UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8‑K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 2, 2009
(Date of earliest event reported)
RF Micro Devices, Inc.
(Exact name of registrant as specified in its charter)
North Carolina | 0-22511 | 56-1733461 |
(State or Other Jurisdiction | (Commission File | (I.R.S. Employer |
of Incorporation) | Number) | Identification No.) |
7628 Thorndike Road
Greensboro, North Carolina 27409-9421
(Address of principal executive offices)
(Zip Code)
(336) 664-1233
(Registrant's telephone number, including area code)
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:
[ ] 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 or Disposal Activities.
On March 2, 2009, RF Micro Devices, Inc. ("RFMD") announced an operating expense restructuring that includes the elimination of approximately 100 jobs worldwide, or approximately 2% of RFMD's global workforce, along with reductions in supporting expenses (the "Restructuring").
The Restructuring, which is expected to be completed by the end of the March 2009 quarter, is expected to reduce RFMD's total expenses by approximately $12.0 million to $15.0 million on an annualized basis, beginning in the June 2009 calendar quarter. The Restructuring is expected to result in aggregate pre-tax charges of approximately $13.0 million, which consist of approximately $2.5 million related to one-time employee termination benefits, approximately $8.0 million related to impaired assets, and approximately $2.5 million of expenditures related to lease and other contract termination costs. Of these amounts, approximately $8.0 million relates to non-cash charges, and approximately $5.0 million relates to cash expenditures.
RFMD does not currently have plans for further operating expense reductions. RFMD will continue to evaluate the global macroeconomic environment and pursue additional opportunities to reduce costs and expenses as necessary. The Restructuring is part of RFMD's restructuring related to the current adverse macroeconomic business environment, as disclosed in RFMD's Form 10-Q for the period ended December 27, 2008 filed on February 5, 2009 and as disclosed in RFMD's Current Report on Form 8-K filed on February 24, 2009.
SIGNATURE
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 hereunto duly authorized.
RF Micro Devices, Inc.
By: /s/ William A. Priddy, Jr.
William A. Priddy, Jr.
Chief Financial Officer and Corporate Vice
President of Administration
Date: March 2, 2009
