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EX-99.1 - EXHIBIT 99.1 - IXIA | v54876exv99w1.htm |
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DRAFT
01/14/10
01/14/10
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 11, 2010
IXIA
California | 000-31523 | 95-4635982 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
26601 W. Agoura Road, Calabasas, California | 91302 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: 818.871.1800
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):
o Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition
On January 14, 2010, Ixia (the Company) issued a press release that included revised revenue
guidance for the Companys fiscal fourth quarter ended December 31, 2009. A copy of the press
release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 and in Exhibit 99.1 furnished herewith shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
Exchange Act), or otherwise subject to the liabilities of that Section, nor shall it be deemed
incorporated by reference into any registration statement or other document filed under the
Securities Act of 1933, as amended, or the Exchange Act.
Item 2.05 Costs Associated with Exit or Disposal Activities
On January 11, 2010, Ixia committed to a company-wide restructuring initiative primarily to
eliminate duplicate resources resulting from the Companys acquisition, on October 30, 2009, of
substantially all of the assets of Agilent Technologies, Inc. relating to Agilents N2X and Network
Tester products. The restructuring plan includes the elimination worldwide of approximately 80
positions. The Company expects that the restructuring plan will be substantially completed by June
30, 2010 and estimates that the restructuring initiative will yield annual cost savings of
approximately $11 million. The Company will record a charge for severance and other related costs
of approximately $3.0 million to $4.0 million on a pre-tax basis to reflect the impact of the
restructuring, all or substantially all of which will result in cash expenditures by the Company.
FORWARD-LOOKING STATEMENTS
Certain statements made in this Item 2.05 are forward-looking statements, including, without
limitation, statements regarding estimated costs and estimated cost savings. Such statements
reflect the Companys current intent, belief and expectations and are subject to risks and
uncertainties that could cause our actual results to differ materially from those expressed or
implied in the forward-looking statements. Factors that may cause future results to differ
materially from our current expectations include, among others, the risk that the Company will not
realize all of the expected benefits of the restructuring and the risks identified in our Annual
Report on Form 10-K for the year ended December 31, 2008, and in our other filings with the U.S.
Securities and Exchange Commission. Except to the extent required by law, we undertake no
obligation to update any forward-looking statements, whether as a result of new information, future
events or otherwise.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following Exhibit 99.1 is furnished as a part of this Current Report on Form 8-K:
Exhibit No. | Description | |
99.1
|
Press Release dated January 14, 2010 of the Company |
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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 hereunto duly authorized.
Ixia |
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Dated: January 15, 2010 | By: | /s/ Ronald W. Buckly | ||
Ronald W. Buckly | ||||
Senior Vice President, Corporate Affairs and General Counsel |
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EXHIBIT INDEX
Exhibit No. | Description | |
99.1
|
Press Release dated January 14, 2010 of the Company |