03:48 PM EST - DragonWave Inc. : announced that it has implemented several cost saving measures to reduce expenses and associated cash consumption. DragonWave will eliminate 48 positions across all functions from the company's workforce primarily in Ottawa and Israel. DragonWave expects to save approximately $6 million U.S. in annual operating expenses as a result of these staff reductions and other measures. DragonWave anticipates restructuring charges in the third quarter of fiscal year 2013 as a result of the elimination of these positions to be approximately $1.0 million U.S, and a one-time cash usage in the third quarter of fiscal year 2013 of approximately $1.6 million U.S. DragonWave Inc.
shares T.DWI are trading up $0.03 at $2.32.
