Quarterly report pursuant to Section 13 or 15(d)

Restructure

v3.7.0.1
Restructure
3 Months Ended
Mar. 31, 2017
Restructuring And Related Activities [Abstract]  
Restructure

8. RESTRUCTURE

 

In the three months ended March 31, 2017, we revised our estimates of the restructuring expense and recognized a recovery of $0.1 million. We recorded a restructuring expense of $0.4 million for the three months ended March 31, 2016.  

In February 2016, we committed to a plan to reduce operating expenses, which included a workforce reduction of 11 employees, representing approximately 27% of our employees prior to the reduction. We incurred approximately $0.4 million in expenses as a result of the workforce reduction, substantially all of which were severance costs.

In October 2016, we committed to a restructuring of an additional portion of our workforce in order to preserve our resources as we determine future strategic plans. As part of this restructuring, we eliminated 14 positions, representing approximately 48% of our workforce. We incurred approximately $1.0 million in restructuring costs, substantially all of which related to severance costs.

In November 2016, we committed to a further reduction in our workforce. We eliminated five positions and incurred approximately $0.7 million in expenses as a result of the workforce reduction, substantially all of which were severance costs.

 

 

 

Original

 

 

Revision

 

 

Amounts

 

 

Accrued at

 

 

 

estimated

 

 

to estimated

 

 

settled

 

 

March 31,

 

 

 

costs

 

 

costs

 

 

to date

 

 

2017

 

Restructuring Costs

 

$

2,206

 

 

$

(98

)

 

$

(2,052

)

 

$

56