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
Date of Report (Date of earliest event reported): June 3, 2013
QLOGIC CORPORATION
(Exact name of registrant as specified in its charter)
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| Delaware | | 0-23298 | | 33-0537669 |
| (State of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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| 26650 Aliso Viejo Parkway, Aliso Viejo, California | | 92656 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code:(949) 389-6000
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 or Disposal Activities. |
On June 3, 2013, the Board of Directors of QLogic Corporation (the “Company”) approved a restructuring plan designed to streamline business operations with the goal of driving long-term profitable growth. The restructuring plan includes a workforce reduction, the consolidation of several engineering activities, and enhanced product development focus. The Company anticipates that the restructuring actions will be substantially completed within the next twelve months.
In connection with the restructuring plan, the Company expects to incur between $20 million and $23 million of pre-tax charges, including $18 million to $21 million of cash charges. The expected charges associated with the restructuring plan consist of $12 million to $13 million of employee termination benefits and $8 million to $10 million of other costs, including costs related to a facility under a non-cancelable lease that the Company intends to cease using as part of the restructuring plan. The Company expects that the majority of the charges associated with the restructuring plan will be recorded in the first half of fiscal year 2014.
| Item 9.01 | Financial Statements and Exhibits. |
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99.1 | | Press Release, dated June 4, 2013, announcing restructuring |
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.
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| | | | | | | | | QLOGIC CORPORATION |
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| June 4, 2013 | | | | | | | | /s/ Jean Hu |
| | | | | | | | Jean Hu |
| | | | | | | | Interim Chief Executive Officer, |
| | | | | | | | Senior Vice President and |
| | | | | | | | Chief Financial Officer |
