RealD Inc., which develops and licenses 3D technology, said it will downsize facilities and undergo layoffs. The moves will result in $16 million in additional cost savings. It did not specify how many employees would be let go.
The Beverly Hills company will lower operating expenses by $11.5 million to $74 million for the 2016 fiscal year. RealD also said that capital expenditures would be between $13 million and $15 million, a $4.5 million reduction compared to its 2015 fiscal year guidance.
Thursday’s announcement, combined with cost reductions that began last year, is expected to reduce RealD’s expenditures by $30 million, or 25 percent, over the next two fiscal years.
Bloomberg last year reported that RealD was then laying off 20 percent of its 163-person staff.
RealD received a takeover bid in October from New York investment firm Starboard Value, which owned 10 percent of the company.
Shares of RealD rose 7 cents, or seven-tenths a percent, to $11.55 at the end of trading Thursday on the New York Stock Exchange.
Staff reporter Melissah Yang can be reached at MYang@labusinessjournal.com. Follow her on Twitter @MelissahYang for the latest in L.A. tech news.
