
FORM 8-K |
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
April 29, 2005 Date of Report (Date of earliest event reported) |
SYCAMORE NETWORKS, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | 000-27273 | 04-3410558 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
220 Mill Road Chelmsford, MA 01824 (Address of Principal Executive Offices) (Zip Code) |
Registrant's Telephone Number, including Area Code: (978) 250-2900 |
Not Applicable (Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.05: Costs Associated with Exit of Disposal Activities. |
On April 29, 2005, the Registrant committed to a reduction of its workforce by approximately 20 employees or 6% of the Registrant’s total workforce, effective immediately, by the notification of the employees affected. This workforce reduction is a result of the rationalization of certain R&D initiatives. At this time the Registrant estimates that the amounts for each major type of cost associated with this course of actions are as follows: |
Severance and other employee related | $ | .50 - .60 million | |||||
Impairment charges for fixed assets and inventory | $ | .20 - .35 million | |||||
Other costs | $ | .30 - .65 million | |||||
Total Estimate | $ | 1.0 - 1.6 million | |||||
These restructuring charges will all be recorded in the Registrant’s third quarter results for the period ended April 30, 2005. At this time, the Registrant estimates that approximately $.8- $1.2 million of the total cost is expected to result in future cash expenditures. |
The Registrant's press release announcing the workforce reduction is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein. |
Item 9.01: Financial Statements and Exhibits. |
(c) Exhibits. |
Exhibit Number | Description |
99.1 | Press Release of the Registrant, dated April 29, 2005. |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. |
Sycamore Networks, Inc. |
/s/ Richard J. Gaynor |
Dated: April 29, 2005 |
EXHIBIT INDEX |
Exhibit Number | Description |
99.1 | Press Release of the Registrant, dated April 29, 2005. |