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The disclosures were made in a regulatory filing In addition, Bedford, Mass.-based GSI said it is still analyzinf the results from an internall probe into past accounting errors that have forced the compangy to retract financial filings made in 2006 througn 2008. GSI said it is nearin a point when it can restate those resultsx and submit to regulator results from its fiscal first quarter endedApril 3. the company said its filing delay have prompted a delisting notice from the and triggered negotiations with creditors to restructurdits debt.
In Wednesday’s filing, GSI said a declinee in bookings in the fourthh and first quarters forced it to restructure its operations and shaves millions in costs from its The company cut 158 workers in the first quarter and anotherr 16 employeesin April. Those changea will result in roughly $9 million in annuapl savings, the company said. GSI GSI) also said it has “dismantled” the corporatee headquarters of andintegrated Excel’s scanning operations in Eastern resulting in more cost GSI acquired Excel, formerly based in New for $360 million in 2008.
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