Friday, April 18, 2008

Syntax-Brillian Cuts Jobs, May Restate Results

Tempe, Arizona-based Syntax-Brillian said late Friday that the firm has cut 20 percent of its workforce. The firm did not say how many of its employees were affected. The make of LCD HDTVs, digital cameras, and other consumer electronics made the cuts as part of a number of strategic initiatives the firm said would better match its resources to its long-term growth plan. Among the other moves at the firm, the company said it would simplify its supplier relationships and streamline its relationships with retail partners to a more focused group of customers. The job cuts are expected to save the firm approximately $4M in operating costs. The moves follow a separate announcement that it will likely have to restate its 2007 and first quarter 2008 financial statements. The firm said in a filing with the SEC that the move was the result of an analysis of accounting issues related to tooling deposit accounting and sales transactions with its Asian distributors.