Brief: Geospace Technologies announces cost reductions

Geospace Technologies

11/01/2016 16:15

Jan 11 (Reuters) - Geospace Technologies Corp  GEOS.O : 
 * Announces cost reductions 
 * Majority of savings will be realized through a reduction of over 150 
   employees from the company's Houston-area workforce 
 * Says initiative is expected to be substantially completed by the end of the 
   company's second fiscal quarter 
 * Says will continue to take necessary steps to align operating structure to 
   meet market demand 
 * Additional cost savings will be realized through a facility consolidation as 
   well as expense reductions in other areas 
 * In connection with workforce reduction, expects to incur $0.9 million of 
   termination costs in Q2 ending March 31, 2016 
 * Program is expected to produce about $7 million of annualized cash savings 
over measures already implemented in Q1 December 31, 2015 
 
 * Source text for Eikon  ID:nBw3H35Msa  
 
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