ARRIS announced that due to its strengthening cash position and balance sheet, it is terminating its bank credit facility. This action will save approximately $900,000 annually in fees and other costs. The termination will require that the company write off approximately $2.3 million in non-cash unamortized fees related to the establishment of the facility.
In addition, ARRIS is discontinuing the sale of its Digicon “S” series and Digicon “T” Series model connectors due to the unfavorable outcome of a patent infringement lawsuit. The products accounted for approximately $13 million of annual revenues. ARRIS said it does not expect the decision will have a material effect on its overall financial results for the current quarter or future periods.
http://www.arrisi.com
