SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
Date of Report (date of earliest event reported): August 28, 1996
SIERRA SEMICONDUCTOR CORPORATION
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(Exact name of registrant as specified in its charter)
California 0-19084 94-2925073
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
2075 North Capitol Avenue
San Jose, CA 95132
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(Address, including zip code, of principal executive offices)
Registrant's telephone number, including area code: (408) 263-9300
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Sierra Semiconductor Corporation announced its decision to exit the
modem chipset business and to put the modem chipset product line up for sale.
This action will result in a one-time charge to earnings in the quarter ended
September 30, 1996, of approximately $50 million to $80 million.
Sierra also announced that James V. Diller, Chairman and CEO, will
assume the day to day responsibilities of Richard J. Koeltl, Sierra's President
and COO, who will be leaving the Company.
The amount of the third fiscal quarter one-time charge depends on a
number of factors which will be determined during September 1996 and will be
publicly announced as part of Sierra's third quarter earnings release, currently
scheduled for the third week of October 1996.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Sierra Semiconductor Corporation
By: /s/ James V. Diller
Chairman and Chief Executive Officer
Date: August 29, 1996
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