Carrier Access Corp - Current report filing (8-K)
December 21 2007 - 4:43PM
Edgar (US Regulatory)
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
December 19, 2007
Date of Report (date of earliest event reported)
CARRIER ACCESS CORPORATION
(Exact name of Registrant as specified in its
charter)
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State of Delaware
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000-24597
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84-1208770
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(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer
Identification Number)
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5395 Pearl Parkway
Boulder, Colorado 80301
(Address of principal executive offices)
(303) 218-5455
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
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Item 2.05.
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Costs Associated with Exit or Disposal Activities
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On
December 19, 2007, Carrier Access Corporation (the Company) discontinued the EdgeFlex product line in order to preserve cash and focus resources on opportunities related to the wireless and converged access products. As part of
the restructuring, Carrier Access closed its facility in Wallingford, Connecticut and terminated the employment of approximately 20 employees. Cessation of the EdgeFlex product line will be accounted for as discontinued operations and the costs
from this action will be recorded in the fourth quarter of 2007.
Carrier Access expects to incur a restructuring charge of approximately $8.8 million,
comprised of a write down of inventory of $3.5 million, asset impairments for equipment, furniture and leasehold improvements of approximately $319,000, severance of approximately $109,000, and facility related costs of approximately
$106,000. In addition, an impairment charge of approximately $4.8 million, related to goodwill and intangible assets from the acquisition of Mangrove Systems, Inc. in March 2007, will be recorded in the fourth quarter of 2007. These actions are
expected to result in cash payments of approximately $200,000, all of which are expected to be paid in December 2007 and the first quarter of 2008.
Item 2.06.
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Material Impairments
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The information called for by this item is
contained in Item 2.05, which is incorporated herein by reference.
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.
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CARRIER ACCESS CORPORATION
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Date: December 21, 2007
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By:
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/s/ GARY GATCHELL
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Gary Gatchell
Chief Financial
Officer
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