As we seek to increase profitability, we are undertaking a comprehensive program designed to streamline our corporate-wide support organization and reduce SG&A costs. Fourth quarter SG&A expenses included a charge of $3.3 million associated with employee reduction and separation expenses, which we expect to yield annualized savings of around $8 million. We intend to continue this process during 2006 with the goal of not only reducing costs, but also improving operational effectiveness. |
As we seek to increase profitability, we are undertaking a comprehensive program designed to streamline our corporate-wide support organization and reduce SG&A costs. Fourth-quarter SG&A expenses included a charge of $3.3 million associated with employee reduction and separation expenses, which we expect to yield annualized savings of around $8 million. We intend to continue this process during 2006 with the goal of not only reducing costs, but also improving operational effectiveness. |
During the fourth quarter we completed a series of financing initiatives designed to improve our liquidity. We completed a NT$1.8 billion (approximately $54 million) 5-year secured term loan with a group of Taiwanese lenders, and we replaced our $30 million secured revolving credit facility with a new $100 million senior secured revolver that is available through November 2009. In addition our chairman, James Kim, and members of his family, subscribed to an offering of $100 million of 6.25% convertible subordinated notes due 2013, the proceeds of which were used to repurchase $100 million of 5.75% convertible notes due June 1, 2006. |
Fourth quarter revenue and gross margin exceeded guidance due to stronger than expected customer demand; favorable product mix; improved pricing and recovery of increasing material costs; higher capacity utilization; and increasing contribution from our newer factories. As a result, gross margin rose to 24.2% from 16.4% in the third quarter. |
He did an outstanding job. |
He was going to give a run up eventually. I would rather he do it in a five-run game like today than a one-run game. |
I can't understand how his record is how it is. It seemed like every one of his pitches had movement on it. |
I thought he pitched well, picking up right where he left off last season. He deserved a better fate than what he got today. |
I went back and forth with it in my head for a while before I made the decision. |
If these guys keep it up, Charlie Poe might be the one that gets promoted. |
It was nice to see (Cheng) go out and compete today without his best stuff. |
It was nothing. I just think both teams are tired. |
It's all a mental thing. It's all a grind, and these guys have to handle that professionally and they did that tonight. |
It's huge. To get a chance to get to the playoffs, obviously it helps to win series, and we've done that so far. |
Once runners got on, he started pitching away from contact. I told him, 'When you get the lead, let the batters put the ball in play.' Unfortunate for him, he lost the decision because of that, but he learned from it. |